PFRDA invites bids from actuaries for APY gap funding valuation

The Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday invited expressions of interest (EOI) from reputed actuaries and actuarial firms for valuation of the gap funding under the government's Atal Pension Yojana (APY).

The scope of the work would be to make a valuation estimate of the likely shortfall on account of the minimum guaranteed pension and consequent suitable provisioning for gap funding under the APY scheme, a Finance Ministry release said.

"The APY offers guaranteed pension benefits which entails suitable gap funding to fulfill the commitment of guaranteed pension benefits to the subscribers and spouse of the subscribers," it said.

Along with the other conditions mentioned in the uploaded EOI document, "the actuarial firm should have carried out the actuarial valuation of at least 10 funds in the immediately preceding five financial years and out of which at least two of the funds should have had the minimum fund size of Rs 5,000 crore," it added.

The Atal Pension Yojana was launched in May 2015 for all Indian citizens in the age group of 18-40 years, specially targeting underprivileged sections of society in the unorganized sector.

The ministry said that as on date, 1.08 crore subscribers have registered under APY and more than Rs 4,500 crore have been collected from them as contributions.

--IANS

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