Section 23
Pension funds.
The Pension Fund Regulatory and Development Authority Act, 2013
About this Act
An Act to provide for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.
(1) The Authority may, by granting a certificate of registration under
sub-section (3) of section 27, permit one or more persons to act as a pension fund for the purpose of
receiving contributions, accumulating them and making payments to the subscriber in such manner as
may be specified by regulations.
(2) The number of pension funds shall be determined by regulations and the Authority may, in public interest, vary the number of pension funds:
Provided that at least one of the pension funds shall be a Government company.
Explanation.--For the purposes of this sub-section, the expression "Government company" shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956).
(3) The pension fund shall function in accordance with the terms of its certificate of registration and the regulations made under this Act.
(4) The pension fund shall manage the schemes in accordance with the regulations.
(2) The number of pension funds shall be determined by regulations and the Authority may, in public interest, vary the number of pension funds:
Provided that at least one of the pension funds shall be a Government company.
Explanation.--For the purposes of this sub-section, the expression "Government company" shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956).
(3) The pension fund shall function in accordance with the terms of its certificate of registration and the regulations made under this Act.
(4) The pension fund shall manage the schemes in accordance with the regulations.