| The committee has suggested that foreign direct investment (FDI) norms, if considered necessary, should in no way be at a variance with insurance sector, where 26 per cent foreign investment is permitted. |
| It also suggested that a pension advisory committee with unions and public nominees, like the one set up by the insurance regulator, be formed to oversee the interests of the subscribers. |
| It also suggested that a facility for withdrawal of money from the first tier of the scheme in the form of repayable advance after 15 years and a permanent withdrawal of up to 50 per cent of the savings after 25 years be provided. The committee has recommended that the subscribers be given an option of 100 per cent investment in government securities. |
| The committee has suggested that as in the case of insurance sector, the pre-condition for capital structure and experience criteria for selection of pension fund managers needs to be spelt out in the pension fund regulatory and development authority (PFRDA) Bill itself. |
| The committee has asked the government to insert specific clauses to ensure the safety of contributions, ensure payments in accordance with guarantees and ensure that the intermediation costs and other operational costs do not affect the returns adversely. |
| In his dissent note to the report of the standing committee, CPM's Gurudas Das Gupta has termed the PFRDA Bill as "a fraud on the central government employees", and asked for its withdrawal. |
| Others, who have submitted dissent notes include A Krishnaswamy, Rupchand Pal, Laxman Seth, Bir Singh Mahato, and Chittabrata Muzumdar. The Centre's pension spending grew at a compounded annual growth rate (CAGR) of 21 per cent to Rs 27,320 crore in 2004-05 from Rs 5,206 crore in 1993-94. Similarly, the expenses of the states have been climbing at a CAGR of 27 per cent, reaching Rs 38,370 crore in 2004-05. |
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