Budget Announcements Related to Pension Reforms

Budget Speech 2012-13

Para 119. In order to promote voluntary savings towards pensions, a co-contributory scheme SWAVALAMBAN was started in September, 2010. Over 5 lakh subscribers have been enrolled by February 2012. In order to enhance access to this scheme, LIC has been appointed as an Aggregator and all Public Sector Banks have also been appointed as Points of Presence (PoP) and Aggregators.

Budget Speech 2013-14

Para 91. The Insurance Laws (Amendment) Bill and the PFRDA Bill are before this House. I sincerely hope that Government and the Opposition can arrive at a consensus and pass the two Bills in this session.

Budget Speech 2014-15

Para 28. The PFRDA Act was passed placing the New Pension System on a statutory basis and establishing a statutory regulator.