In the year 2003, Government of India established an interim regulator, to regulate pension infrastructure of the country and named it PFRDA(Pension Fund Regulatory and Development Authority). This interim regulator got statutory status on 18th September 2013, after the president assent to PFRDA Act 2013. As the name suggests it has the duty and responsibility of regulation, promotion and development of pension architecture of the country. PFRDA has brought a major reforms in thepension architecture since 2004, it has switched the traditional PAYG (Pay As You Go) defined benefit pension to defined contributory pension. In the new system the employee and/or employer would make contribution to a permanent retirement account, which would be open in the name of employee and the amount so credited to the retirement account would be invested by professional (PFMs) Pension Fund Managers. Benefits of the retiree would base on the returns and capital accumulation in the account, at the time of retirement.