The new government at the Centre is likely to hasten the passage of the

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Pension Fund Regulatory and Development Authority (PFRDA) Bill, which will give statutory powers to the pension regulator, experts feel.

A section of experts, who have been part of pension reforms, say the new government should now consider coming up with a comprehensive policy on pensions, which will aggregate various schemes — which now cater to old-age income security — under one policy roof. “I think the clear mandate given to the UPA is one of the best things to have happened for the ongoing pension reforms. It will increase the ability of the government to take the New Pension System (NPS) forward. The present government has already gone ahead with the rollout of NPS even without the bill is a clear indication of its serious intention about pension reforms,” said Gautam Bhardwaj, director of India Invest Economic Foundation, which assisted the government in pension reforms.

“There should be one policy that is all-inclusive and takes care of everybody,” Bhardwaj said.

Naresh Takkar, MD of Icra, feels there will be a significant movement in pension reforms under the new UPA government. “I see major movement on insurance and pension reforms,” Takkar said.