New chairman of the Pension Fund Regulatory and Development Authority (PFRDA) Deepak Mohanty tells Indivjal Dhasmana that systematic withdrawal plan as permissible under the current statute would soon be introduced. However, a complete systematic withdrawal plan could only be implemented if the statute is changed. He also said the minimum assured return scheme (MARS) would be notified in due course. Edited excerpts:
Q) PFRDA has planned to come out with a minimum assured return scheme (MARS) and the product is expected to be launched in the current financial year. What happened to that plan?
Ans) This proposal has been in the works for some time. We have done wider consultations. We also have constituted an advisory committee and appointed a consultant to design MARS. It has also gone through the proposal. The issue is that we have to come out with a product which is attractive to inv
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