PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR

Circular No: PFRDA/ 2023/ 20/ Sup- CRA/06

16th June 2023

To
All stakeholders under NPS

Subject: NPS/APY Functionalities released by CRAs during Quarter IV (FY 2022-23)

The Central Record Keeping Agencies (CRAs) appointed by the Pension Fund Regulatory and Development Authority (PFRDA) are constantly developing and upgrading system-level functionalities to meet the evolving needs of NPS/APY stakeholders.

2. As part of their ongoing efforts to fulfill their obligations and benefit subscribers & stake holders, CRAs are responsible for developing new functionalities, establishing new processes, and offering multiple models of interfaces for the uploading offices. These initiatives provide maximum flexibility in terms of operation for the benefit of the stake holders.

3. Please find attached Annexure I, II, and III, which provide a comprehensive list of functionalities that have been developed and made available by the CRAs during Quarter IV of the fiscal year 2022-2023. These functionalities are aimed at improving the experience, enhance the convenience & ease the operation of subscribers and other stakeholders.

4. We have placed this circular in the intermediary section of the CRA on the PFRDA website to ensure that all NPS/ APY stakeholders have access to this important information

Yours sincerely,
Digitally signed by K MOHAN GANDHI
Chief General Manager

Annexure I – Functionalities released by Protean CRA during Q4 of FY 2022-23

Annexure II – Functionalities released by KFin Technologies CRA during Q4 of FY 2022-23

Annexure III – Functionalities released by CAMS CRA during Q4 of FY 2022-23

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MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION

New Delhi, the 10th August, 2022

F. No. 16/1/2015-PR.- Atal Pension Yojana. – In partial modification of Ministry of Finance, Department of Financial Services Notification No. 16/1/2015-PR dated 16th October, 2015 on Atal Pension Yojana, published in the Gazette of India, Extraordinary, Part I, Section 1, the following amendment are hereby made:-

I. In the said notification at the end of para 2 the following shall be inserted, namely:-

“Provided that from 1st October,2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY.

Explanation: For the purpose of this clause, the expression “income-tax payer” shall mean a person who is liable to pay income-tax in accordance with the Income Tax Act, 1961, as amended from time to time.”.

II. In the said notification, at the end of para 13, the following shall be inserted, namely:-

“In case a subscriber, who joined on or after 1st October, 2022, is subsequently found to have been an income-tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber.”.

PANKAJ SHARMA, Jt. Secy.

The Original Notification was issued on 16th October, 2015 and was subsequently amended by Notification dated 19th January, 2016 and Notification dated 22nd March, 2016.

Source: egazette.nic.in

Download Income tax payers are ineligible to participate in Atal Pension Yojana PDF

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PFRDA

CIRCULAR

CIR No.: PFRDA/2020/24/SUP-POP/3

June 16, 2020

To,

All Point of Presence (PoPs) under Atal Pension Yojana (APY) / NSDL-CRA

Subject: Processing of death claims requests under Atal Pension Yojana (APY) in view of Covid 19 pandemic – reg.

Considering the difficulties faced by Point of Presence under Atal Pension Yojana (hereinafter referred as ‘PoP-APY’) in processing of death claim requests due to Covid-19 pandemic, it has been decided to ease the processing of death claim requests.

2. In this respect, it is advised as under:

Also read: Refund of the expense of ‘Pulse Oximeter’ for the COVID-19 family Positive CGHS Beneficiary under Home Treatment

• PoP-APY shall duly verify and attest the documents of death claim requests and submit the scanned copies of all requisite documents through their registered e-mail ID to NSDL-CRA.
• PoP-APY shall also submit, through their registered email ID, a declaration stating ‘All requisite physical documents shall be submitted to CRA by July 31, 2020.’
• NSDL-CRA shall accept these scanned documents alongwith declaration as above, submitted by PoP-APY, for processing the same as per the applicable guidelines.
• The above process is adopted on an exception basis till June 30, 2020.

3. This circular is issued under Section 14 of PFRDA Act, 2013 and is
available in ‘Circulars’ section of Regulatory Framework at PFRDA’s website.

(Sumeet Kaur Kapoor)
Chief General Manager

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Circular

Circular No:PFRDA/2020/8/P&D-APY/1.

Date:-11.04.2020

To,
All APY-SPs and other stakeholders

Subject: Stoppage of Auto-debit for APY contributions till 30th June, 2020.

1. The outbreak of COVID-19 pandemic has impacted adversely to all the sections of the society, however, it is known fact that the disadvantaged and poor are most vulnerable to the economic effects of the said disease.
2. The majority APY subscribers belong to the lower strata of the society, which as indicated above are expected to suffer the most during the lock-down and post lock-down for some period. In such scenario, it may be difficult for them to keep contributing to the scheme regularly during such period.
3. Therefore, it has been decided by the competent authority to stop auto-debiting savings account of the subscribers for APY contribution till 30th June 2020. Also no penal interest will be charged to the APY subscribers if they regularize their APY accounts by depositing such non-deducted APY contributions along with regular APY contributions between 1st July, 20th and 30th Sept, 20.
4. The modalities of payment of’ this non-deducted APY contributions along with regular contributions shall be communicated in due course.
5. Keeping in view the above, all APY-SPs are advised to stop auto-debiting the savings account of the subscribers for APY contribution amount with immediate effect till 30th June 20.

sd-
Ashish Kumar
Chief General Manager

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25 JUN 2019

The Pension Fund Regulatory and Development Authority (PFRDA) has submitted a proposal to increase the limit of pension and age under Atal Pension Yojana (APY). The same is under examination in consultation with PFRDA.

The number of beneficiaries under APY in last three years, State-wise, are as per Annexure A.

Atal Pension Yojana(APY) is open to all citizens of India between 18-40 years of age. Accordingly, Mudra beneficiaries, Self Help Group (SHG) members and Anganwadi workers who are citizen of India and fall between 18-40 years of age are eligible to join APY.

This was stated by the Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharamanin a written reply to a Parliament Question in Rajya Sabha today.

PIB

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PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR

CIR No.: PFRDA/2019/10/APY/1

Date: April 8, 2019

To,

POPs under Atal Pension Yojana (APY)

Subject: Voluntary exit under Atal Pension Yojana (APY)

The functionality of online voluntary exit was released in the month of August 2017 by Central Record Keeping Agency (CRA) – NSDL e-Governance Infrastructure Limited to smoothen the process of Voluntary Exit under Atal Pension Yojana (APY). However, it has been observed that some POPs and branches of POPs are sending physical exit forms to PFRDA instead of processing through their APY module. This causes delay in execution of voluntary exit, which in turn increases grievances from the subscribers.

In view of the same, POPs are advised – (i) to process voluntary exit request only through their APY module (ii) to sensitize all their branches which are performing Atal Pension Yojana related activities to process voluntary exit as per the guidelines.

The physical forms are NOT to be submitted to PFRDA.

Yours faithfully,

(Dr. Purnima Sharma)
Deputy General Manager

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Ph: 011-26517501, 26517503, 26133730
Fax: 011-26517507
Website: www.pfrda.org.in

CIRCULAR

PFRDA/2019/8/SUP-PF/2

Date: 25.03.2019

Subject: Amendment to the investment Guidelines (Applicable to Scheme CG, Scheme SG, Corporate CG and NPS Lite schemes of NPS and Atal Pension Yojana)

Reference is invited to the Investment Guidelines for NPS Schemes (Scheme CG, Scheme SG, Corporate CG and NPS Lite schemes of NPS and Atal Pension Yojana) dated 3rd June 2015 issued vide circular no. PERDA/2015/16/PFM/7, the Change in Investment guidelines for NPS schemes W.r.t. Investment in equity Mutual funds vide circular no. PERDA/2018/56/PF/2 dated 20th August 2018 and Revised rating criteria for investments under NPS Schemes vide circular No. PERDA/2018/02/PF/02 dated 08.05.2018. The changes hereunder shall apply only to Scheme CG, Scheme SG, Corporate CG and NPS Lite schemes of NPS and Atal Pension Yojana.

2. In order to provide flexibility to the Pension Funds to improve the scheme performance depending upon the market conditions, it has been decided to increase the cap on Government Securities & related investments and Short term debt instruments & related investments by 5% each.

3. The asset class wise revised caps on the various asset classes are as under:

4.The other terms and conditions as mentioned in the circular PERDA/2015/16/PFM/7 dated 03.06.2015, circular no. PERDA/2018/56/PF/2 dated 20th August 2018 and circular No. PFRDA/2018/02/PF/02 dated 08.05.2018 shall remain the same.

This circular is issued in exercise of powers of the Authority under sub-clause (b) of the sub-section (2) of section 14 of Pension Fund Regulatory and Development Authority Act, 2013 read with regulation 14 and 43 of PFRDA (Pension Fund) Regulation, 2015.

This would be effective from 01.04.2019.

Venkateswarlu Peri
(Chief General Manager)

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The government will soon start selection process for a new chairman of pension fund regulator PFRDA to succeed the present chief, Hemant G Contractor, whose term is slated to end in April.

“The Finance Ministry will soon come out with an advertisement to find a successor to head the Pension Fund Regulatory and Development Authority (PFRDA),”

Contractor’s term will be completed on April 30, 2019.

PFRDA was re-constituted into a statutory body after notification of PFRDA Act in 2014.

Contactor is the first Chairman to head the regulatory body. He had joined PFRDA on October 7, 2014.

As per the Act, the chairman will have a tenure of 5 years or till age of 65 years, whichever is earlier.

Contractor was previously held the post of SBI managing director before being appointed as the PFRDA Chairman.

The pension fund regulator has reached a subscriber base of 2.65 crore in its flagship National Pension System (NPS) and Atal Pension Yojana (APY) schemes and hopes to cover nearly 2.72 crore subscribers by the end of the current financial year.

The APY, mainly targeting the unorganised sector employees, offers five slabs of pension from Rs 1,000 – Rs.5,000 per month upon retirement. Employees in the age bracket of 18-40 years can sign up for an APY account.

NPS is a voluntary defined contribution retirement savings scheme for government employees as well as for those working in the organised and unorganised sectors.

PTI

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17 DEC 2018

As regards Employees Pension Scheme (EPS), 1995, a minimum pension of Rs. 1,000/- per month has been prescribed with effect from 01.09.2014 for the pensioners under Employees Pension Scheme (EPS), 1995.

In the case of Atal Pension Yojana (APY), depending upon the pension plan selected, each subscriber under APY shall receive a guaranteed minimum pension of Rs. 1000 per month or Rs. 2000 per month or Rs. 3000 per month or Rs. 4000 per month or Rs. 5000 per month, after the age of 60 years until his/her death. If the actual returns during the accumulation phase are higher than the assumed returns for minimum guaranteed pension, such excess will be passed on to the subscriber. As such, the minimum pension depending upon the pension plan selected by the subscriber is fixed under the APY. Under National Pension System (NPS), there is no ceiling fixed for minimum pension.

Further, a High-Empowered Monitoring Committee has been constituted for complete evaluation and review of the EPS, 1995.

There is no provision for Dearness Allowance in EPS, 1995, as it is a self-funded scheme with fixed contributions. Further, Dearness Allowance is not applicable under NPS and APY as the pension under both depends upon the accumulated corpus at the time of exit which is market linked.

This information was given by Shri Santosh Kumar Gangwar Union Minister of State (I/C) for Labour and Employment in written reply to a question in Lok Sabha today.

PIB

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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

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:

PIB

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