New Delhi: Government on October 10 constituted a five-member interim Pension Fund Regulatory and Development Authority, which will come up with guidelines for a new pension system from January 2004.

A resolution has been issued on October 10 to operationalise the decision of the government to introduce the new pension system defined contributory pension system, an official release said.

The PFRDA, which will be headed by a chairman and having not more than four members, will be headquartered in Delhi.

PTI