The Pension Fund Regulatory and Development Authority (PFRDA) has expanded the pool of entities eligible to act as pension agents, allowing Points of Presence (PoPs) to engage a wider set of intermediaries to distribute pension schemes, including the National Pension System (NPS).<\/p>\n
In a circular, the regulator permitted PoPs to onboard additional categories of individuals and institutions under the \u201cany other person\u201d clause of the PFRDA (Point of Presence) Regulations, 2018.
\n<\/p>\n
\nThe move builds on earlier clarifications issued in September and October 2025.
PFRDA said pension agents serve as a key interface between subscribers and PoPs, particularly in enabling last-mile connectivity and expanding outreach for pension products.<\/p>\n
Who can now act as pension agents<\/p>\n
Under the revised framework, PoPs can engage a broader range of intermediaries, subject to board approval and compliance with applicable regulations. Newly permitted categories include:
\n<\/p>\n
\n \tPrimary Agricultural Credit Societies (PACS) with e-PACS certification
\nRecognised MSME associations
\n \tProfessionals such as Chartered Accountants, Company Secretaries and Cost and Management Accountants
\n \tChartered Financial Analysts (CFAs) and Certified Financial Planners (CFPs)
\nBusiness Correspondent Sakhis or Pension Sakhis under rural livelihood missions
\n \tGramin Dak Sevaks under the Department of Posts
\n \tDigital platforms and fintech entities operating under regulatory frameworks
\n
\nThe regulator said such entities must adhere to the rules and guidelines prescribed by their respective regulators.<\/p>\n
Compliance and accountability remain with PoPs<\/p>\n
PFRDA clarified that Points of Presence will remain responsible for the actions of pension agents they appoint. This includes ensuring compliance with know-your-customer (KYC), anti-money laundering (AML) and combating financing of terrorism (CFT) norms under the Prevention of Money Laundering Act, 2002.<\/p>\n
The scope of responsibilities and obligations will continue to be governed by existing provisions under the PFRDA (PoP) Regulations, 2018, including requirements related to record-keeping, audit and inspection.<\/p>\n
Vishwajeet Goel, Head of Pensionbazaar at Policybazaar, said the move could improve last-mile access to retirement solutions.<\/p>\n
\u201cAllowing a wider set of institutions and professionals to participate as pension agents is a meaningful step toward improving last-mile access to retirement solutions such as the NPS,\u201d he said.<\/p>\n
He added that the inclusion of grassroots networks, advisors and digital platforms could enhance awareness and adoption of long-term retirement planning, particularly among underserved segments.<\/p>\n