PFRDA-appointed ombudsman takes charge

The ombudsman appointed by pension fund regulator PFRDA, Vinod Pande, assumed the office in New Delhi on December 1, a senior PFRDA official said.
The subscribers will have direct access to the Ombudsman where they can lodge complaints against any intermediary for resolution through adjudication and amicable settlement.
"This may be considered an important milestone in the evolution of the NPS as it deals exclusively as an initiative for grievance redressal in accordance with PFRDA (Redressal of Subscriber Grievance) Regulations, 2015, framed under PFRDA Act," PFRDA whole-time member R V Verma told PTI.
"As the number of NPS subscribers keep growing -- currently around 1.60 crore -- the grievances/complaints are also bound to grow," he said, adding "the institution of Ombudsman will facilitate resolution of such complaints /grievances/disputes and will enhance the confidence of the subscribers and stakeholders in the NPS."

As per PFRDA annual report, of the total of 34,996 cases of grievances related to NPS pending with pension regulator in fiscal 2016, only 30,731 could be resolved during the year.
Similarly, of the total of 4,330 cases related to NPS-Lite and Atal Pension Yojana pending with it during the fiscal 2016, only 2,961 cases could be resolved during the year, leaving 1,369 cases unaddressed.
Under the Grievance Redressal Regulations, subscribers' complaints are required to be addressed by the concerned intermediary and the NPS Trust within specified turn-around-time, totalling 60 days. In case the complaint is not resolved in 60 days, or is not resolved to satisfaction, the subscriber can file the complaint to the Ombudsman.

"Based on our experience we expect that a large number of complaints will get addressed/resolved at the prior two levels and only the residual unresolved complaints will be escalated to the Ombudsman. A subscriber will have further recourse to the PFRDA for resolution of the grievance in case he is not satisfied with the settlement/adjudication by the Ombudsman," Verma said.