People complain about getting low returns on annuity: PFRDA chairman

Supratim Bandyopadhyay, newly appointed chairman of the Pension Fund Regulatory and Development Authority (PFRDA), says two alternatives to the current mechanism of putting 60 per cent money into annuity are being worked out. He tells Indivjal Dhasmana there is no turf war between PFRDA and the Insurance Regulatory and Development Authority (Irdai). Edited excerpts:

Are you looking at any alternative to the existing mechanism of putting 40 per cent of fund of National Pension Scheme (NPS) subscribers at the time of withdrawal in annuity schemes?

We are looking at systematic withdrawal plans (SWPs) for NPS subscribers. This is at a nascent stage.