PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR

CIR No: PFRDA/2022 /18/SUP- POP/02

Date: 3.08.2022

To,
Points of Presence (PoPs)

Subject: Instruction to stop Facility of Payment of Subscriptions/ Contribution to Tier-II Account of NPS through Credit Card – Urgent

The Authority has decided to stop the facility of payment of subscriptions/contributions using credit card as a mode of payment in the Tier-II account of NPS. Accordingly, all PoPs are advised to stop the acceptance of credit card as a mode of payment for the Tier-II account of NPS with immediate effect.

2. This circular is issued in exercise of the powers conferred under Section 14 of Pension Fund Regulatory and Development Authority Act, 2013 to protect the interests of subscribers and to regulate, promote and ensure orderly growth of the National Pension System and pension schemes to which the Act applies.

3. A copy of this Circular is available on the website of PFRDA at www.pfrda.org.in.

Yours sincerely,

Gurminder Kaur
(General Manager)

Download Instruction to stop Credit Card Facility under NPS Tier-II -Urgent PDF

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DRAFT – Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2014

1. The PFRDA Act was passed by Parliament on Sep/19/2013 and notified on Feb/01/2014. In accordance with section 52 of the Act, the Authority may, by notification make regulation consistent with the Act and rules made thereunder for carrying out the provisions of the Act.

2. “Pension fund” is defined under Section (2) (l) of the Act as “intermediary which has been granted a certificate of registration under sub-section (3) of section 27 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”.

3. The objective of these Regulations is to standardize and to provide regulatory framework for Pension Fund (PFs) that would provide interalia criteria for registration, capital adequacy, code of conduct, obligation and responsibilities etc. Further, the regulation would ensure an effective procedure for inspection and audit to protect the interests of subscribers.

4. Therefore, in order to safeguard the interest of the subscribers, PFs as an intermediary, through this regulation, are required to adopt high level of standard practices that requires compliance with standards for internal control and operational conduct, with the aim of protecting the NPS assets, proper management of risk and generation of optimum returns.

5. Public comments are invited on the draft regulations on Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2014 . All comments from the public will be considered before the regulations are finalized. Comments may be forwarded by email to sumeet.kapoor@pfrda.org.in or may be sent at the under-mentioned address latest by 18th Aug 2014 as per format given below.

Aug 2014 as per format given below.

Instruction to fill up the format:

1. All letters or emails to clearly specify the name and number of the regulation, sub-regulation and clause.
2. Separate letters/emails to be used for different regulations.
3. Each proposed amendment to be given separately.
4. Each proposed amendment (preferably) not to exceed 200 words*

Your letter(s) can be addressed to:

Ms. Sumeet Kaur Kapoor
General Manager
Pension Fund Regulatory & Development Authority (PFRDA)
1st Floor, ICADR Bldg, Plot No.6
Vasant Kunj Institutional Area, Phase II
New Delhi -110070

Source: www.pfrda.org.in
[http://www.pfrda.org.in/writereaddata/linkimages/Draft%20PF%20Regulations%20Letter1.pdf]

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CIRCULAR

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

22 April, 2014

PFRDA/2014/3/PDEX/12
Subject: Registration of Government employees aged 60 years and above under National Pension System (NPS)

The Authority has been receiving several requests from various governments (central & state) to approve the registration of subscribers under National Pension System (NPS) who are aged 60 years and above and which are being approved on case by case basis by PFRDA at present.

Keeping in view of the difficulties being faced by subscribers, now the Authority has decided to enroll all eligible Government employees (central & state) who are on the rolls of the government in to NPS, irrespective of the age at the time of entry, subject to the condition that the total period of contribution to NPS account shall not be more than 42 years. The NPS applications of such subscribers need to be submitted through the appropriate nodal officer of the Govt/ Deptt, in line with the procedure adopted for NPS registration for Government employees aged below 60 years. Also, the responsibility for ensuring that the employee is eligible for being covered under NPS and that the NPS contribution is not paid beyond 42 years during the entire service period for such an employee, lies with the department submitting the subscriber registration form.

This is for the information of all concerned.

Sd/-
Venkateswarlu Peri
General Manager

Source : www.pfrda.org.in

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PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

2nd April, 2014

PFRDA/2013/17 /PDEX/10

Subject: Exit guidelines under National Pension System – Option for Complete withdrawal of accumulated pension wealth by subscriber

In partial modification to circular no. PFRDA/2013/17 /PDEX/10 issued on 23rd October, the ‘request form’ is being replaced with ‘request cum undertaking’ form, as attached along with.

The subscribers wishing to exercise this option shall have to fill the attached ‘request cum undertaking form’ along with the NPS Withdrawal form while submitting the same to their DDO/PAO/DTO/POP. The subscribers who have sent the requests earlier also need to send a fresh request on the amended form for processing of their claims.

Sd/
Venkateswarlu Peri
General Manager

REQUEST CUM UNDER TAKING FORM FOR WITHDRAWAL OF TOTAL PENSION WEALTH UPON SUPERANNUATION / UPON ATTAINMENT OF 60 YEARS OF AGE AND WHERE THE TOTAL PENSION WEALTH IS EQUAL TO OR LESS THAN RS. 200, 000/-

I, …………………………………………….S/D/W/O……………………………………, aged about ……….years, residingat……………………………………………………………………, do hereby solemnly affirm and declare as under:

1. That I am a subscriber of National Pension System, holding PRAN ………………..

2. That since the total amount receivable by me as the benefit receivable upon exit from NPS is Rs. …………………., which is less than/equal to the limit of Rs. 2,00,000/-, I understand that I am eligible to opt for withdrawal of the total pension wealth under NPS rules/guidelines, Basing on the above, I hereby opt to withdraw my complete pension wealth lying to my credit in my aforesaid PRAN account being the full and final benefits receivable by me.

I also understand that with the aforesaid withdrawal, I or my family members shall not be entitled to receive any other or further benefits under the National Pension System (NPS) including the benefits as provided under Government of India notification dt. 22nd Dec, 2003.

Date:
Place:

Signature of the Subscriber

Attested by:
Signature of the PAO/DDO/DTO/POP : …………………………………………………
Name of the designated Official: ……………………………………………………………
PAO/DDO/DTO/POP Registration Number …………………………………………..
Rubber Stamp of the
PAO/DDO/DTO/POP …………………………………………………………………………

Source: PFRDA
[http://www.pfrda.org.in/writereaddata/linkimages/ModifiedCircular2.pdf]

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Pending amount under NPS with Delhi Cantt. Board

94 employees joined service in Delhi Cantonment Board on or after 01.01.2004 and are covered under New Pension Scheme (NPS). However, NPS was implemented in respect of Cantonment Board employees from 01.04.2011 after obtaining approval of the Central Government.

All employees have been covered under Tier-I scheme. Tier-II scheme is optional and no employee of the Board has opted for Tier-II. The Cantonment Board has deposited the due amount of 85 employees (both employee’s and employer’s share). In the case of 9 employees who have not subscribed part of their share for the period from the date of their joining to 31.03.2011 amount to the extent subscribed along with the contribution of the employer has been deposited with the NSDL.

No loss will accrue to any employee as full amount received from them along with the contribution of employer has been deposited with NSDL.

The above information was submitted in a written reply in Rajya Sabha on 18th December, 2013 by the Minister of Defence Shri A.K.Antony.

Via: http://90paisa.blogspot.in/2013/12/nps-was-implemented-in-respect-of-delhi.html

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 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR

File No.: PFRDA/2O13/16/PFM/4

Date: 15 Oct 2013

To,
All Pension Funds

Subject: Investment Guidelines

1. Changes in Investment Guidelines for the Government Sector

The following changes in the investment guidelines have been made :-

1.1 Debt securities selected for Investments should have a minimum residual maturity period of  three years from the date of investment by the Pension Fund.

1.2 Debt securities must have an investment grade rating from at least two credit rating agencies.  Apart from ratings by agencies. PF shall undertake their own due diligence for assessment of risks associated with the securities before investments.

1.3 Credit Default Swaps (CDS) on Corporate Bonds are eligible derivative instruments.

1.4 Rated asset backed securities (ABS) are eligible securities for investments provided they have a residual maturity of not less than three years and have an investment grade rating from at least two rating agencies.

2. Guidelines for Private Sector — Corporate CG and NPS lite
Please note that both Corporate CG and NPS Lite Schemes follow the Government pattern of investment and hence investment guidelines as applicable to the Government sector and any subsequent amendments to investment guidelines of Government sector will also be applicable to Corporate CG and NPS lite Schemes. Investment guidelines, and any subsequent changes thereto as applicable to the Government sector, therefore should be adopted simultaneously for Corporate CG and NPS Lite Scheme.

sd/-
(Subroto Das)
Chief General Manager

Source : www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/changes%20Investment%20Guidelines968531261.pdf]

The post PFRDA Orders : New Pension Scheme (NPS) – Changes in Investment Guidelines for the Government Sector appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

CIRCULAR
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PFRDA/ 2013/15/POP/1 September 17, 2013

To,
All POP’s, Aggregators, CRA & other stakeholders

Dear Sir/ Madam,

Sub: Subscriber registration under NPS – NPS-Swavalamban

Presently Swavalamban Scheme subscribers can be registered either through Aggregators or through Points of Presence (POPs). In order to streamline the system to cater to the Swavalamban scheme objectives, it has been decided that with effect from 01/10/2013, registration of NPS-Swavalamban subscribers would be allowed only through aggregators on the NPS-Lite platform. In effect, no new NPS- Swavalamban subscriber registration would be allowed through POP’s on the all citizen model (UOS) on or after 01/10/2013.

All those POP’s who have registered NPS-Swavalamban accounts on the all citizen model(UOS) of NPS earlier would be provided a period of 3 months starting from 01/10/2013 to approach PFRDA for become aggregator by duly submitting the required documentation so that they can move their existing NPS-Swavalamban accounts to the NPS-Lite platform as an aggregator. However, post the 3 month window provided, if there is no satisfactory action on part of the POP, the subscribers would be asked to choose one of the existing aggregators for subscriber maintenance activities.

This is for the information of all concerned. The circular has also been placed on PFRDA website at http://www.pfrda.org.in and CRA website at
http://www.npscra.nsdl.co.in.

Yours faithfully,
Sd/-
Venkateswarlu Peri
General Manager

Source: www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/Swavalamban%20Subscriber%20registration1143946313.pdf]

The post PFRDA Circulars : Circular on Swavalamban Subscriber Registration through Aggregators Only appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

CIRCULAR
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PFRDA/ 2013/14/ PDEX /9 September 17, 2013

To,
All Govt depts./PAO’s/DDO/ POP’s, CRA & other stakeholders

Dear Sir/ Madam,
Sub: Option to defer Annuity purchase under NPS at the time of exit

As per the Exit guidelines of PFRDA for National Pension System (NPS) subscribers, a subscriber on attaining the Normal Retirement Age (applicable to Govt. sector subscribers) or upon attaining 60 years – is required to compulsorily annuitize at least 40% of your pension wealth and the remaining 60% can be withdrawn as a lump sum.

Also, a subscriber wishing to exit from NPS before the normal retirement age or before attainment of 60 years is allowed to exit subject to the condition that a minimum of 80% of accumulated pension wealth needs to be mandatorily utilized for purchase of annuity that provides for the monthly pension to the subscriber.

Presently, withdrawal of permissible lump sum withdrawal (60%) upon exit can be deferred by the subscriber to a later date but not beyond attaining 70 years of age. This is to take care of the reasons like unfavorable Market conditions or there being no requirement of the funds at that particular time.

Due to the upheavals in the market conditions including the bond market and the swings in NAV’s of the debt funds including NPS in the recent past, feedback has been received from various stakeholders that the subscribers be given an option to defer or time the annuity purchase (subject to a minimum of 40%/80% of accumulated pension wealth as applicable) akin to the deferment option for the lump sum withdrawal that is permitted currently under NPS.

PFRDA after examining the issued has approved the “Deferment option” for the annuity purchase at the time of exit from NPS with condition that such deferment can be for a maximum period of 3 years. One can initiate the annuity purchase option at any time before lapse of 3 years from the date of such deferment, by giving an application or notice to the Central Record Keeping Agency.

If no such notice is given before the lapse of 3 years from such date of deferment, the percentage of accumulated pension wealth as provided by the subscriber in the NPS withdrawal application form (subject to a minimum of 40%/80% of accumulated pension wealth as applicable) for purchase of annuity would be automatically monetized and such amount would not earn any investment income or interest to the subscriber thereafter.

This is for the information of all concerned. The circular has also been placed on PFRDA website at http://www.pfrda.org.in and CRA website at http://www.npscra.nsdl.co.in.

Yours faithfully,
Sd/-
Venkateswarlu Peri
General Manager

Source: www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/Annuity%20Purchase%20at%20exit2395121277.pdf]

The post PFRDA Circulars – Option to defer Annuity purchase under NPS at the time of exit appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Pension Fund Regulatory and Development Authority

CIRCULAR

PFRDA/2013/13 /PDEX/08

20th August 2013

Subject: Portability of PRAN – NPS Lite/Swavalamban to NPS – All Citizen Model and other sectors

There were several requests from NPS Lite/Swavalamban subscribers seeking porting of their PRANs from NPS Lite/Swavalamban to the All Citizen Model of NPS(UOS). PFRDA after examining the matter has approved the shifting/porting of NPS/Lite/Swavalamban accounts to NPS-All Citizen model and other Sectors through an Inter platform shift process which is detailed as below:

1. The subscriber has to submit the following documents to the new nodal office (POP/PAO/DDO etc) who in turn will process the application and forward the document to CRA.

a. Duly filled in Inter platform shift (IPTR-1) form along with the duly filled in registration form of the sector to which he wishes to migrate

b. Submit the PRAN already issued and in absence of PRAN has to provide a notorised affidavit as to the reasons for non-submission.

2. CRA upon receipt of request would initiate the process for creation of new Permanent Retirement Account (PRA) with new PRAN for the subscriber on the target platform and disable the earlier PRAN of the subscriber in the system. The earlier/old PRAN would not be allotted to anybody else in the system. Also, the earlier record would be tagged to the new account for audit trail as well as for knowing information like if the subscriber has availed Swavalamban benefit under the earlier PRAN or not etc.

3. CRA would issue necessary instructions for monetization of the accumulated corpus in the old/earlier PRAN and also necessary instructions for crediting of such accumulated corpus received upon monetization into the new PRAN account. The entire activity would be a controlled activity from CRA end.

4. There would not be any requirement of providing KYC documents once again by the subscriber, if the same have been submitted/collated at the time of subscriber registration under NPS already and the address provided in the new registration for is matching with that of existing record. If there is any change in the address from the existing NPS account address proof need to be submitted afresh. The CRA would tag the KYC documents to the new PRAN and ensure that all the required details are available.

5. CRA would print and dispatch the PRAN card directly to the subscriber/aggregator as the case may be and CRA would not be charging any extra charges for the same.

Subscribers intending to shift their PRAN from NPS Lite/Swavalamban to All Citizen Model and other sectors may approach the new/intended contribution uploading office (POP/PAO/DDO etc) for doing the needful on the matter. The format for Inter platform shift (IPTR-1) form is being attached along with the circular.

sd/-
Venkateswarlu Peri
General Manager

Source: www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/Circular%20on%20Inter%20platfrom%20Shifting837264889.pdf]

The post PFRDA Orders – Portability of PRAN – NPS Lite/Swavalamban to NPS – All Citizen Model and other sectors appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Pension Futd Regulatory & Development Authority
1st Floor, ICADR Buddng,
Plot No. 6, Vasant Kunj
Institutional Area, Phase – II,
New Delhi- 110070
Tel : 011 26897948126897949
Fax: 011-26897938

File No: PFRDA/6/7/1

Date: 11th July 2013

To,
All PFMs

Dear Sir/Madam,

Subject: Investment in Infrastructure Debt Funds

With reference to the above, it is hereby clarified that Infrastructure Debt Funds, incorporated either as Mutual Funds or as NBFCs, are to be considered as debt instruments eligible for investments under the debt category of all NPS Schemes, provided it is rated as investment grade by two credit rating agencies .

Kindly note that apart from the ratings assigned by the agencies, PFM shall undertake their own due diligence for assessment of risks associated with the securities before investing.

Yours faithfully,
sd/-
(Mono MG Phukon)
Deputy General Manager

Source : www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/Investment%20in%20Infra%20%20Debt%20Funds%203223630795.pdf]

The post PFRDA Orders – Investment in Infrastructure Debt Funds appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.