PFRDA Guidelines for Registration of Pension funds 2026

PFRDA Guidelines for Registration of Pension funds 2026

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (REGISTRATION OF PENSION FUNDS) GUIDELINES, 2026 
(12.01.2026)

CONTENTS

1. INTRODUCTION

1.1 PFRDA is a statutory regulator, established through an Act of Parliament being the “Pension Fund Regulatory and Development Authority Act, 2013” notified w.e.t. 01.02.2014. PFRDA is mandated to promote old age income security by establishing, developing and regulating pension funds, to protect the interest of the subscribers to the schemes of pensions funds and for matters connected therewith or incidental thereto.

1.2 Section 27(1) of the PFRDA Act states that ‘No intermediary, including a pension fund or a point of presence to the extent regulated under this Act, shall commence any activity relating to a pension fund except under and in accordance with the conditions of a certificate of registration granted by the Authority in accordance with the provisions of this Act and the regulations’

1.3 Further, section 23(1) of the PFRDA Act 2013 states that “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”.

1.4 The framework for registration, functions, duties, responsibilities, obligations, monitoring, Supervision, governance and internal control for pension fund has been laid down by the Authority through notification of the PFRDA (Pension Fund) Regulations, 2015 and amendments thereto.

1.5 These guidelines shall be construed to be in addition to the provisions of the PFRDA Act, 2013 and the rules and regulations notified thereunder and is issued interalia with an objective to lay down the process and procedure of granting registration to a pension fund by the Authority. The said process comprises of 02 steps; (i) selection/appointment of sponsor (applicant) of pension fund and (ii) registration of pension fund established by the sponsor (applicant).

1.6 Interested applicant(s) desirous of establishing and registering an entity as pension fund with the Authority may make an application for consideration of the Authority to be selected/appointed as a ‘sponsor of pension fund’. Thereafter, the selected/appointed sponsor may seek registration from the Authority for the pension fund established by it.

1.7 The registration granted by the Authority shall remain valid unless suspended or cancelled by the Authority in accordance with the PFRDA (Pension Fund) Regulations.

1.8 The choice of pension fund(s) for managing the funds/assets rests with the subscriber and these guidelines do not bestow any right on the pension fund(s) to get allocation of funds contributed by subscribers/ employers.

2. PROCEDURE FOR PENSION FUND REGISTRATION

Registration of a pension fund by the Authority shall be a two-step process wherein in the first step the eligible sponsor(s) makes an application for its selection/appointment as sponsor of pension fund and upon the sponsor(s) being found suitable to act as such, in the second step the selected/appointed sponsor(s) makes an application for grant of a Certificate of Registration to the pension fund incorporated by the sponsor(s).

3. SPONSOR (APPLICANT)

“Sponsor” means a body corporate who proposes to hold 20% or more of paid-up equity capital in the pension fund (to be established) for which registration is being sought from the Authority by the applicant.

4. FUNCTIONS AND OBLIGATIONS OF SPONSOR (APPLICANT)

The functions, duties, obligations and responsibilities of the sponsor of a pension fund is detailed under PFRDA (Pension Fund) Regulations.

5. APPLICATION FEE 

The application shall be accompanied with a non-refundable application fee of Rs.10,00,000 (Rupees Ten Lakh only) along with applicable taxes and levies in the form of a demand draft/banker’s cheque drawn in favor of Pension Fund Regulatory and Development Authority payable at New Delhi or proof of payments through electronic transfers to the designated Bank account of PFRDA.

6. ELIGIBILITY CRITERIA (PRE-QUALIFICATION)

The prospective applicants are requested to check the eligibility and other operative framework as provided in Pension Fund Regulations 2015 and amended from time to time. The sponsors and the pension funds have to ensure their compliance with the provisions of PF Regulations, NPST Trust Regulations and the provisions of PFRDA Act 2013.

6.1 An applicant shall satisfy (on the date of application) the following eligibility criteria to act as a sponsor of pension fund;

(a) as specified in the PFRDA (Pension Fund) Regulations and amendments thereto.

(b) additional terms and conditions as stated in these guidelines.

6.2 Applicant(s) with joint venture status can also apply provided one or more of the joint venture partner(s) fulfill the eligibility criteria to act as a Sponsor of pension fund.

6.3 The eligibility criteria interalia that should be fulfilled by the applicant(s) as on the date of application, for consideration of its application, are summarized hereunder:-

7. DISQUALIFICATION / REJECTION

The Authority may disqualify/reject any applicant/application if:-

(a) the application received is incomplete, conditional or is based on incorrect/false information or omits to disclose material facts.

(b) the application is not accompanied with the requisite fees.

(c) the applicant and its principal officer(s) is not a ‘fit & proper person’ as specified in Schedule — II of the PFRDA (Pension Fund) Regulations.

(d) the application does not conform to these guidelines or regulations.

(e) the applicant fails to submit relevant information within the given timelines, which in the opinion of the Authority is required for evaluation of the application.

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