Dear Members, Can a company make provident fund contributions to a trust administered by another company. Please enlighten.
Regards,
Parakh
parakh (CS) 21 December 2011
Dear Members, Can a company make provident fund contributions to a trust administered by another company. Please enlighten.
Regards,
Parakh
Kumar Doab (FIN) 21 December 2011
Please look into the attachment.
This is an attempt being made with limited understanding on the thread.
In case of NPS (New Pension Scheme) Pension Fund Regulatory and Development Authority (PFRDA) is the prudential regulator for the NPS. PFRDA was established by the Government of India on 23 August 2003 to promote old age income security by establishing, developing and regulating pension funds. PFRDA has set up a Trust under the Indian Trusts Act, 1882 to oversee the functions of the PFMs. The NPS Trust is composed of members representing diverse fields and brings wide range of talent to the regulatory framework.
If this is not the appropriate info desired by you, kindly contact some PF consultant and/or raise RTI.
Kindly update in the forum when an appropriate info is obtained. It shall help many who visit the forum.
parakh (CS) 22 December 2011
Thanks for your reply Mr. Doab. As far as I understand for depositing PF a company may be regsitered with PF Commissioner and deposit PF under government recognised fund or the company may form its own trust (after getting due approvals) and deposit PF amount to such trust. In relation to second option I want to know if the company may deposit the PF amount to a trust admisnistered by its group company or by a third unrelated company. Kindly share your views.
Sudhir Kumar, Advocate (Advocate) 23 February 2012
No