Pension Fund Regulatory and Development Authority (PFRDA) invites Expression of Interest (EOI) from reputed Actuary/Actuarial Firm for valuation to estimate the likely shortfall or otherwise on account of the minimum guaranteed pension and suitable provisioning for gap funding under Atal Pension Yojana(APY).

APY offers guaranteed pension benefits which entails suitable gap funding to fulfill the commitment of guaranteed pension benefits to the subscribers and spouse of the subscribers. The Expression of Interest document has been issued on 18.07.2018 and the same is available on PFRDA's website. Along with the other conditions, the actuarial firm should have carried out the actuarial valuation of at least 10 funds in the immediately preceding 5 financial years and out of which at least 2 of the funds should have had the minimum fund size of 5000 cr.

It may be recalled that , the  Prime Minister had launched Atal Pension Yojana in May, 2015 for all Indian citizens in the age group from 18-40 years, specially targeting under-privileged sections of society in the unorganized sector. As on date 1.08 cr subscribers have been registered under Atal Pension Yojana( APY ) and more than ₹ 4,500 Cr  contribution have been collected from the subscribers under the Scheme.

Actuarial valuation for guaranteed pension: EOI invited to assess shortfall and recommend gap-funding for APY. PFRDA issued an Expression of Interest seeking a reputed actuary or actuarial firm to perform an actuarial valuation of Atal Pension Yojana to estimate shortfalls from the scheme's guaranteed pension commitment and recommend appropriate gap-funding provisions; the EOI (18 July 2018) is on PFRDA's website and requires firms to have valued at least ten funds in the preceding five years, including at least two funds of minimum five thousand crore size.