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New Delhi : Pension Fund Regulatory and Development Authority (PFRDA) on July 18, 2018,  invited Expression of Interest (EOI) from reputed Actuary/Actuarial Firm for valuation to estimate the likely shortfall or otherwise on account of the minimum guaranteed pension and suitable provisioning for gap funding under Atal Pension Yojana (APY).

APY offers guaranteed pension benefits which entails suitable gap funding to fulfil the commitment of guaranteed pension benefits to the subscribers and spouse of the subscribers. The Expression of Interest document was issued on July 18 and the same is available on PFRDA’s website. Along with the other conditions, the actuarial firm should have carried out the actuarial valuation of at least 10 funds in the immediately preceding 5 financial years of which at least 2 of the funds should have had the minimum fund size of Rs 5,000 crore, according to a PIB release.

It may be recalled that the Prime Minister had launched Atal Pension Yojana in May 2015 for all Indian citizens in the age group from 18-40 years, specially targeting under-privileged sections of society in the unorganized sector. As on date, 1.08 cr subscribers have been registered under Atal Pension Yojana( APY ) and more than Rs 4,500 crore contribution have been collected from the subscribers under the scheme.

 

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