The Pension Fund Regulatory and Development Authority Act, 2013
5. Term of office and conditions of service of Chairperson and members of Authority.
1. The Chairperson and every whole-time member shall hold office for a term of five years from the date on which he enters upon his office and shall be eligible for reappointment:
Provided that no person shall hold office as a Chairperson after he has attained the age of sixty-five years:
Provided further that no person shall hold office as a whole-time member after he has attained the age of sixty-two years.
2. A part-time member shall hold office as such for a term not exceeding five years from the date on which he enters upon his office.
3. The salary and allowances payable to, and other terms and conditions of service of, the members other than part-time members shall be such as may be prescribed.
4. The part-time members shall receive such allowances as may be prescribed.
5. The salary, allowances and other conditions of service of a member shall not be varied to his disadvantage after his appointment.
6. Notwithstanding anything contained in sub-section (1) or sub-section (2), a member mayŚ
a. relinquish his office, by giving in writing to the Central Government, a notice of not less than thirty days; or
b. be removed from his office in accordance with the provisions of section 6.