The Lok Sabha has passed the Pension Fund Regulatory and Develpment Authority Bill, 2011. One hundred seventy four members voted in favour and 33 against the bill. Earlier replying to the debate, Finance Minister, P. Chidambaram said that the new Pension Scheme is mandatory for all Central Government employees who joined service on or after 1st January, 2004. Mr. Chidambaram assured that the new scheme is most secured and attractive for subscribers.

The bill seeks to give statutory powers to the pension Fund Regulatory and Development Authority. It also changes the name of the scheme as national pension scheme. Under the scheme ,every subscriber will have an individual pension account. The subscribers will choose fund managers and schemes to manage their pension wealth and will have option of switching schemes and fund managers. The scheme is already in operation in 26 states.

At present, there are over 52 lakhs subscribers with a cumulative fund of over 34,000 crore rupees. It is certain now that the legislation is fully safeguard the interests of subscribers.