New Delhi, Aug 2 (PTI) Pension fund regulator PFRDA will appoint three trustees on the board of the NPS Trust and has invited application from eligible persons by September 1.

The Pension Fund Regulatory and Development Authority (PFRDA) established the National Pension System Trust (NPS Trust) which legally owns the funds of the subscribers under the NPS and other pension schemes administered by it.

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The two pension schemes under PFRDA are National Pension System (NPS) and Atal Pension Yojana (APY).

NPS mainly caters to those employed in the organised sector, including central and state government employees, while APY mainly targeted towards those working in the informal sectors.

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The NPS Trust has Assets Under Management (AUM) of Rs 7.44 lakh crore as on June 30, 2022 with 5.40 crore subscriber base under these two schemes.

As per the regulations, there is a provision to appoint maximum 11 trustees.

"The authority presently is desirous of appointing three trustees on the board of trustees of NPS Trust. The person applying for the post should be a citizen of India and satisfying the eligibility conditions as stipulated," PFRDA said in the notice.

The eligible persons should preferably have knowledge and experience in law/finance/economics/accountancy or social welfare or administration with proven management skill, experience, capacity integrity and reputation, it said.

The initial term for the trustees to be appointed will be for a period of three years from the date of appointment, with provision of extension for not more than two years.

The maximum age limit is 70 years.

PFRDA said the trustees are eligible to receive sitting fees and such other expenses towards travelling, lodging and boarding.

The authority has asked the eligible candidates to send their detailed resume to regfm@pfrda.org.in by September 1, 2022.

A committee constituted by PFRDA has been tasked to select the requisite number of trustees for the NPS Trust.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)