The interim pension regulator and the Comptroller General of Accounts are set to work with 16 state governments to ensure that common accounting and record-keeping systems are followed in the states to enable a smooth migration to the central record agency (CRA). | |
| "We have received a positive response from the states. We will be working with the state governments that have joined the new pension scheme (NPS) so that they follow similar record-keeping practices as the CRA's as eventually the records will have to be managed by the central agency," said D Swarup, interim Pension Fund Regulatory Authority (PFRDA) chairman. |
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| Reforms in pension management are expected to take off once the PFRDA Bill is passed by Parliament. While the government is pushing for introduction of the Bill at the earliest, it is unlikely to be tabled in the current session. |
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| "The finance ministry has not informed us on the tabling of the Bill in this session," Swarup said. |
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| The Left parties have been opposing the Bill on the ground that the new system, unlike the existing one, does not offer guaranteed returns. The returns will depend on the market and the corpus will be managed by fund managers based on the scheme options chosen by the subscribers. |
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| Maharashtra is the latest state to have joined the NPS, taking the tally of states having opted for the scheme to sixteen. The records of the central government employees are at present being managed by the Central Public Accounting Office under the department of expenditure. |
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