Posts Tagged ‘NPS’

PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme;The Number of Current APY subscribers crosses 86 Lacs mark

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Ministry of Finance

PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme; The Number of Current APY subscribers crosses 86 Lacs mark.

15 FEB 2018

With a view to bring the economically disadvantaged section of the society in the unorganized sector within the pension fold or old age income security coverage, Government had launched the Atal Pension Yojana (APY)in May 2015.

Pension Fund Regulatory and Development Authority (PFRDA) in association with Department of Financial Services, Ministry of Finance conducts APY Outreach Programme on a regular basis. Accordingly, PFRDA has observed a Campaign namely, Makers of Excellence for the Chairmen and MDs of all the Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks (Rural & Urban) & Department of Post for registration of subscriber under APY during the month of Dec 2017 for a fortnight. Under the campaign, nearly, 6 lacs APY accounts were sourced by the APY Service Provider Banks. Targets were allocated to various banks to be achieved during the Campaign. A total of 21 banks- 6 Public sector banks, 14 Regional Rural Banks and 1 Cooperative Bank were able to achieve the target under the campaign and became the Makers of Excellence. PFRDA has planned to award the Top Management of the winning banks at the upcoming PFRDA Pension Conclave in national capital.

The winning Banks and their performance is as below:

S. No. Name of the APY Service Provider Category Number of Branches Minimum No. of Funded Accounts to be Sourced under Makers of Excellence Campaign Actual No. of Funded Accounts Sourced under Makers of Excellence Campaign Remarks (Qualified
/Not Qualified
1 CANARA BANK PSU 6,050 35,000 101,669 Qualified
2 INDIAN BANK PSU 2,588 15,000 76,823 Qualified
3 ANDHRA BANK PSU 2,903 15,000 57,315 Qualified
4 BANK OF BARODA PSU 5,460 30,000 42,665 Qualified
5 ALLAHABAD BANK PSU 3,143 20,000 30,029 Qualified
6 VIJAYA BANK PSU 1,603 10,000 28,241 Qualified
7 GRAMIN BANK OF ARYAVART RRB 700 3,500 5,915 Qualified
8 MADHYA BIHAR GRAMIN BANK RRB 698 3,490 5,507 Qualified
9 PRAGATHI KRISHNA GRAMIN BANK RRB 650 3,250 5,383 Qualified
10 PRATHAMA BANK RRB 412 2,060 5,288 Qualified
11 BARODA UTTAR PRADESH GRAMIN BANK RRB 924 4,620 5,125 Qualified
12 ANDHRA PRADESH GRAMEENA VIKAS BANK RRB 768 3,840 4,893 Qualified
13 BARODA RAJASTHAN KSHETRIYA GRAMIN BANK RRB 819 4,095 4,560 Qualified
14 PURVANCHAL BANK RRB 570 2,850 3,368 Qualified
15 KAVERI GRAMEENA BANK RRB 497 2,485 2,942 Qualified
16 DENA GUJARAT GRAMIN BANK RRB 234 1,170 2,322 Qualified
17 BIHAR GRAMIN BANK RRB 376 1,880 2,258 Qualified
18 CHAITANYA GODAVARI GRAMEENA BANK RRB 203 1,015 1,714 Qualified
19 PALLAVAN GRAMA BANK RRB 256 1,280 1,431 Qualified
20 SAPTAGIRI GRAMEENA BANK RRB 207 1,035 1,074 Qualified
21 THE BEGUSARAI CENTRAL COOPERATIVE BANK LTD DCCB 9 45 113 Qualified

The APY scheme became operational from 1st June, 2015 and is available to all citizens of India in the age group of 18-40 years. Under the Scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs.5000 per month, depending upon his contribution, from the age of 60 years. The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and spouse, the accumulated pension wealth is returned to the nominee.

The APY Scheme follows the same investment pattern as applicable to the NPS contribution of Central Govt employees. During the year 2016-17, it has earned a return of 13.91%.

The number of current APY Subscribers has crossed 86 lacs mark. The yearly addition in APY enrollment is provided below:

APY Subscriber Addition (In Lacs)
Year 2015-16 2016-17 2017-18

( till 13thFeb 2018)

Total
No of Subscribers ( lacs) 24.84 23.99 37.63 86.46

 

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Age Limit for NPS

Age Limit for NPS

Vide PFRDA (Exits and Withdrawals from National Pension System) Second Amendment Regulations, 2017, dated 6th October, 2017, the Pension Fund Regulatory and Development Authority (PFRDA) has permitted any Indian citizen who is in the age group of 18-65 years to join the National Pension System (NPS) on voluntary basis. As informed by PFRDA, a total of 1056 persons between the ages of 60-65 years have joined up to 31st January, 2018.

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New Contributory Pension Scheme setting up of the Committee

NPS Committee Report Finalised and Submitted to Govt – NC JCM Staff Side
“New Contributory Pension Scheme setting up of the Committee – report”

Shiva Gopal Mishra
Secretary

Ph: 23382286
National Council (Staff Side)
Joint Consultation, Machinery
For Central Government Employees
13-C, Ferozshah Road, New Delhi – 110001
E.Mail : nc.jcm.np@gmail.com.

No. NC-JCM-2017/Fin

January 16, 2018

The Cabinet Secretary,
Government of India,
Cabiner Secretariate,
Rastrapati Bhawan,
New Delhi

Sub: New Contributory Pension Scheme setting up of the Committee – report reg.

Dear Sir,
As per the 7th CPC recommendations, Govt had set up a committee under the Chairmanship of the Secretary, to look into the various complaints received by the commission on the new contributory Pension Scheme. As the stake holders, we had interacted with the Committee. We have now come to know that the committee, having finalised its report, submitted the same to you.

We request that the Staff Side-JCM may be provided with a copy of the report and our views are heard and presented, before the Government takes a final view on the matter.

Thanking you,
sd/-
Yours faithfully,
Shiva Gopal Mishra

Source: Confederation

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Exemption of Railways from New Pension Scheme (NPS): NFIR

Exemption of Railways from New Pension Scheme (NPS): NFIR

No. IV/NPS/PFRDA BILL / Part I

Dated : 11/12/2017

Shri Piyush Goyal,
Hon’ble Minister of Railways,
Rail Bhavan,
New Delhi

Respected Sir,

Sub : Exemption of Railways from New Pension Scheme (NPS) – reg.

Ref (i) Hon’ble MR’s D.O. No. 2012/F(E)III/1/4-Pt dated 29th March 2014 to Hon’ble Finance Minister, Government of India.
(ii) Hon’ble MR’s D.O. No. 2012/F(E)III/1/1/4-Pt dated 20th Nov 2015 to the Hon’ble Finance Minister Shri Arun Jaitely.
(iii) NFIR’s letter No. IV/NPS/PFRDA BILL Part I dated 13th Feb.2017 & 26th Oct. 2017.

While enclosing copy of NFIR’s letter sent to you vide dated 26th Oct, 2017, I request you to kindly make special efforts at the level of the Government as well by reaching Hon’ble Prime Minister for the purpose of exempting Railways from the National Pension System (NPS). I also desire to bring to your kind notice that your predecessors Shri Mallikarjun Kharge and Shri Suresh Prabhu have already sent proposals to the Government of India (Ministry of Finance) highlighting the uniqueness of Railways working and the necessity to exempt Railways from the NPS.

 

I trust that you would do the needful for obtaining favourable decision which would motivate all sections of Railway employees to work with grater determination and commitment for providing efficient services.

With regards,

Yours sincerely,

S/d,
(Dr.M.Raghavaiah)
General Secretary


No.IV/NPS/PFRDA BILL/Part 1

Dated : 26 Oct,2017

Shri Piyush Goyal,
Ho’ble Minister of Railways,
Rail Bhavan,
New Delhi

Respected Sir,

Sub: Exemption of Railways from New Pension Scheme (NPS) – reg.

Ref:  (i)    Hon’ble MR’s D.O. No. 2012/F(E)111/1/4-Pt dated 29th March 2014 to Hon’ble Finance

Minister, Government of India.

(ii)           Hon’ble MR’s D.O. No. 2012/F(E)111/1/1/4-Pt dated 20th Nov 2015 to the Hon’ble Finance Minister Shri Arun Jaitely.

(iii)          NFIR’s letter No. IV/NPSIPFRDA BILL/Part I dated 13th Feb, 2017.

Federation invites kind attention of the Hon’ble AIR relating to exemption of Railways from New Pension Scheme (NPS), which was agreed upon by the Railway Ministry, consequently the Railway Minister Shri Suresh Prabhu bad sent proposal to the Hon’ble Finance Minister vide letter No. 2012/F(E)III/1/1/4-Pt dated 20th November, 2015, seeking Government’s approval to exempt Railways from New Pension Scheme (NPS) now called “National Pension System“. Shri Mallikarjun Kharge then Railway Minister had also urged upon the Government to exempt Railways from New Pension Scheme (letter No. 2012/F(E)III/1/4-Pt dated 29th March 2014).

 

In this connection, NFIR desires to reiterate that Pension is very sensitive issue so far as Railways is concerned, due to the reason that the Railway employees have been working at remote places, stations located in jungle areas and have been facing all odds foregoing basic necessities of life, similar to the Defence Forces Personnel, safeguarding the Nation’s Borders, and are involved fully in ensuring uninterrupted flow of Railway Traffic. The Railway employees in their day-to-day working face war like situations to ensure that movement of trains is not adversely affected under any circumstances and in the process they get killed on duty as confirmed by the High Level Safety Review Committee (BLSRC) headed by Shri Anil Kakodkar (Chapter 11-2.3).

 

NFIR, therefore urges upon you to kindly reach the Hon’ble Prime Minister and apprise the Railways unique nature of working as already highlighted by previous Railway Ministers and impress the need for granting exemption of Railways from the New Pension Scheme to enable those Railway employees appointed from January, 2004 get covered by the Liberalized Pension Scheme for receiving guaranteed Pension. Federation strongly believes that your kind intervention and Ell&WS-fivi: with the Hon’ble Prime Minister would result positive decision for exempting Railways from New Pension Scheme soon.

With regards,

Yours sincerely,/

S/d,
(Dr. M. Raghavaiah)
General Secretary

Source : NFIR

 

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PFRDA Workshop benefits of National Pension System & Pension Funds under NPA architecture

PFRDA Workshop benefits of National Pension System & Pension Funds under NPA architecture

PFRDA conducts the Workshop with Corporates to create an awareness about the features, benefits and the process of joining National Pension System (NPS); Also to create awareness about the role of Pension Funds under NPA architecture;

More than 1.80 crore subscribers join under NPS-Private sector

Pension Fund Regulatory Development Agency (PFRDA) in its endeavor to promote NPS among the corporates have embarked upon conducting NPS Workshops at various locations across the country. In continuation of that exercise, a Corporate Meet was held today in Pune in association with FICCI, Maharashtra State Council and Mahratta Chambers of Commerce, Industry and Agriculture.

More than 100 participants from around 55 corporates attended the workshop. PFRDA officials gave a detailed presentation on NPS and informed the participants about the features, benefits and the process of joining NPS to the employees as well as to the employer. The role of the Pension Funds under NPS architecture and the benefits of long term investment and the optimal return being generated by the Pension Fund following the investment guidelines issued by PFRDA was highlighted.

PFRDA officials also clarified the queries regarding joining of NPS, tax benefits, POPs details, timelines, transfer of superannuation fund to NPS, annuity etc. to the participants.

 The recent developments under NPS – Private Sector (All citizen and Corporate) are listed below:

  • Process of Transfer of Superannuation / Recognized Provident Fund to National Pension System.
  •  Allowing option to change the investment choice or asset allocation ratio twice in a financial year
  • Dispensing of requirement of submission of physical application form in case of subscriber opening account online and e-Signing the document.
  • Introduction of Alternative Investment Fund-a separate class of Asset “A”
  • Introduction of two new life cycle funds (LC 75 and LC 25)
  • Under Tier-I account, minimum contribution requirement in a financial year is reduced from Rs 6,000/- to Rs 1,000/-

As on 25th November 2017, more than 1.84 crores subscribers have joined under NPS-Private sector (Corporate and All Citizen model) . More than 6.58 lacs employees of 4,027 registered Corporates have joined NPS under NPS Corporate Model, and more than 5.46 lacs subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 1.80 crore with overall Asset under Management (AUM) of more than 2,15,461 crore. PFRDA’s endeavour is to significantly scale-up these segments during the ongoing months.

PIB

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Clarification on Revision of Service Charges to POPs under NPS All Citizen and Corporate Model

Clarification on Revision of Service Charges to POPs under NPS All Citizen and Corporate Model

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

B-14/A, Chhatrapati Shivaji Bhawan,
Qutab Institutional Area,
Katwaria Sarai, New Delhi-110016.

PFRDA/2017/34/P&D/1
31st October 2017

To

All Stakeholders in the National Pension System

Subject: Clarification on Revision of Service Charges to POPs under NPS (All Citizen and Corporate Model)

This has reference to the circular PFRDA/2017/34/P&D/1 dated 27th October 2017 on revision of service charges to Points-of-Presence (POPs) under NPS (All Citizen and Corporate Model). In continuation of the same, the following points may be noted:

i. The revision of service charges to POPs on subscriber registration to POPs will be effective from 01st November 2017.

ii.The POPs will continue to have the option to negotiate the charges with the subscribers, but within the prescribed charge structure.

iii. The newly introduced persistency charge of Rs 50/- per financial year will be applicable on accounts under NPS- All Citizen Model associated with the POPs for more than 6 months in a financial year and wherein the subscriber contributes minimum contribution of Rs. 1000/- in Tier I account during the financial year. This charge will be payable annually to the associated POPs by deduction of the units in the CRA system after closure of the financial year.

iv. The service charges on subsequent transactions by the subscribers associated with the POPs through eNPS platform has been increased from the existing 0.05% of the contribution amount to 0.10% of the contribution amount subject to minimum of Rs.10/- and maximum of Rs.10000/-. The revision of this service charge will be effective from 15th November 2017.

All concerned are advised to take note of the same.

Yours faithfully
(Akhilesh Kumar)
Deputy General Manager

PENSION FUND REGULATORY
AND DEVELOPMENT AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan,
Qutab Institutional Area,
Katwaria Sarai, New Delhi-110016.

CIRCULAR

PFRDA/2017/34/P&D/1
27th October 2017

To

All Stakeholders in the National Pension System

Subject: Revision of Service Charges to POPs under NPS (All Citizen and Corporate)

 

1. With a view to incentivize the POPS to actively promote and distribute NPS, POPs are allowed to collect charges for the various services provided by them.

The existing charge structure for POPs under NPS (All Citizen and Corporate):

Intermediary Service

Charge

Method of Deduction
POP Initial Subscriber Registration Rs. 125/- To be collected upfront
Initial Contribution 0.25% of the contribution Min: Rs.20/- & Max Rs.25,000/-
All Subsequent Contribution
All Non-Financial Transaction Rs.20/-
e-NPS (for subsequent contribution) 0.05% of the contribution Min Rs 5/- & Max Rs 5,000/- (Only for-NPS-All Citizen and Tier-II Accounts) Upfront from subscriber

The revised charge structure for POPs under NPS (All Citizen and Corporate):

Intermediary Service

Charge

Method of Deduction
POP Initial Subscriber Registration Rs. 200/- To be collected upfront
Initial Contribution 0.25% of the contribution Min: Rs.20/- & Max Rs.25,000/-
All Subsequent Contribution
All Non-Financial Transaction Rs.20/-
Persistency Rs.50/- per annum (only for NPS-All Citizen) Through cancellation of units
e-NPS (for subsequent contribution) 0.05% of the contribution Min Rs 5/- & Max Rs 5,000/- (Only for-NPS-All Citizen and Tier-II Accounts) Upfront from subscriber

Yours faithfully,

(K Mohan Gandhi)
Deputy General Manager

Source: PFRDA

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Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65 years under NPS

Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65 years under NPS – Private Sector

In continuance of the several initiatives under taken by Pension Fund Regulatory and Development Authority (PFRDA) during the last few years to increase the pension coverage in the country, PFRDA has now increased the maximum age of joining under NPS-Private Sector (i.e. All Citizen and Corporate Model) from the existing 60 years to 65 years of age.

Now, any Indian Citizen, resident or non-resident, between the age of 60- 65 years, can also join NPS and continue up to the age of 70 years in NPS. With this increase of joining age, the subscribers who are willing to join NPS at the later stage of life will be able to avail the benefits of NPS.

NPS provides a very robust platform to the subscriber to save for his/her old age income security. Due to the better healthcare facilities and increased fitness, along with the opportunities and avenues available in the private sector as well as in the capacity of self-employment, more and more people in their late 50s or 60s are now living an active life allowing them to be employed productively.

The subscriber joining NPS beyond the age of 60 years will have the same choice of the Pension Fund as well as the investment choice as is available under the NPS for subscribers joining NPS before the age of 60 years.

Subscriber joining NPS after the age of 60 years will have an option of normal exit from NPS after completion of 3 years in NPS. In this case, the subscriber will be required to utilize at least 40% of the corpus for purchase of annuity and the remaining amount can be withdrawn in lump-sum.

In case of such subscriber willing to exit from NPS before completion of 3 years in the NPS, he/she will be allowed to do so, but in such case, the subscriber will have to utilize at-least 80% of the corpus for purchase of annuity and the remaining can be withdrawn in lumpsum.

In case of unfortunate death of the subscriber during his stay in NPS, the entire corpus will be paid to the nominee of the subscriber.

The increase in joining age will provide the options to the subscribers who are at the fag-end of the employment and expecting lump-sum amount at the time of retirement, but willing to defer their retirement planning for future, to open the NPS account and contribute the lump-sum corpus to NPS for better fund management by Professional Fund Manager to fetch better returns and plan for the regular income after some time. The Annuity rates available in the older age fetch better annuities than that at the age of 60 or less age.

This initiative will allow a larger segment of the society particularly senior citizens to reap the benefits of NPS and plan for their regular income.

PIB

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PFRDA takes a new initiative to increase pension coverage by increasing the incentives payable to Points of Presence (POPs), the principal distributive points for NPS

PFRDA takes a new initiative to increase pension coverage by increasing the incentives payable to Points of Presence (POPs), the principal distributive points for NPS

Pension Fund Regulatory and Development Authority (PFRDA) has taken several initiatives in the past few years to increase pension coverage in the country, notably introducing e-NPS, reducing minimum contribution levels, new investment instruments, aggressive life cycle funds etc.

PFRDA has now taken a further step in this direction by increasing the incentives payable to Points of Presence (POPs), the principal distributive points for National Pension System (NPS).

The following Table gives the details of increase in incentives:


Principal Distribution Point

Services offered

Current Charge

New Charge
POP Initial Subscriber Registration* Rs. 125/- Rs. 200/-
Initial Contribution 0.25% of the contribution Min: Rs.
20/- & Max : Rs.25,000/-
0.25% of the contribution Min: Rs.
20/- & Max : Rs.25,000/-
All Subsequent Contribution
All Non-Financial Transaction Rs. 20/- Rs. 20/-
Persistency* —– > Rs. 50/- per annum (only for NPS-All
Citizen)
e-NPS* (for subsequent contributions) 0.05% of the contribution Min Rs 5/-
& Max Rs 5000/- (Only for NPS- All Citizen and Tier-II Accounts)
0.10% of the contribution Min Rs 10/-
& Max Rs 10000/- (Only for NPS- All Citizen and Tier-II Accounts)

*Changes effected A new incentive towards increasing persistency has been introduced under which POPs will receive an incentive of Rs. 50/- per account per annum for every account which continues to contribute a minimum of Rs 1000/- in a financial year.

PFRDA believes that the renewed incentive will help in increasing the reach of pensions in India, through the efforts of Points of presence (POPs).

PIB

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Conference on NPS for Central Public Sector Enterprises organised in the national capital by PFRDA to facilitate the CPSEs to implement NPS

Conference on NPS for Central Public Sector Enterprises organised in the national capital by PFRDA to facilitate the CPSEs to implement NPS for their employees; To expand NPS across all the sectors in the country in affordable and sustainable manner;

To promote financial literacy to enable the subscribers to reap the benefits of choices of investment products and digitization to deepen the reach.

Pension Fund Regulatory and Development Authority (PFRDA) organised a conference on National Pension System (NPS) for Central Public Sector Enterprises (CPSEs) at the India Habitat Centre (IHC), New Delhi with the objective of informing CPSEs benefits and features of NPS and of addressing their queries on NPS. Based on the recommendation of the 3rd Pay Revision Committee, the Department of PSE notified dispensing with the condition of minimum 15 years of service and superannuation from CPSEs to avail the pension benefit implemented by CPSEs. Separately, the Government has also amended the Income Tax Act providing for tax free migration of superannuation funds to NPS. This provision will facilitate the CPSEs to implement NPS for their employees. The total employee strength in CPSEs stood at 12.91 lakh (excluding contract workers) in 2014-15. The Conference saw an active participation of more than 55 CPSEs with around 150 participants.

In his Inaugural Address, Dr. Badri S. Bhandari, Whole Time Member, PFRDA welcomed the participants and expressed the endeavor of PFRDA to expand NPS across all the sectors in the country in affordable and sustainable manner. He explained the benefits of NPS and communicated the returns generated by Pension Funds since inception, which has been over 10% since inception. As on 30th September, 2017, there were 1.78 crore subscribers and Rs.2.06 lakh crore of AUM under NPS. The growth in subscribers and the asset under management jump stood at 27% and 47%, respectively.

Shri Hemant G. Contractor, Chairman, PFRDA, delivered the Keynote Address on the origin of NPS. The need for fiscal sustainability led to the shift from defined benefit model to defined contribution model of pension scheme and this shift has necessitated empowering subscribers with financial literacy as they have a better understanding of where and how their funds are invested. He advised that NPS provides choices to subscribers in the matter of choosing their fund manager, investment pattern etc. Individuals can now subscribe to NPS upto the age of 65 years and can defer the purchase of annuity to three more years post retirement and defer lump-sum withdrawal in phased manner over a period of 10 years.

Shri Sanjay Gupta, CMD, Konkan Railway Corporation Ltd emphasized on the need of starting early and avail the compounding benefit on investments to have old age income security. He appreciated the various investment options available to the subscribers under NPS.

The event was graced by the eminent panellist- Shri Anand Singh Bhal, (Adviser, Department of Public Enterprises), Shri Kumar Shardindu, (MD & CEO, SBI Pension Funds Pvt. Ltd) and Shri Rambir Dalal, (Director, BSR & Co LLP). The discussion brought to fore the imminent need of financial literacy to enable the subscribers reap the benefits of choices of investment products and digitization to deepen the reach. Factors like rising longevity, disintegrating joint families and rising aspirations necessitate investment in pension schemes for old age security.

The conference also hosted presentations on features and benefits of NPS, on system capabilities and operational processes for implementation of NPS, and on the NPS implementation in NALCO. Presently, 5 CPSEs have joined NPS- National Aluminium Company Limited, Konkan Railway Corporation Limited, India Infrastructure Finance Company Limited, National Handloom Development Corporation Ltd, REC Ltd and ITPO.

PIB

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Conference on Portability from Superannuation and Recognized Provident Funds to National Pension System (NPS)

Conference on Portability from Superannuation and Recognized Provident Funds to National Pension System (NPS); NPS has more than 1.71 crore subscribers with total Asset under Management (AUM) of more than Rs. 2.04 lakh crores.

A Conference on Portability from Superannuation and recognized Provident Funds to National Pension System (NPS) was organized by the Pension Fund Regulatory and Development Authority (PFRDA) in coordination with Willis Towers Watson in national capital. The Prime objective of the Conference was to provide a knowledge base platform to the Corporate by providing solutions to address the issues / challenges of portability of superannuation funds to NPS.

160 participants comprising Corporate, Points of Presence (POPs), Pension Funds, Central Record Keeping Agencies (CRAs) participated in the Conference.

Dr. B. S. Bhandari, Whole Time Member (Economics), PFRDA, highlighted the need to expand the coverage of NPS in an efficient and sustainable way. He asserted the fact that there are more employees in the Corporate – Private sector than in the government sector and hence there is a great potential for NPS in the corporate sector. PFRDA has been constantly engaging with its stake holders in the NPS and has been working with industry associations for promotion of NPS in the Corporate – Private sector. To make NPS entry easy and the interface user friendly, various modifications have been carried out in the product.

Shri Rohit Jain, Head, Willis Towers Watson (India), speaking on the occasion, told that the average life expectancy of persons in India has risen and hence there is a greater need for a retirement / pension product for all. Traditional pension products cover only 30% of the population. In this changing scenario there is a latent demand for product like NPS as there is no universal pension product.

Shri Hemant Contractor, Chairman, PFRDA in his key note address, informed that, earlier, people used to retire from the same job not only in the government sector but also in private sector. With opening up of economy people started getting more job opportunities switching jobs suitable to their skills and talents. Job switching has become more frequent and people seek more controls on their finances, when they start moving jobs and place from one to another. The concept of portability came in and people started thinking about having better control on their retirement savings.

Defined Benefit Pension schemes, which were predominant, became unsustainable not only for the government sector but also for the private sector because of various factors. A Defined Contribution scheme was therefore launched in 2004 which was initially only for Central Government employees, but which was later extended to State Government employees and later to the private sector. This scheme is the National Pension System (NPS), which is regulated by PFRDA.

NPS addressed the concerns of subscribers relating to portability and freedom of choice, and gradually started to pick up momentum in the private sector. The other features of NPS, namely, low cost, attractive returns, transparency, flexibility and domain expertise in each area of pension activity were the other factors which appealed to the private sector. Innovations and changes are made from time to time in the NPS product and processes, some recent examples being, introduction of two new life cycle funds, inclusion of alternative assets in investment portfolio, online entry and exit etc.

The entry age to NPS is now proposed to be increased to 65 years from 60 years and there is an option to continue up to age of 70 years.

The Chairman also mentioned that NPS should also be explored, as an additional retirement benefit, for corporates where superannuation funds are not available and employees are covered only under the mandatory EPFO schemes.

He highlighted the growth of 47% in AUM and 26% in number of subscribers in the last financial year (2016-17). He also made a reference to Atal Pension Yojana, the pension platform available for unorganized segment through Government of India / PFRDA and its year on year growth indicating the underlying demand for pension products in India.

During the conference, a panel discussion comprising industry experts such as Willis Towers Watson, HDFC Pension Funds, Siemens Limited, Vedanta Group and NSDL e-Governance Infrastructure Limited eyeing the opportunities, addressing the challenges / issues and preparation of necessary guidelines on superannuation funds and NPS portability was conducted.

In the second half, a Conference for Point of Presence (PoPs), the distribution channel for NPS, was conducted.

Shri Hemant Contractor, Chairman, PFRDA, in his keynote address stressed on the need for robust distribution of the NPS through the current distribution network being managed by POPs which are Banks and other financial institutions. He also laid emphasis on the fact that, the key to last mile connectivity is increased distribution network by the POPs by registration and activation of more branches and through awareness campaigns. He informed that PFRDA has empanelled IL&FS Skill Development Corporation Limited as its training agency to impart training on NPS to POPs and Corporate and urged the POPs to utilise the services of the Training Agency for training of their staff member on NPS.

During this conference, awards were distributed to the POPs, for their performance in FY 2016-17 under various categories.

Currently, NPS has more than 1.71 crore subscribers with total Asset under Management (AUM) of more than Rs. 2.04 lakh crores.

PIB

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Long pending issues of the Central Government Employees

Long pending issues of the Central Government Employees

central-government-employees-pending-issues

No.NC/JCM/2017

Dated: September 5, 2017

The Cabinet Secretary,
(Government of India),
Cabinet Secretariat,

Rashtrapati Bhawan,
New Delhi

Dear Sir,

Sub:- Long pending issues of the Central Government Employees

Ref.: My earlier letter dated 30.06.2017

I have discussed the issues creating mental agony in the minds of the Central Government Employees many a times and once again want to draw your kind attention for resolution of many long pending demands of the Central Government Employees.

National Pension System (NPS) has been raised by the Staff Side (JCM) many a times, the committee set up by the Government of India for reviewing NPS has also submitted its report, but we are not aware about the outcome of the same. Staff Side(JCM) has been of the firm view that there must be “Guaranteed Pension” for the employees recruited on or after 01.01.2004, and in case of their death/permanent disablement, their families should get Pension as per Old Pension Scheme.

All the Central Government Employees are anxiously waiting for recommendations of the Government of India for increasing Minimum Wage and improving Fitment Formula and inordinate delay in this regard is creating lot of frustration amongst them.

It is, therefore, requested that, you may please intervene in the above-mentioned issues and the same should be resolved in an amicable manner to avoid mental agony of the Central Government Employees.

With Kind Regards!

Sincerely yours

S/d,
(Shiva Gopal Mishra)
Secretary (Staff Side)
National Council (JCM)

Source : NCJCM

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Brief of the meeting held today with the Cabinet Secretary, Government of India

Brief of the meeting held today with the Cabinet Secretary, Government of India

No.NC/JCM/2017

Dated: September 6, 2017

All Constituents of National Council(JCM)

Dear Comrades!

 Sub: Brief of the meeting held today with the Cabinet Secretary, Government of India

Today I met the Cabinet Secretary (Government of India) and raised the issues pertaining to National Pension System (NPS), Minimum Wage and Fitment Formula, “Very Good” benchmark for MACPS and non-holding of meetings of the National Council (JCM).

The Cabinet Secretary said that, he is aware of the problems of the Staff Side (JCM) from time to time and particularly to this issue and will definitely try to resolve them.

Particularly on the issue of National Pension System (NPS) he said that, the issue is under active consideration of the Government of India and we are trying to find out some solution to the problems arisen because of the NPS.

The above is for your information.

 With Fraternal Greetings!

Sincerely yours

S/d,
(Shiva Gopal Mishra)
Secretary (Staff Side)
National Council (JCM)

Source : NCJCM

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Additional benefit on death/disability of Government servant covered by New Pension System

Additional benefit on death/disability of Government servant covered by NPS

“It is once again reiterated that the aforesaid instructions may be followed scrupulously and to review all the cases for ensuring the payment of family pension, disability pension and extra-ordinary pension to the NPS subscribers in case of death/disability”

GOVERNMENT OF INDIA (BHARAT SARKAR)
MINISTRY OF RAILWAYS (RAIL MANTRALAYA)
(RAILWAY BOARD)

No.2012/F(E)111/1(1)/4

New Delhi, Dated: 23/08/2017

The GMs/FA & CAOs,
All Zonal Railways/Production Units.

 

Subject: Additional benefit on death/disability of Government servant covered by New Pension System – clarification regarding.

 

Please refer to the instructions issued vide Board’s letters No. 2008/AC-II/21/19, dated 29/05/2009, No.2010/AC-II/21/18 dated 02/07/2013 and 13/07/2010, letters of even number dated 08/09/2014 and 13/01/2016 on the above mentioned subject.

 

2. Now, one of the recognized Federations (NFIR) have again raised the issue of non-compliance of the above instructions by Zonal Railways and reluctance on the part of Railways in providing additional relief to the widows of NPS subscribers/ NPS subscribers who have been declared invalidated. The Federation have also stated that Zonal administrations are not taking initiatives to ensure additional relief in terms DOP&PW’s D.M. dated 05/05/2009 and that they are reluctant in providing additional relief on death and disability of NPS subscribers.

 

3. It is once again reiterated that the aforesaid instructions may be followed scrupulously and to review all the cases for ensuring the payment of family pension, disability pension and extra-ordinary pension to the NPS subscribers in case of death/disability. Further, Zonal Railways are also advised to sensitize the administration at lower level towards the problems faced by the employees and their families.

sd/-
(G.Priya Sudarsani)
Joint Director, Finance (Estt.),
Railway Board.

Authority: http://www.indianrailways.gov.in/

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Revision of Additional Relief on death/disability of Government servants covered under New Pension Scheme (NPS) in pursuance of Government’s decision on the recommendations of the 7th CPC

Revision of Additional Relief on death/disability of govt servant under NPS in 7th CPC: Railway Board Order RBE No. 78/2017

PC-VII No. 28/2017

RBE No.: 78/2017

GOVERNMENT OF INDIA (BHARAT SARKAR)
MINISTRY OF RAILWAYS (RAIL MANTRALAYA)
(RAILWAY BOARD)

No. 2016/F(E)III/1(1)/7
New Delhi, Dated : 31.07.2017

The GMs/FA&CAOs,
All Zonal Railways/Production Units,
(As per mailing list)

Subject: Revision of Additional Relief on death/disability of Government servants covered under New Pension Scheme (NPS) in pursuance of Government’s decision on the recommendations of the 7th CPC – reg.

A copy of Department of Pension and Pensioners’ Welfare (DOP&PW)’s O.M. No. 28/03/2017-P&PW(B) dated 30th May, 2017 on the above cited subject is enclosed for information and compliance.

These instructions shall apply mutatis mutandis on the Railways also. Rules 38, 49, 50 and 54 of CCS (Pension) Rules, 1972 and CCS (Extraordinary Pension) Rules, mentioned in DOP&PW’s O.M. correspond to Rules 55, 69, 70 and 75 of the Railway Services (Pension) Rules, 1993 and Railway Services (Extrordinary Pension) Rules, 1993 respectively. The DOP&PW’s O.M. No. 38/41/06/P&PW(A) dated 05.05.2009, referred to in their aforesaid O.M. dated 30.05.2017 has been circulated on the Railways vide this office letter No. 2008/AC-II/2 1/19 dated 29.05.2009.

2. Please acknowledge receipt.

sd/-
(G. Priya Sudarsani)
Joint Director, Finance (Estt.),
Railway Board.

D.A.: One.

7thcpc-additional-relief-to-nps-employees-on-death-disablity

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NPS: Extension of benefits of Retirement Gratuity and Death Gratuity to the Central Government employees covered by New Defined Contribution Pension System (National Pension System)

OFFICE OF THE PR. CONTROLLER OF DEFENCE ACCOUNTS (PENSION)
DRAUPADI GHAT, ALLAHABAD-211

Circular No C-170

No.G1/C/MISC/NPS-II/Tech
O/o the PCDA (P), Allahabad
Dated: 13-07-2017

Sub: NPS: Extension of benefits of Retirement Gratuity and Death Gratuity to the Central Government employees covered by New Defined Contribution Pension System (National Pension System) -regarding.

Ref:- This office Circular No. 79 dated 29/10/2010 and No. 110 dated 12/08/2013

Benefits of Retirement Gratuity and Death Gratuity to the Central Government employees covered by New Defined Contribution Pension System (National Pension System) has been extended vide Govt. of India, Ministry of PPG & P, Deptt. of P&PW in their O.M. No. 7/5/2012-P&PW (F)/B dated 26.08.2016 (copy enclosed)on the same terms and conditions as are applicable to employees covered by Central Civil Service (Pension) Rules, 1972. The Ministry has further clarified vide O.M.No.28/03/2017-P&PW(B) dt. 18/05/2017, that CCS (Pension) Rules, 1972 are otherwise not applicable to the Central Government employees covered under NPS. Hence, they would obviously not be eligible for Service Gratuity or Pension under the CCS (Pension) Rules.

2. The phrase ‘terms and condition’ in the ibid O.M. dated 26.08.2016 refers to the requirement of qualifying service, the rates on which retirement gratuity is to be paid, the limit of amount of gratuity, nominations, disciplinary provisions, etc. in the CCS(Pension) Rules. All these condition would be equally applicable for grant of gratuity to employees covered under NPS. The decision to extend retirement gratuity and death gratuity vide the O.M. dated 26.08.2016 is absolute and not provisional. Separate rules on gratuity for Central Government employees under NPS would be framed in due course.

3. Now, it has been decided that to submit the claims of above beneficiaries for Retirment Gratuity and Death Gratuity, the following procedures shall be adopted by HOO and Pay Audit Controllers:-

i. H.O.O. will prepare a claim in case of NPS beneficiaries going to retire in accordance with the procedure as prescribed for Defence Civilian Personnel appointed before 01.01.2004 and will submit the same along with service boom and all the relevant documents (Which is required in case of pre 01.01.2004 Cases) to PAO concerned i.e.LAO/RAO. The Permanent Retirement account No. (PRAN) of the concerned Government Servant Allotted by National Security Depository limited (NSDL) will also be indicated. In cases where PRAN has not been allotted by NSDL to a NPS subscriber being non-effecting account as on 0104.2008, permanent pension account No.(PPAN) allotted to subscriber will be indicated.

ii. PAO will carry all necessary checks with reference to the entries in service book and as admissible under the OM No.38/41/06 P&PW (A) dated 05.05.2009 (already circulated under this office circular no.79 dt. 29-10-2010) to ensure that entries made in claim are in as per records in the service book of the individual. After signing and affixing the seal, the PAO concerned i.e.LAO/RAO will pass on the claim to the PCDA(P) Allahabad. The service book will be returned by PAO to HOO concerned.

iii.HOO will also maintain a separate register for recording entries for PRAN /PPAN No., Name of Government Servant, PPO No. and awards notified.

iv. On receipt of PPO from PCDA(P) Allahabad, HOO will check the same and after recording the entries in the register retransmit PDA’s copy to PDA, Pensioner copy to Pensioner and retain

HOO copy for their own record.

v. Other procedures prescribed for pre 01-01-2004 pensioner will also be followed by the HOO in case of NPS beneficiaries.

4. In view of the foregoing, you also are requested to issue suitable instructions (along with copy of this circular) to all the Head of Offices under your administrative control to ensure that claim on the subject matter henceforth are floated in accordance with instructions given in above Para.

(Rajeev Ranjan Kumar)
Dy.CDA (P)

Source: [PCDA.nic.in]

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PFRDA is observing NPS Service Fortnight from 27t h June, 2017 to 11th July 2017 to promote and create awareness about the National Pension System (NPS) and improve the quality of services provided to the subscribers

PFRDA is observing NPS Service Fortnight from 27t h June, 2017 to 11th July 2017 to promote and create awareness about the National Pension System (NPS) and improve the quality of services provided to the subscribers.

With a view to promote and create awareness about the National Pension System (NPS) and improve the quality of services provided to the subscribers, Pension Fund Regulatory and Development Authority (PFRDA) is observing NPS Service Fortnight from 27th June, 2017 to 11th July 2017. During this period all the nodal offices, Pay and Account Offices and DDOs under the Central and State Governments, Points of Presence/ banks/ aggregators/ banking correspondents etc. involved with the acquisition and servicing of NPS subscribers across the country are required to provide all necessary assistance to the subscribers/ prospective subscribers, create awareness about the National Pension System, attend to their services requests, etc in a proactive manner.

It has been observed that the subscribers/employees in the Central Government and State Government are not fully aware of various functionalities/facilities available under the NPS. A large number of the queries/grievances received from these subscribers, pertain to elementary issues like non-receipt of Statement of Transaction, I-PIN,T-PIN etc. However, it is seen that majority of these information gaps are on account of non-availability of the latest contact details of the subscribers in the respective documents/PRANs etc.

In order to promote awareness regarding importance of updation of latest contact details in PRANs and to provide basic facilities on the spot, the NPS Service fortnight is being organised. On this occasion, besides sharing information on the range of functionalities and services now available under the NPS, the subscribers need to be apprised about the need for constant updation of data/information under various fields to enable the system to operate at its optimum service level and enable the subscribers to make the best use of the functionalities available under NPS.

The following activities need to be given focused attention during the NPS Service fortnight:

  • Distribution of the NPS brochure to the subscribers
  • Updation of subscriber details like email, mobile number, address, etc through S-2 form
  • Conversion of non IRA to IRA compliant status by submission of physical subscriber registration forms
  • Advising subscribers regarding benefits associated with PRAN being IRA compliant and updation of contact details
  • Printing of Transaction Statement for the subscribers and distributing the same on the specific request of the subscriber
  • Updation of nomination details
  • Resolving pending grievances and exit cases

PFRDA has also advised separately the Central Recordkeeping Agency (CRA/NSDL) and all the nodal offices/ PAOs/ DDOs/PoPs/ Banks etc in this matter for actively assisting the subscribers during this campaign.

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PFRDA conducts workshop on National Pension System (NPS) for Corporates in coordination with FICCI

PFRDA conducts workshop on National Pension System (NPS) for Corporates in coordination with FICCI at Bhubaneswar today; More than 10.83 lacs subscribers are registered under NPS-Private Sector (all Citizen and Corporate);Overall number of NPS and APY subscribers have crossed 1.62 crore with overall Asset under Management (AUM) of more than 1,91,725 crore.

A Corporate Meet was conducted at Bhubaneswar,Odisha today by Pension Fund Regulatory and Development Authority (PFRDA) in association with FICCI, Odisha State Council to promote NPS among the corporates. PFRDA has been conducting NPS workshops at various locations across the country.

Shri A. G. Das, Chief General Manager, PFRDA addressed the participants and briefed the contours of NPS for Old age income security. He informed that in the changing demographic status of the country, pension is one of the most important factor to be considered by everyone. National Pension System (NPS) promoted by Government provides the platform to every segment of the society for savings for retirement. He requested the participants to think NPS not only for tax benefits, but also as a product which can yield market related returns and secure their regular income in the old age.

Shri Vivek Pattanayak, Chairman, MSME panel, FICCI Odisha State Council in his welcome address lauded the efforts of PFRDA for organizing such meetings across the country and creating awareness about NPS which can be effective platform for corporates to provide pension to their employees for their old age income security.

Shri Maniprasad Samal, Assistant General Manager, National Aluminium Company Limited (NALCO), Bhubaneswar (a PSU registered as Corporate under NPS) informed the participants about their experience of facilitating NPS to their employees and the need and benefits of implementing NPS in the organization. He briefed the advantages for Corporates and its employees under NPS.

Shri Akhilesh Kumar, Deputy General Manager, gave a detailed presentation on NPS and informed the participants about the features, benefits and the process of joining NPS to the employees as well as to the employer.He requested the participants to  utilize this meet for better understanding of NPS and implementing the same in their respective organizations.

More than 90 participants from around 50 corporates attended the workshop. Bhubaneswar / Odisha based POPs were also present for the workshop.

PFRDA officials clarified the queries regarding joining of NPS, tax benefits, POPs details, timelines, transfer of superannuation fund to NPS, annuity etc to the participants.

The recent developments under NPS-Private Sector (All citizen and Corporate) are listed below:

  • Process of Transfer of Superannuation / Recognized Provident Fund to National Pension System.
  • Allowing option to change the investment choice or asset allocation ratio  twice in a financial year
  • Dispensing of requirement of submission of physical application form in case of subscriber opening account online and e-Signing the document.
  • Introduction of Alternative Investment Fund-a separate class of Asset “A”
  • Introduction of two new life cycle funds (LC 75 and LC 25)
  • Under Tier-I account, minimum contribution requirement in a financial year is reduced from Rs 6,000/- to Rs 1,000/-

As on 22nd June 2017, more than 10.83 lacs subscribers are registered under NPS-Private Sector (All Citizen and Corporate). There are more than 6.13 lacs employees of 3,631 registered corporates have joined NPS under NPS Corporate Model and more than 4.70 lacs subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 1.62 crore with overall Asset under Management (AUM) of more than 1,91,725 crore.

PFRDA’s endeavor is to significantly scale up these segments during the ongoing months.

PIB

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PFRDA conducts workshop on National Pension System (NPS) for Corporates in coordination with FICCI at Ahmedabad; Overall number of NPS and APY subscribers have crossed 1.60 crores with overall Asset under Management (AUM) of more than 1,87,000 crores

PFRDA conducts workshop on National Pension System (NPS) for Corporates in coordination with FICCI at Ahmedabad; Overall number of NPS and APY subscribers have crossed 1.60 crores with overall Asset under Management (AUM) of more than 1,87,000 crores

Pension Fund Regulatory Development Authority (PFRDA) in its endeavor to promote NPS among the Corporates have embarked upon conducting NPS Workshops at various locations across the country. A Corporate Meet was conducted at Ahmedabad,Gujarat today in association with Federation of Indian Chambers of Commerce and Industry (FICCI), Gujarat State Council.

 

Addressing the participants, Shri Akhilesh Kumar, Deputy General Manager, PFRDA informed them about the longevity scenario across the world and the need of pension in old age and sounded the importance of pension to be considered by everyone. National Pension System (NPS) promoted by the Central Government provides the platform to every segment of the society for savings for retirement and briefed the contours of NPS for old age income security. He requested the participants to utilize this meet for better understanding of NPS and implementing the same in their respective organizations. He highlighted the key factor of low cost pension product – NPS for a valuable pension in the old age.

 

Shri Kumar Sharadindu, MD & CEO, SBI Pension Fund Management Company Limited briefed the role of the Pension Funds under NPS architecture and the benefits of long term investment and the optimal return being generated by the Pension Fund following the investment guidelines issued by PFRDA.

 

Dr Param Shah, Head, FICCI Gujarat State Council in his welcome address lauded the efforts of PFRDA for organizing such meetings across the country and creating awareness about NPS which can be effective platform for corporates to provide pension to their employees.

 

As on 09th June 2017, more than 6.09 lacs employees of 3,593 Registered Corporates have joined NPS under NPS Corporate Model. More than 4.62 lacs subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 1.60 crores with overall Asset under Management (AUM) of more than 1,87,000 crores.

More than 80 participants from around 50 corporates attended the workshop. Ahmedabad / Gujarat based POPs were also present for the workshop. PFRDA official gave a detailed presentation on NPS and informed the participants about the features, benefits and the process of joining NPS to the employees as well as to the employers. Official of Deloitte Haskins & Sells LLP gave a presentation on Tax benefits of NPS as compared to other financial products. Two Ahmedabad based Registered Corporates- namely Adani Power and Arvind Limited, informed the participants about their experience of facilitating NPS to their employees and the need and benefits of implementing NPS in the organization.

PFRDA officials clarified the queries regarding joining of NPS, tax benefits, POPs details, timelines, transfer of superannuation fund to NPS, annuity etc to the participants.

The recent developments under NPS-Private Sector (All citizen and Corporate) are listed below:

  1. Process of Transfer of Superannuation / Recognised Provident Fund to National Pension System.
  2. Allowing option to change the investment choice or asset allocation ratio  twice in a financial year

iii.  Dispensing of requirement of submission of physical application form in case of subscriber opening account online and e-Signing the document.

  1. Introduction of Alternative Investment Fund-a separate class of Asset ‘A’
  2. Introduction of two new life cycle funds (LC 75 and LC 25)
  3. Under Tier-I account, minimum contribution requirement in a financial year is reduced from Rs 6,000/- to Rs 1,000/-

               

PFRDA’s endeavor is to significantly scale-up these segments during the ongoing months.

PIB

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National Pension System – New Functionalities to provide benefits of subscribers and nodal offices

National Pension System – New Functionalities to provide benefits of subscribers and nodal offices

Pension Fund Regulatory and Development Authority (PFRDA) takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc. In this regard, recently many new functionalities have been released by the Central Recordkeeping Agency (CRA) to provide the ease of operation for the benefit of subscribers and nodal offices. These are detailed below:

Functionalities for NPS subscribers:

S.N Functionalities Brief Description
1

Online Submission of Foreign Account Tax Compliance Act (FATCA) Declaration

In-order to facilitate quick FATCA compliance, facility to submit online FATCA Self-declaration has been provided to the subscriber in their CRA login (www.cra-nsdl.com). The information regarding the said functionality is also made available on CRA websites. The steps to be followed by the subscriber to submit online FATCA self-declaration are also available on the website.

2

Interoperability between CRAs

 

Karvy Computershare Pvt. Ltd. (KCRA) was selected as a second CRA under NPS. Now, Subscribers/ Nodal Offices have option to open permanent retirement account with either of the CRAs. The existing Subscriber can also select CRA of his/her choice. To facilitate migration of Subscriber across CRAs (Karvy- CRA to NSDL- CRA and NSDL-CRA to Karvy- CRA), the CRA Interoperability functionality has been developed. The Subscriber will be required to approach target CRA to initiate the shifting request, the target CRA will facilitate the shifting request under NPS. Inter CRA shifting request will be allowed once in a financial year.

3.

New features under eNPS

 

1. Hindi version of eNPS module

The bilingual version of eNPS module has been developed for convenience of NPS Subscriber. The Subscriber shall have option to choose the desired language option (either English or Hindi) for Registration and/or Contribution through eNPS.

2. eSign for Aadhaar based Registration

In case of registration through Aadhaar, it was mandatory for Subscriber to submit physical Application Form within 90 days of completion of registration under eNPS. eSign facility (Aadhaar e-KYC services) has been integrated with eNPS platform to enable the Subscriber to sign his/her PRAN Application electronically. This process has eliminated the requirement of submission of physical documents to CRA.

3. New Payment Gateway – Bill Desk

In eNPS, along with SBI ePay, Bill Desk has been integrated as the second Payment Gateway Service Provider. This will help the Subscriber to make payment through any service provider as per his/her choice by selecting the available payment options. Addition of Billdesk as new payment gateway has ensured participation of new banks which were not part of SBl e-Payment gateway especially AXIS Bank and HDFC Bank.

4.

New features in NPS Mobile App

 

1. Tier II Withdrawal

Subscriber can now initiate Tier II account withdrawal under NPS using Mobile App. The Subscriber will log into the App with their User ID and password. An option to select Tier II withdrawal and generate One Time Password (OTP) is available in Mobile App. On entering the correct OTP, Subscriber will have an option to select mode of Withdrawal – (i) lump sum (amount), or (ii) scheme wise units. Once the option is selected and relevant details are submitted by the Subscriber, the same will get executed in the CRA system and funds will get transferred to Subscriber’s Bank Account registered with CRA.

2. Aadhaar Seeding

The Subscriber can now link his/her Aadhaar to NPS account using Mobile App. The Subscriber will log into the App with his/her User ID & password and select the option of ‘Add/Update Aadhaar Number’. The option will be available to the Subscriber to provide his/her Aadhaar. Once Aadhaar is entered, the details of Subscriber registered under NPS will get authenticated with details available in UIDAI database. Post authentication, an OTP will be sent to the Subscriber’s mobile number registered with UIDAI. The Subscriber will enter the OTP and on entering the correct OTP, Aadhaar will get seeded for the PRAN.

3. Reset password using OTP

Subscriber can now reset his/her password using Mobile App through OTP. The Subscriber is required to enter his/her PRAN, Date of Birth and set his/her new password and generate OTP. On entering the correct OTP received on his/her mobile (registered with CRA), the password becomes active. This option is in addition to the option of resetting password using secret question.

5.

New features under Atal Pension Yojana (APY)

 

1. ePRAN Card and Transaction Statement

The facility to download and/or print ePRAN Card and Transaction Statement is made available to APY Subscriber. The APY Subscriber can access their ePRAN Card and Transaction Statement through CRA NPS Lite website (www.npslite-nsdl.com). The Subscriber have an option to search their ePRAN Card and Transaction Statement with/without PRAN details. The Subscriber are then required to provide minimum details like PRAN and Bank Account Number or Subscriber Name, Bank Account Number and Date or birth registered in the CRA system under APY.

2. Alert for Grievances

An Email/SMS alert (along with Token No.) is sent to APY Subscriber on generation and resolution of a grievance in CRA system.

Functionalities for Nodal Offices:

S. N. Functionalities Brief Description
1.

Online Subscriber Registration by DDOs

The facility to register Subscriber online using Online PRAN Generation Module (OPGM) is made available to Drawing and Disbursing Office (DDOs) for Government Sector. The DDOs can capture the Subscriber registration details online in the CRA system.  The details entered by DDO needs to be verified by associated PAOs. On verification of registration details in the CRA system, PRAN gets generated online. This facility is an extension to the functionality already available with Pay & Account Offices (PAOs).

2.

Enhancement in Central Grievance Management System (CGMS)

 

1. Standard Frequently Asked Questions (FAQs) along with answers against respective query category are now available to Subscriber & Entity (raising grievance on behalf of NPS Subscriber) in CGMS. The Subscriber raising any query through CGMS will have a provision to view the FAQs & relevant answers based on the category of grievance selected.

2. The fortnightly email alerts are sent to the Nodal Office for pending grievances. Now, these alerts are enhanced to have the details of all pending grievances.

3. A facility is provided to Nodal Office under NPS Lite and APY to download the pending referrals for associated Subscriber. Also, email alerts will be sent to NPS Lite and APY Offices for all grievances raised & resolved during the day.

4. The fortnightly email alerts will be sent to Oversight Offices under NPS Lite and APY regarding the grievances which are pending for more than 15 days under CGMS.

3.

Error Rectification Module (ERM)

 

An ERM request can be processed by the Nodal Office through whom the contributions were uploaded in CRA system. In addition, now in case of State Govt., the facility to perform a single ERM transaction on behalf of all the underlying Nodal Offices is provided to the Oversight Office. This will save efforts and time of multiple ERM requests being captured by different Nodal Offices.

4.

Online Corporate Registration

 

A facility for online registration is enabled for Corporates through eNPS platform. Corporate is required to provide the requisite registration details and select a POP for association and submission of the relevant documents for further processing. The registration details captured by the Corporate are to be authorized by associated POP.

5.

Retirement Adviser:

 

The Retirement Advisers (RAs) are appointed by PFRDA to engage in the activity of providing advice on NPS thereby to extend the reach of NPS. The RAs can be an individual, registered partnership firm, body corporate, or any registered Trust or society. The online platform has been developed and released in the CRA system to facilitate registration of an individual/entity as RA.

6.

Withdrawal Reports / MIS in Nodal Office login

 

Additional reports related to Withdrawal have now been made available to Nodal Offices for better monitoring:

a) Physical withdrawal forms received but online withdrawal request not processed

b) Non Receipt of Physical Forms for online withdrawal processed cases

c) Online withdrawal requests pending for authorization

7.

New CRA Toll Free Helpline

 

Dedicated toll free number (1800222081) is made available to Nodal Offices for contacting CRA regarding their general queries / complaints.  This is in addition to an existing toll free number (1800222080) available for NPS Subscribers.

Source : PIB

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Atal Pension Yojana (APY) reaches 53 lakhs subscribers base

Atal Pension Yojana (APY) reaches 53 lakhs subscribers base 

235 Banks and Department of Post involved with APY implementation

97.5% of the subscribers contributing at monthly intervals; 51.5% subscribers have opted for a monthly pension of Rs. 1000

The subscribers base under the Atal Pension Yojana (APY) has reached about 53 Lakhs. At present 235 Banks and Department of Post are involved with the implementation of the scheme. Besides the branches of the banks and CBS-enabled offices of India Post, quite a few banks are sourcing subscribers through their internet banking portals in a paperless environment.

The APY Scheme follows the same investment pattern as applicable to the NPS contribution of Central Government employees.  During the year 2016-17, it has earned a return of 13.91%.

With a view to empower the APY subscribers, new functionalities have been developed where under a subscriber can view and print the ePRAN card and Statement of Transactions. Further, the subscriber can register complaints/ grievance by providing his/ her PRAN details on https://npslite-nsdl.com/CRAlite/grievanceSub.do.

Presently males account for 62% of the subscribers and female for about 38%. Most of the subscribers have opted for monthly contribution; about 97.5% of the subscribers are contributing at monthly intervals, about 0.8% at quarterly intervals and about 1.7% at half yearly intervals.

A majority of the subscribers have opted for a monthly pension of Rs. 1000/-.  Presently 51.5% subscribers have opted for a monthly pension of Rs.1000/- and 34.5% of the subscribers have opted for a monthly pension of Rs.5000/-. Pension amount wise segmentation of the subscribers is shown in Figure 1.

 Atal Pension Yojana

Figure 1: Pension amount wise segmentation of the APY subscribers

The Atal Pension Yojana became operational from 1st June, 2015 and is available to all the citizens of India in the age group of 18-40 years. Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs. 5000 per month, depending upon his contribution, from the age of 60 years.  The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and the spouse, the accumulated pension wealth is returned to the nominee.

PIB

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