Section 40
Constitution of Pension Regulatory and Development Fund.
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) There shall be constituted a
fund to be called the Pension Regulatory and Development Fund and there shall be credited thereto—
(a) all Government grants, fees and charges received by the Authority;
(b) all sums received by the Authority from such other source as may be decided upon by the Central Government.
(2) The Fund shall be applied for meeting—
(a) the salaries, allowances and other remuneration of the Chairperson and other members and officers and other employees of the Authority;
(b) other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.
(a) all Government grants, fees and charges received by the Authority;
(b) all sums received by the Authority from such other source as may be decided upon by the Central Government.
(2) The Fund shall be applied for meeting—
(a) the salaries, allowances and other remuneration of the Chairperson and other members and officers and other employees of the Authority;
(b) other expenses of the Authority in connection with the discharge of its functions and for the purposes of this Act.