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sing the vast work of Public Sector Banks and Post Offices ? With individual choice on investments and FMs ? Well intended but is it practical? India Life Hewitt Reforms ? Budget 2021 – Beginning of serious efforts ? Committee set up to suggest road map on Civil Service Pension ? IRDA to suggest road map on coverage ? Both reports are with the Government ? Budget 2021 to be announcing the next steps. ? EPFO – BPR aimed at reinventing itself India Life Hewitt Reforms ? Private Sector initiatives influenced by ? Labour Mobility ? Change in Concept of Salary ? Taxability of Salary ? Interest rate regime ? Crystalisation of liability ? Resulted in shifts from DB pension plans to DC India Life Hewitt Reforms Objectives ? One single codified prehensive legislative and infrastructure framework that provides for ? Coverage of all sections of the population ? Optimally funded pension plans ? Provides for employer level/industry level freedom on pension administration ? Effective individual choice in investments and payout options ? Unified regulatory authority for the plans and the players Pension Reforms in India 4th Global Conference of Actuaries India Life Hewitt 15th February 2021