On 21-2-2024, the Pension Fund Regulatory and Development Authority (‘PFRDA’) notified the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) (Second Amendment) Regulations, 2023 to amend the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015. The provisions came into force on 21-2-2024.
Key Points:
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Now, under these Regulations “intermediary” will also include any other employer or entity in the non-government sector which has covered its employees under the National Pension system.
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Regulation 3 relating to “Grievance Redressal Policy” has been revised mandating:
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every intermediary to have a board approved policy for redressal of subscriber grievances.
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to prominently place the details of internal grievance redressal mechanism along with the address and contact details of Ombudsman in public domain.
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This amendment modifies Regulation 4 relating to “Filing of Grievance Redressal Policy” whereby every 2-level grievance redressal policy has to be filed with PFRDA and with the National Pension System Trust (‘NPS Trust’).
Earlier, it was only filed with PFRDA.
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Regulation 6 relating to “Turnaround times for grievance redressal” has been modified according to which if the grievance remains unresolved on the expiry of 21 days after its receipt at the NPS Trust, the complainant can file an appeal with the Ombudsman.
Earlier, the time limit granted to NPS Trust was 30 days and after its expiration the complainant was to file only a representation with the Ombudsman.
