• This step is aimed at strengthening the security of retirement income for NPS subscribers.

• What?  High-level committee constituted by PFRDA
• For : Assured payouts under NPS
• Chairperson: Dr. M. S. Sahoo, former Chairperson of IBBI
• Members: 15 experts from legal, actuarial, finance, insurance, capital markets, and academia
• Purpose:
  • Serve as a standing advisory committee on structured pension payouts
  • Frame assured payout regulations and ensure smooth accumulation-to-decumulation transition

• Serve as a standing advisory committee on structured pension payouts
• Frame assured payout regulations and ensure smooth accumulation-to-decumulation transition

About High-Level Committee on Assured Payouts:
Composition: A 15-member multidisciplinary panel comprising experts from law, actuarial science, finance, insurance, capital markets, and academia.

• The committee has also been authorised to invite external experts or intermediaries as special invitees for consultation and feedback.

Purpose: Constituted as a standing advisory committee on structured pension payouts under the NPS to frame assured payout regulations, enable smooth accumulation-to-decumulation transition, and consult external experts and intermediaries.
Framework: Tasked with deliberating on novation and settlement to enable legally enforceable, market-based assurances, while defining operational standards including lock-in periods, fee structures, withdrawal limits, and tax treatment within the NPS payout phase.
Oversight: Charged with establishing risk management, capital adequacy, solvency, and legal safeguards for institutions offering assured payouts.
Protection: Required to standardize disclosures, prevent mis-selling, clarify ‘assured’ versus market-linked returns, and address shortcomings of the current annuity-based model.
About Pension Fund Regulatory and Development Authority (PFRDA):
It was established by the Government of India (GoI) in 2003, and later accorded statutory status under the PFRDA Act, 2013. Operating under the jurisdiction of the Ministry of Finance (MoF), it aims to develop and regulate the National Pension System (NPS) and the Atal Pension Yojana (APY) to ensure old-age income security for Indian citizens.
Chairperson – Sivasubramanian Ramann
Headquarters – New Delhi, Delhi