As with most other issues, the debate on pension reforms in India misses the wood for the trees. Last week, the government caved in to opposition from its allies and deferred the seven-year old PFRDA (Pension Fund Regulatory and Development Authority) Bill. The issues raised are not exactly new and are actually peripheral to the core problem with India's pension system. For one, there is strenuous objection to having a pension system that is based on defined contributions, rather than defined benefits.