Posts Tagged ‘PFRDA’

Atal Pension Yojana (APY) is the guaranteed Pension Scheme of Government of India administered by PFRDA

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Ministry of Finance

Easy to Explain Benefits drive Atal Pension Yojana (APY) backed by Government of India’s Guarantee;The Subscriber base under APY has crossed 1.24 crore mark; More than 27 lacs new subscribers have joined the Scheme during the Current Financial Year 2018-19

02 NOV 2018

The Atal Pension Yojana (APY) is the guaranteed Pension Scheme of Government of India administered by PFRDA.

The Subscriber base under APY has crossed 1.24 crore mark. The Govt of India guarantees the pension benefits. The Scheme is very easy to understand and it is very transparent. More than 27 lacs new subscribers have joined the Scheme during the current financial year, i.e. 2018-19. States like Uttar Pradesh, Bihar, Andhra Pradesh, Maharashtra and Karnataka are the top contributors in APY enrollment. The Scheme allows any Indian Citizen between the age group of 18-40 years to join through the bank or post office branches where one has the savings bank account. The table below shows State wise enrollment, gender wise distribution and coverage along with the latest population in those States.

The State wise potential, that is eligible population that can be covered under APY, and gender wise distribution of population as on 27th Oct 2018 is given below:

S.No STATE POPULATION BETWEEN AGE GROUP 18 TO 40 Number of APY Subscribers as on 27.10.2016 Percentage of Population Covered under APY Total Female Subscribers Percentage of Female Subscribers Total Male Subscibers Percentage of Male Subscribers Total Transgender Subscribers Percentage of Transgender Subscribers Total
1 ANDAMAN & NICOBAR ISLANDS 168,753 1,856 1 715 39 1,141 61 0 0 1,856
2 ANDHRA PRADESH & TELANGANA 34,832,527 1,128,032 3 565,804 50 561,843 50 385 0 1,128,032
3 ARUNACHAL PRADESH 542,212 4,507 1 1,936 43 2,571 57 0 0 4,507
4 ASSAM 12,291,862 250,783 2 109,481 44 141,259 56 43 0 250,783
5 BIHAR 35,484,731 1,116,119 3 559,297 50 556,707 50 115 0 1,116,119
6 CHANDIGARH 473,489 19,408 4 6,383 33 13,023 67 2 0 19,408
7 CHHATTISGARH 9,675,449 194,442 2 77,620 40 116,810 60 12 0 194,442
8 DADRA & NAGAR HAVELI 161,941 6,689 4 1,350 20 5,337 80 2 0 6,689
9 DAMAN & DIU 134,502 4,697 3 735 16 3,962 84 0 0 4,697
10 DELHI 7,266,256 205,759 3 67,330 33 138,376 67 53 0 205,759
11 GOA 595,087 28,951 5 10,480 36 18,468 64 3 0 28,951
12 GUJARAT 23,827,045 591,045 2 179,603 30 411,318 70 124 0 591,045
13 HARYANA 10,104,539 278,199 3 75,688 27 202,460 73 51 0 278,199
14 HIMACHAL PRADESH 2,685,526 79,964 3 27,241 34 52,711 66 12 0 79,964
15 JAMMU & KASHMIR 4,775,045 47,614 1 12,025 25 35,551 75 38 0 47,614
16 JHARKHAND 11,967,910 258,688 2 128,426 50 130,239 50 23 0 258,688
17 KARNATAKA 25,359,036 915,260 4 389,509 43 525,564 57 187 0 915,260
18 KERALA 11,943,218 276,115 2 151,103 55 124,961 45 51 0 276,115
19 LAKSHADWEEP 25,877 295 1 80 27 215 73 0 0 295
20 MADHYA PRADESH 27,234,721 662,515 2 226,775 34 435,630 66 110 0 662,515
21 MAHARASHTRA 45,274,703 1,000,604 2 354,301 35 646,088 65 215 0 1,000,604
22 MANIPUR 1,140,447 8,031 1 3,833 48 4,198 52 0 0 8,031
23 MEGHALAYA 1,068,987 9,049 1 3,705 41 5,344 59 0 0 9,049
24 MIZORAM 432,946 5,798 1 3,089 53 2,709 47 0 0 5,798
25 NAGALAND 783,664 7,214 1 2,986 41 4,228 59 0 0 7,214
26 ODISHA 16,118,865 398,416 2 161,799 41 236,501 59 116 0 398,416
27 PUDUCHERRY 512,040 23,991 5 12,601 53 11,381 47 9 0 23,991
28 PUNJAB 11,134,889 381,405 3 120,374 32 261,003 68 28 0 381,405
29 RAJASTHAN 25,277,598 569,052 2 173,965 31 394,957 69 130 0 569,052
30 SIKKIM 264,461 6,828 3 2,606 38 4,221 62 1 0 6,828
31 TAMIL NADU 29,069,600 968,372 3 529,395 55 438,679 45 298 0 968,372
32 TRIPURA 1,503,503 28,786 2 12,544 44 16,240 56 2 0 28,786
33 UTTAR PRADESH 71,289,176 1,790,481 3 594,235 33 1,195,808 67 438 0 1,790,481
34 UTTARAKHAND 3,810,712 122,871 3 40,855 33 81,997 67 19 0 122,871
35 WEST BENGAL 36,688,732 709,869 2 324,163 46 385,522 54 184 0 709,869
TOTAL 463,920,049 12,101,705 3 4,932,032 41 7,167,022 59 2,651 0 12,101,705

PIB

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Alert Notice for General Public from PFRDA

Alert Notice for General Public from PFRDA

PLEASE BEWARE PFRDA NEVER SENDS ANY EMAIL OR MESSAGE PROMISING LARGE SUMS FOR PAYMENT OF FEE

ALERT NOTICE

“This is to inform general public that PFRDA is a Regulatory Body and does not ever call for any sum for release of funds to any individual from their Permanent Retirement Account (PRAN) maintained with the Centre Record Keeping Agency.

It is also informed that PFRDA has appointed entities such as Point of Presence, Aggregators etc. which are banks and non-banking financial companies which are authorized to interact with subscribers for a prescribed fee which is much less than what is being asked for by the fraudsters.

PLEASE BEWARE. PFRDA NEVER SENDS ANY EMAIL/MESSAGE PROMISING LARGE SUMS FOR PAYMENT OF FEE/CHARGE. ANY SUCH COMMUNICATION IS SENT WITH THE INTENTION TO DEFRAUD YOU. INFORM POLICE IMMEDIATELY.”

Source: http://www.pfrda.org.in

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REINTRODUCTION OF OLD PENSION SCHEME

Reintroduction Of Old Pension Scheme

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES

LOK SABHA
UNSTARRED QUESTION NO. 4075
TO BE ANSWERED ON AUGUST 10, 2018/SHRAVANA 19, 1940 (SAKA)
REINTRODUCTION OF OLD PENSION SCHEME

Shri Rakesh Singh

Will the Minister of FINANCE be pleased to state

  • the details of drawbacks of the New Pension Scheme (NPS) introduced for the Government officials;
  • whether the NPS is not as beneficial monetarily as the Old Pension Scheme (OPS) and if so, the details thereof;
  •  whether the Government employees are disgruntled with the NPS and if so, the details thereof; and
  • whether the Government proposes to reintroduce the OPS replacing the NPS, if so, the details thereof and the action taken by the Government in this regard?

ANSWER

The Minister of State in the Ministry of Finance
(Shri Shiv Pratap Shulda)

(a) & (b) National Pension System (NPS) has been designed giving utmost importance to the welfare of the subscribers. Government has made a conscious move to shift from the defined benefit pension scheme to defined contribution pension scheme i.e. NPS, due to rising and unsustainable pension bill. There are a number of benefits available to the employees under NPS. Some of the benefits are enlisted below:

  • NPS is a well designed pension system managed through an unbundled architecture involving intermediaries appointed by the Pension Fund Regulatory and Development Authority (PFRDA) viz. pension funds, custodian, central record keeping and accounting agency, National Pension System Trust, trustee bank, points of presence and Annuity service providers. It is prudently regulated by PFRDA which is a statutory regulatory body established to promote old age income security and to protect the interest of subscribers of NPS.
  • The pension wealth which accumulates over a period of time till retirement grows with a compounding effect. The all-in-costs of the institutional architecture of NPS are among the lowest in the world.
  • Contribution made to the NPS Tier-I account is eligible for tax deduction under the Income Tax Act, 1961. An additional tax rebate of Rs.50000 is also allowed for contributions made to NPS Tier-I under Section 80CCD (1B) of the Income Tax Act, 1961.
  • Subscribers can withdraw up to 25% of their own contributions before attaining age of superannuation, subject to certain conditions. Further, PFRDA vide “PFRDA (Exits and Withdrawals under the NPS) (First Amendment) Regulations, 2017″ dated 10.08.2017 has liberalized norms for partial withdrawals which also include reduction of requirement of minimum years of being enrolled under NPS from 10 years to 3 years from the date of joining.
  • PFRDA has increased the maximum age limit from 60 years to 65 years for joining NPS-All Citizen Model and Corporate Sector Model, vide “PFRDA (Exits and Withdrawals under the NPS) (Second Amendment) Regulations, 2017” dated 06.10.2017.
  • PFRDA vide “PFRDA (Exits and Withdrawals under the NPS) (Third Amendment) Regulations, 2018″ dated 02.2018 has facilitated easy exit & withdrawal in case of disability and incapacitation of the subscriber covered under NPS.
  • Transparency and Portability is ensured through online access of the pension account by the NPS subscribers, across all geographical locations and portability of employments.

(c) & (d) Representations have been received which inter alia also include the demand that the Government may revert to old defined benefit pension system. However, due to rising and unsustainable pension bill and competing claims on the fiscal, there is no proposal to replace the NPS with old pension scheme in respect of Central Government employees recruited on or after 01.01.2004.

Be the first to comment - What do you think?  Posted by admin - August 10, 2018 at 5:14 pm

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PFRDA Circular – Common Stewardship Code

PFRDA Circular – Common Stewardship Code

PFRDA

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

B-14/A, Chhatrapati Shivaji Bhawan
Qutab Institutional Area,
Katwaria Sarai, New Delhi – 110 016.
Ph: 011-26517501, 26517503, 26133730
Fax:011-26517507
Website: www.pfrda.org.in

CIRCULAR

PFRDA/2018/01/PF/01

Date: 4th May, 2018

Subject: Common Stewardship Code

1.  National Pension System strives to provide old age income security to its subscribers of which NPS Trust is the legal owner of the funds and the Pension Funds undertaking investment of such monies as per the investment guidelines approved by the Authority. Pension Funds are expected to shoulder greater responsibility towards the subscribers/beneficiaries by enhancing monitoring and engagement with the investee companies. Such activities are commonly referred to as ‘Stewardship Responsibilities’ of the institutional investors and asset managers and are intended to protect the subscribers’ pension wealth. Such increased engagement is also seen as an important step towards improved corporate governance in the investee companies and gives a greater fillip to the protection of the interest of subscribers in such companies.

2. In view of the above, in consultation with Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority of India (IRDAI), a proposal for introducing a Stewardship Code in India was examined by a sub¬committee of the Financial Stability and Development Council (FSDC) and approved.

3. All the Pension Funds under the NPS architecture shall follow the Stewardship Code as placed at Annex including the voting policy dated 20.04.2017, which is already recognized in such principles and is effective.

4. The principles (other than voting policy which is already in effect) enumerated in the Code shall be effective from the date of issuance.

5. This Circular is issued in exercise of the powers conferred under Sections 14 (1) read with 14 (2) (a) & (b) of the Pension Fund Regulatory and Development Authority Act, 2013.

6. This Circular is available at www.pfrda.org.inJ under the link “Regulatory Framework- Circulars”.

S/d,
(Venkateswarlu Peri)
Chief General Manager

To
Pension Funds registered with PFRDA

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Important Announcements and Approvals in Board Meeting of PFRDA

National Pension System (NPS): Important Announcements and Approvals in Board Meeting of PFRDA to improve the operational and regulation issues

Press Information Bureau
Government of India
Ministry of Finance

04-May-2018 16:18 IST

Important Announcements and Approvals in Board Meeting of PFRDA
Pension Fund Regulatory and Development Authority (PFRDA) is established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. 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, during the recently held Board Meeting some important decisions were taken to improve the operational and regulation issues in National Pension System (NPS). Some of the decisions taken in the Board Meeting are as follows:

  • Budget announcement- Rating criteria for investments- Proposal on changing the investment grade rating from ‘AA’ to ‘A’ for corporate bonds was approved. The change is subject to a cap on investments in ‘A’ rated bonds to be not more than 10% of the overall Corporate Bond portfolio of the Pension Funds. This initiative will enlarge the scope of investment for the Fund Managers while ensuring credit quality.
  • Introduction of a Common Stewardship Code: The proposal on adoption of Common Stewardship Code, as a measure of good Corporate Governance, was approved. Further, it was also approved that the Principles enumerated in such code shall be circulated to all Pension Funds for compliance and implementation. Adoption of these Principles by Pension Funds will improve their engagement with investee companies and benefit subscribers.
  • Modification in Partial Withdrawal rules under NPS: Partial withdrawals will now be allowed to NPS subscribers who wish to improve their employability or acquire new skills by pursuing higher education/ acquiring professional and technical qualifications. Further, individual NPS subscribers who wish to set up a new business/ acquire new business will also be allowed to make partial withdrawals from his contributions. Other terms applicable to partial withdrawals will remain unchanged.
  • Increasing cap on equity investment in active choice to 75% from current 50% for Private Sector Subscribers: Presently there is a cap of 50% on equity investment under active choice in NPS. The proposal on increasing cap on equity investment in active choice to 75% from currently 50% has been approved by the Board. However, it comes with a clause of tapering of the equity allocation after the age of 50 years.
  • Currently, NPS and APY have a cumulative subscriber base of over 2.13 crore with total Asset Under Management (AUM) of more than Rs. 2.38 lakh crore.

Source: PIB

Be the first to comment - What do you think?  Posted by admin - May 5, 2018 at 11:28 am

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NITI Aayog: Monthly Payroll Data released for the first time

NITI Aayog

Monthly Payroll Data released for the first time

Numbers indicate the efforts made by the Government on job creation and formalization of the economy.

26 APR 2018

The Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation (ESIC) and the Pension fund Regulatory and Development Authority (PFRDA) have released payroll data.

India has, for the first time, introduced monthly payroll reporting for the formal sector to facilitate analysis of new and continuing employment.

The payroll data, categorized age-wise, for the months September, 2017 to February, 2018 has been released on 25th April, 2018.

The numbers from these three organisations are an eye opener and put an end to all speculations and conjectures regarding job creation in the economy. They also strengthen the efforts made by the Government on job creation and formalization of the economy.

There are other organisations also, such as ICAI, Bar Council, Medical Council and other professional bodies which could have such monthly data for payroll reporting for their professionals.

Data released by EPFO shows that during September, 2017 to February, 2018, 31.10 lakh new additions across all age groups were made in the payroll. Given that the data for recent months is provisional due to continuous updation of employee records, this could be called a conservative estimate. The actual figures may well be more than this.

From the PFRDA, the New Pension Scheme (NPS) data indicates generation of 4.2 lakh new payroll during the given period, that too only from Tier-I account. NPS currently manages the corpus of around 50 lakh employees in State and Central government. For this study the Central and State autonomous bodies have been shown under Central and State governments respectively, while non-government refers to the corporate sector employees.

From the above two organisations itself, 35.3 lakh new payrolls were generated during this six month period.

In addition, the ESIC data also mirrors the payroll growth shown in the other two sets of data from EPFO and PFRDA. Since ESIC data is not Aadhar seeded there is further scope of some modifications.

The payroll data from these three organisations would now be released every month. Given that till now there was no such system in place, this data would provide a more firm basis for various analysis and studies of the economy, job creation, as also aid in policy making. We may as well as bid goodbye to the days of analyses based on random sample surveys. Hopefully this would also end the debate regarding and criticisms about jobless growth in the economy.

A more constructive phase of focusing on deriving the most out of this data for furthering development should now begin.

PIB

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Pension Fund Regulatory and Development Authority prescribes New NPS Subscriber Registration Form – Additional Mandatory Requirements

Ministry of Finance

Pension Fund Regulatory and Development Authority prescribes New NPS Subscriber Registration Form – Additional Mandatory Requirements

20 APR 2018

Pension Fund Regulatory and Development Authority (PFRDA) has been established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. 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, it has been decided by the Authority to make bank account details and mobile no. mandatory to provide ease of operation for the benefit of subscribers and make the process of Exit from NPS hassle free.

Further, in compliance with the Prevention of Money Laundering Act guidelines issued by the Government of India, Foreign Account Tax Compliance Act (FATCA) and Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) have been made mandatory for new as well as existing subscribers. These have been made mandatory in the new Common Subscriber Registration Form (CSRF) forms that are required to be filled in by the new subscribers. The existing subscribers have been provided the facility to submit online FATCA Self-Certification in their login (www.cra-nsdl.com or https://enps.karvy.com/Login/Login ). The information regarding the said functionality is also made available on Central Record-keeping Agency (CRA) websites. The steps to be followed by the subscriber to submit online FATCA self-certification are also mentioned on the website.

It is to be ensured by the subscribers to fill the mandatory fields correctly and not leave them blank in order to avoid rejection of their forms.

PIB

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Now 97.05 lakh subscribers base under Atal Pension Yojana

Ministry of Finance

Now 97.05 lakh subscribers base under Atal Pension Yojana

02 APR 2018

At the end of Financial Year 2017-18, 97.05 lakh subscribers have enrolled under Atal Pension Yojana. The incremental addition of 48.21 lakh subscribers was a 98% more than previous Financial Year 2016-17 figure of 48.83 lakhs. PFRDA appreciates the efforts taken out by the APY Service Providers (Banks/DoP) for their contribution towards making India a Pensioned Society.

 

PFRDA has taken various initiatives for the expansion of outreach and ease the operations under APY. Online facility to view Statement of Account and ePRAN card was enabled for the ease access of account of APY subscribers, going ahead mobile applications for empowering the subscribers to view transactions and other details of their APY account was introduced. For the convenience of the subscriber and promoting the digital initiatives of GOI, PFRDA introduced the online registration facility through eNPS Channel by login to a website www.enps.nsdl.com without any requirement of physical document.

APY 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.

Now APY can also be opened through a complete digital channel through eNPS platform. 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.

Growth of Atal Pension Yojana during the Previous Financial Years

No. of Subscribers
Financial Year Absolute Cumulative
2015-2016 2,484,895 2,484,895
2016-2017 2,398,934 4,883,829
2017-2018 4,821,632 9,705,461

Be the first to comment - What do you think?  Posted by admin - April 3, 2018 at 8:31 am

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Partial Withdrawal under NPS

Ministry of Finance

Partial Withdrawal under NPS

06 MAR 2018

The Pension Fund Regulatory Development Authority (PFRDA) has relaxed the norms for partial withdrawal under the National Pension Scheme (NPS). In accordance with the PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations 2017, the subscriber ought to be subscribed to the National Pension System, at least for a period of three years from the date of his or her joining to such system, to be eligible to make partial withdrawals, under specific circumstances as specified in such regulations.

The NPS subscribers can withdraw after three years from the date of joining the system and a maximum of three times during the entire tenure of subscription under NPS, but the partial withdrawal is linked with contributions made by the subscriber. The subscriber shall be permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her and standing to his or her credit in his or her individual pension account, as on the date of application for withdrawal.

Earlier the subscriber under NPS was permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her after 10 years from the date of his or her joining the system, and a maximum of three times during the entire tenure of subscription under NPS.

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha today.

PIB

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

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

 

PIB

Be the first to comment - What do you think?  Posted by admin - February 15, 2018 at 9:57 pm

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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

 

Be the first to comment - What do you think?  Posted by admin - December 13, 2017 at 9:50 am

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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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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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Over 69 lacs subscribers join Atal Pension Yojana with contribution of Rs. 2690 crores

Over 69 lacs subscribers join Atal Pension Yojana with contribution of Rs. 2690 crores

Secretary DFS: Still Scope for increasing pension coverage

Atal Pension Yojana currently has over 69 lacs subscribers with contribution of Rs. 2690.00 crores. Chairman, PFRDA Shri Hemant G Contractor however emphasised the need of increasing the pension coverage in India at a recently concluded conference on Atal Pension Yojana. The conference organised by Pension Fund Regulatory and Development Authority (PFRDA) in the national capital saw participation from all major banks, representatives from NPCI, SCHIL, SIDBI, Access Assist and some major MFIs.

A large section of the society still does not have access to pensions and this is a cause of concern for PFRDA and Government, Shri Contactor said. Congratulating the winners of the contest organised by PFRDA the Chairman said that APY has made progress in covering the intended subscribers but much remains to be done. He mentioned that on an average, a little less than 2% of the eligible population is covered under APY and hence a lot has to be done to provide people a regular access to old age income. He also touched upon the issues of persistence in the APY accounts and asserted that the objective of the scheme is to provide pension and this will only happen if the contribution in the account has been regularly paid. He urged the APY Service Providers to educate the subscribers on the importance of the same. He also urged upon the APY Service Providers i.e Banks and Post Offices under Department of Post to achieve the targets allocated by government by putting in their best efforts.

A video message of Shri Rajiv Kumar, Secretary DFS was played during the occasion. Shri Rajiv Kumar mentioned that Atal Pension Yojana is flagship program of the Government of India under financial inclusion and financial security. The pension coverage in this country is at around 12% and banks and other stakeholder need to work towards greater coverage under the scheme. He also said that DFS is monitoring the progress under the scheme and targets allocated under the scheme to banks should be accomplished. He touched upon the subject of providing a digital platform for APY by PFRDA i.e e-APY. Secretary Shri Rajiv Kumar congratulated the banks on their performance under the campaigns and urged them to continue the work.

While the government has a pension scheme for the BPL persons but the amount is meagre and is not sufficient for old age needs. 9% of the population of India, i.e 110 million people are over 60 years and by 2030 this figure is expected to cross 180 million. The 60 plus age groups is the fastest growing demographic in the country. With increase in longevity of the people, disintegration of the joint family system in India and inflation, there is greater need for old age than ever before. Currently pension benefits are available India basically to the organised sector. Atal Pension Yojana introduced in 2015 by Government of India provides a self- contributory savings pension scheme with guaranteed pension of Rs. 1,000/- to Rs. 5,000/- with a very low contribution by the subscriber. All banks and Department of Post have pushed the product to the interiors of the country. APY has option for increasing the pension amount from Rs. 1000/- to any other amount up to Rs. 5000/- as per the savings capacity of the subscriber, and further allows the spouse to continue the account in the event of the death of the subscriber before the age of sixty years. PFRDA has also been engaging with various State Governments for providing co-contribution under the scheme. With the introduction of e-APY through Aadhaar, the banks will be able to effectively utilise the digital platform for greater coverage.

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.

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Atal Pension Yojana surges ahead with 62 lacs enrolment

Atal Pension Yojana surges ahead with 62 lacs enrolment

A total of 3.07 lac APY accounts have been sourced under One Nation One Pension. The stellar performance of the banks under the campaign includes some of the largest banks in the country namely, State Bank of India sourcing a stupendous 51,000 APY accounts and other prominent banks like Canara Bank which has sourced 32,306 APY accounts, Andhra Bank at 29,057 APY accounts, in other private banks category, Karnataka Bank at 2641 APY accounts, in RRB’s category, Allahabad UP Gramin Bank at 28,609 accounts followed by Madhya Bihar Gramin Bank at 5,056 APY accounts , Baroda Uttar Pradesh Gramin Bank at 3,013 APY accounts, Kashi Gomti Samyut Gramin Bank at 2,847 APY accounts & Punjab Gramin Bank at 2,194 APY accounts.

At a time when the interest rate on various financial instruments including Savings Bank is declining, Atal Pension Yojana as a pension scheme offers a guaranteed rate of 8% assured return for the subscribers and also the opportunity of higher earnings in case the rate of return is higher than 8% at the time of maturity, after staying invested in the scheme for 20-42 years. Increasing enrolment is attributed to financialisation of assets and driving the people to pension products which has Govt of India implicit guarantee to give an assured pension to the subscriber, spouse and return of corpus to the nominee.

Department of Financial Services in association with Pension Fund Regulatory and Development Authority (PFRDA) has been organizing various APY campaigns to give thrust through which the population not covered by any pension scheme is approached by APY Service Provider banks and Department of Posts to inform about the salient features and benefits of the APY scheme and are encouraged to get enrolled in the scheme. PFRDA organised a National Level Pension Mobilization Campaign ” One Nation One Pension” from 2nd August to 19th August 2017 in association with the APY Service Provider Banks all over the country. 62 lacs subscribers have become members of the Atal Pension Yojana till date in 2 years after launch of the scheme.

The objective of PFRDA is to cover the maximum possible population uncovered by any pension scheme under the APY scheme so that India as a nation can move from a pension less to a pensioned society and the citizens can live a life of dignity in their vulnerable years.

Be the first to comment - What do you think?  Posted by admin - August 30, 2017 at 4:54 pm

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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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