The International Financial Services Centres Authority (IFSCA) on July 08, 2024, notified regarding the Report of the Expert Committee on Development of Pension Products at GIFT IFSC submitted to IFSCA.
The following has been stated:
• It has recommended a detailed product design emphasising each stage of the product. The report recommends a comprehensive regulatory framework that strikes a balance between encouraging voluntary participation and safeguarding the interests of the contributors. The Committee has also analysed the tax design and proposed a tax framework with crucial recommendations to make the product attractive.
• It has engaged with multiple stakeholders and beneficiary groups and has conducted a comprehensive review of voluntary pension products from various jurisdictions internationally.
• It will be drafting the pension product regulations based on the report of the Expert Committee.
• The report of the Expert Committee can be accessed at: https://ifsca.gov.in/Viewer?Path=Document%2FReportandPublication%2Freport-of-the-expert-committee-on-development-of-pension-products-at-gift-ifsc-08072024062705.pdf&Title=Report%20of%20the%20Expert%20Committee%20on%20Development%20of%20Pension%20Products%20at%20GIFT%20IFSC&Date=08%2F07%2F2024
