India In India, initiatives towards pension reforms have been somewhat nascent at both the Central and State Government level (Box 2 & 3). Box 2 New pension system for the Central Government of India In February 2002, the High Level Expert Group on New Pension System submitted its report suggesting modifications in the pension system for Central Government employees.
In August 2003, the Union Government approved the proposal to implement the budget announcement of 2003-04 relating to the introduction of a new restructured defined contributory pension system for new entrants to Central Government services, except to Armed Forces. An independent Pension Fund Regulatory and Development Authority have also been set up to regulate and develop the pension market.