New Delhi, Jan. 13 -- The Pension Fund Regulatory and Development Authority (PFRDA) has constituted a high-level committee to formulate guidelines and regulations to enable a framework for assured payouts under the National Pension System (NPS).

The move is in line with provisions of the PFRDA Act, and aims to strengthen retirement income security for subscribers, the finance ministry said in a statement on Tuesday.

The committee will be headed by M. S. Sahoo, former chairperson of the Insolvency and Bankruptcy Board of India (IBBI). The 15-member panel includes a diverse group of experts from various disciplines such as legal, actuarial, finance, insurance, capital markets and academia.

The committee's terms of reference include delib...