Definitions – Rule 3 of the Central Civil Services (National Pension System Implementation) Rules, 2021

Definitions – Rule 3 of the Central Civil Services (National Pension System Implementation) Rules, 2021

MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS
(Department of Pension and Pensioners’ Welfare)

NOTIFICATION

New Delhi, the 30th March, 2021

3. Definitions. – In these rules, unless the context otherwise requires,-

(1) (a)“Accredited Bank” in relation to a Ministry or Department or Union territory means the Reserve Bank or any bank which is appointed to transact business of the Government pertaining to that Ministry or Department or Union territory and is officially recognised for transfer of funds to the Trustee Bank;

(b) “Accumulated Pension Corpus” means the monetary value of the pension investments accumulated in the
Individual Pension Account of a subscriber under the National Pension System;

(c) “Annuity” means periodic payment by the Annuity Service Provider to the subscriber on purchase of annuity plan out of the Accumulated Pension Corpus;

(d) “Annuity Service Provider” means a life insurance company registered and regulated by the Insurance Regulatory and Development Authority and empanelled by the Authority for providing Annuity services to the subscribers of the National Pension System;

(e) “Authority” means the Pension Fund Regulatory and Development Authority established under sub-section
(1) of section 3 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013) and include interim Pension Fund Regulatory and Development Authority set up by the Central Government through Resolutions;

(f) “Central Recordkeeping Agency” means an agency registered under section 27 of Pension Fund Regulatory and Development Authority Act, 2013 to perform the functions of recordkeeping, accounting, administration and customer service for subscribers to schemes;

(g) “Drawing and Disbursing Officer” means a Head of Office and also any other Gazetted Officer so designated by a Department of the Central Government, a Head of Department or an Administrator, to draw bills and make payments on behalf of the Central Government. The term shall also include a Head of Department or an Administrator where he himself discharges such function;

(h) “Cheque Drawing and Disbursing Officer” means a drawing and disbursing officer functioning under a Ministry or Department (including Central Public Works Department, Forest Department and Departments in which the provisions of Central Public Works Account Code are authorised to be followed) or a Union territory, who is authorised to withdraw money for specified types of payments against an assignment account opened in his favour in a specified branch of an accredited bank;

(i) “Defence Services” means services under the Government of India in the Ministry of Defence and in the Defence Accounts Department under the control of the Ministry of Defence paid out of the Defence Services Estimates and not permanently subject to the Air Force Act, 1950 (45 of 1950) or the Army Act, 1950 (46 of 1950) or the Navy Act, 1957 (62 of 1957);

(j) “Emoluments” means emoluments as specified in rule 5;

(k) “Foreign Service” means service in which a Government servant receives his pay with the sanction of the Government from any source other than the Consolidated Fund of India or the Consolidated Fund of a State or the Consolidated Fund of a Union territory;

(l) “Government” means the Central Government;

(m) “Head of Department” means an authority specified in Schedule 1 to the Delegation of Financial Powers Rules, 1978, and includes such other authority or person whom the President may, by order, specify as Head of a Department;

(n) “Head of Office” means a Gazetted Officer declared as such under rule 14 of Delegation of Financial Powers Rules,1978, and includes such other authority or person whom the Competent Authority may, by order, specify as Head of Office;

(o) “Individual Pension Account” means an account of a subscriber, executed by a contract setting out the terms and conditions under the National Pension System;

(p) “Local Fund administered by Government” means the fund administered by a body which, by law or rule having the force of law, comes under the control of the Government and over whose expenditure the Government retains complete and direct control;

(q) “National Pension System” means the contributory pension system referred to in section 20 of the Pension Fund Regulatory and Development Authority Act, 2013 whereby contributions from a subscriber are collected and accumulated in an individual pension account using a system of points of presence, a Central Recordkeeping Agency and pension funds as may be specified by regulations by Pension Fund Regulatory and Development Authority;

(r) “Pay and Accounts Officer” means an officer, whatever his official designation, who maintains the accounts of a Ministry, Department or Office of the Central Government or Union territory and includes an Accountant-General, who is entrusted with the functions of maintaining the accounts or part of accounts of the Central Government or Union territory;

(s) “Pension fund” means an intermediary which has been granted a certificate of registration under sub-section

(3) of section 27 of the Pension Fund Regulatory and Development Authority Act, 2013 by the Authority as a pension fund for receiving contributions, accumulating them and making payments to the subscriber in the manner as may be specified by regulations;

(t) “Permanent Retirement Account Number” means a unique identification number allotted to each subscriber by the Central Recordkeeping Agency;

(u) “Subscriber” means a Government servant who subscribes to a scheme of a Pension fund;

(v) “Trustee Bank” means a banking company as defined in the Banking Regulation Act, 1949 (10 of 1949).

(2) Words and expressions used herein and not defined but defined in the Fundamental Rules,1922, the Central Civil Services (Pension) Rules, 1972, the Pension Fund Regulatory and Development Authority Act, 2013 or Pension Fund Regulatory and Development Authority regulations have the same meanings respectively assigned to them in those Act or Rules or Regulations.