National Pension System (NPS) – Abbreviations and Definitions
Abbreviations and Definitions of National Pension System compiled here under for your information. The key words are frequently used among the employees working in Central and State Governments…
The following words and expressions shall have the meaning specified below, unless the context otherwise requires:
| Abbreviations | |
| ASP | Annuity Service Provider |
| CGMS | Centralised Grievance Management System |
| CRA | Central Recordkeeping Agency |
| DC | Defined Contribution |
| GRC | Grievance Redressal Cell |
| GRM | Grievance Redressal Mechanism |
| IMA | Investment Management Agreement |
| IPO | Initial Public Offer |
| KYC | Know your Customer |
| NPS | National Pension System |
| NRA | Normal Retirement Age |
| PFs/PFMs | Pension Funds/Pension Fund Managers |
| PFRDA | Pension Fund Regulatory and Development Authority |
| POP | Point of Presence |
| POP-SP | Point of Presence – Service Provider (Authorized branches of POP for NPS) |
| PRA | Permanent Retirement Account |
| PRAN | Permanent Retirement Account Number |
| TB | Trustee Bank |
| FEMA | Foreign Exchange Management Act |
| Definitions | |
| Applicable NAV | Unless stated otherwise in the Offer Document, ‘Applicable NAV’ is the Net Asset Value at the close of a Working Day. |
| Applicant | An individual who has expressed interest in joining NPS and has duly completed all formalities. |
| Custodian | Agency responsible for holding assets of the NPS Trust. Refers to the Stockholding Corporation of India Limited (SHCIL) |
| IMA | Investment Management Agreement, entered into between NPS Trust and the Pension Funds. |
| Offer Document | This document, issued by PFRDA, making an offer to potential applicants to subscribe to NPS. |
| RBI | Reserve Bank of India, established under the Reserve Bank of India Act, 1934. |
| Subscriber | An individual who has become a member of the NPS |
| Unit holder | Subscriber is also referred to as unit holder with respect to the units he/she owns. |
| Trust Deed | The Trust Deed entered into between the NPS Trust and PFRDA, as amended up to date, or as may be amended from time to time. |
| Trust Fund | The corpus of the Trust and all property belonging to and/or vested in the Trustees. |
| Working Day | A day other than any of the following (i) Saturday or Sunday; (ii) a day on which banks including the Reserve Bank of India are closed for business or clearing and (iii) a day on which the Purchase and Redemption of Units is suspended. |
Source: http://90paisa.blogspot.in/2013/12/national-pension-system-nps.html
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