'PFRDA may look beyond annuities if Act's tweaked,' says chairman

New annuity products, however, will require no modifications to Act

Pension Fund Regulatory and Development Authority (PFRDA) Chairman Supratim Bandyopadhyay said the regulator could consider allowing new annuity products. But will have to wait for amendments to the PFRDA Act — listed for the current session of Parliament—to allow products offering returns not based on annuities. The Act now mandates the PFRDA to permit only annuity products.

“We can look at products other than annuities, but that is subject to amendments to the PFRDA Act,” clarified Bandyopadhyay.

There can also be different kinds of annuity products, such as those providing variable annuities. “We can look at those without waiting for