Big Boost for Retirement Savings: Govt Launches New Forum to Make Pensions Safer, Easier & More Transparent [Read Notification]

The Government has set up a high-level forum to bring all key regulators and departments on a common platform. This new forum will harmonize regulatory practices across pension products, ensure better consumer protection, improve grievance redressal, and promote international best practices in pension management.

Composition of the Forum

Chairperson: Secretary, Department of Financial Services(DFS), Ministry of Finance.

Master the Latest Amendments in Income Tax Act Click here

Members include:

• Secretary, Department of Economic Affairs (DEA)
• Secretary, Department of Revenue (DoR)
• Secretary, Ministry of Corporate Affairs (MCA)
• Secretary, Ministry of Labour & Employment (MoLE)
• Secretary, Ministry of Coal (MoC)
• Deputy Governor, Reserve Bank of India (RBI) – nominated by RBI
• Chairperson, Securities and Exchange Board of India (SEBI)
• Chairperson, Pension Fund Regulatory and Development Authority (PFRDA)
• Chairperson, Insurance Regulatory and Development Authority of India (IRDAI)
• Chairperson, International Financial Services Centres Authority (IFSCA)
• Central Provident Fund Commissioner, Employees’ Provident Fund Organisation (EPFO)
• Secretary to the Forum: Joint Secretary, Department of Financial Services, in charge of pension reforms.

The chairperson may invite other experts/stakeholders as needed.

Responsibilities of the Forum

• Ensure regulatory consistency for greater transparency and predictability.
• Provide portability of pension accounts, stronger consumer protection, and a robust grievance redressal system.
• Develop new pension products and promote the growth of the pension market.
• Create awareness among subscribers about pensions as a financial product.
• Promote adoption of international best practices in pension regulations and supervision.
• Handle any other related matters referred by members or the Chairperson.

Want a deeper insight into the Income Tax Bill, 2025? Click here

Additional Features

• Meetings will be held as and when required, as decided by the Chairperson.
• A sub-committee, headed by the Joint Secretary (DFS), will focus on Sectoral issues, Regulatory harmonization, and Policy initiatives related to pensions.

For citizens, this move could mean safer and more transparent pension schemes, easier transfers of pension accounts when changing jobs, stronger protection against fraud or mismanagement, and more choices of pension products.

The government hopes that this will boost confidence in pension investments and ensure greater financial security for people in their retirement years.