The Pension Fund Regulatory and Development Authority (PFRDA) issued regulations for the Unified Pension Scheme (UPS) under the National Pension System (NPS), 2025. PFRDA is a statutory regulatory body established under the PFRDA Act, 2014. Its objective is to promote old-age income security by regulating pension funds and protecting subscriber interests. PFRDA operates under the Ministry of Finance. It is headquartered in New Delhi with regional offices across India.
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