Pension regulator PFRDA has appointed Chitra Jayasimha as the Chairperson of the Board of National Pension System (NPS) Trust with effect from October 17.
She has been serving the NPS Trust Board as a Trustee since December 2020. Jayasimha has been appointed as Chairperson of NPS Trust in the place of erstwhile Chairman Venkata Rao Yadagani. Yadagani was designated to the position of NPS Trust Chairman on December 12,2023.
The NPS Trust is administered by a Board of Trustees. They are entrusted with the task to ensure that the NPS Trust works in the best interest of National Pension System (NPS) subscribers.
NPS is a market-linked, voluntary, portable and flexible scheme that helps people save for retirement. As of mid-October, overall assets under management of NPS and Atal Pension Yojana (APY) stood at about ₹ 13.40 lakh crore.
The members of the NPS Trust are appointed by the Pension Fund Regulatory and Development Authority (PFRDA) from time to time. To review the matters of the NPS Trust, the Board convenes a meeting every quarter.The PFRDA appoints one of the Trustees of the Board as the Chairperson.
Jayasimha is a qualified Actuary, a fellow member of the Institute of Actuaries of India, Institute and Faculty of Actuaries, UK and the Insurance Institute of India.
A gold medallist in B.Sc Statistics from Madras University, Jayasimha has over 34 years of extensive experience in diverse fields of Life Insurance, General Insurance, Reinsurance, Employee benefits and the Pension sector.
Jayasimha carries widespread experience of over 17 years in various functions at senior levels in Life Insurance Corporation of India (LIC).
She is Founder, Director and Consulting Actuary of Universal Actuaries and Benefit Consultants and an Appointed Actuary at Sanima Reliance Life (Nepal) and GIC Reinsurance Company Limited (Bhutan), Nepal Reinsurance and an IBNR Actuary of Maldives Reinsurance.
Jayasimha has conducted various webinars, sessions, market surveys on employee benefits and the approaches required to overcome sectoral challenges.
She had brought out a detailed research report on NPS Superannuation in August, 2017 and has written multiple white papers on NPS and other retirement benefits.
Previously, she had also been the Chairperson of the Advisory Group on Pension, Employee Benefits and Social Security Schemes of the Institute of Actuaries of India for over 9 years.