PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

23rd October, 2013

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 of exit guidelines provided under master circular no: PFRDA/2013/2/PDEX/2 (at Serial no: 2 & 3) dt: 22/01/2013, it has been decided to provide an option to withdraw the entire accumulated pension wealth to subscribers other than the subscribers of NPS Lite – Swavalamban Scheme, subject to the condition that:

The accumulated pension wealth in the subscribers permanent retirement account is equal to or less than Rs.2,00,000/- at the time of superannuation for government employee subscribers or upon attaining the age of 60 years for subscribers falling under All citizen model and Corporate model.

The subscribers wishing to exercise this option shall have to fill the attached request form along with the NPS Withdrawal form while submitting the same to their
DDO/PAO/DTO/POP.

Sd/-
Venkateswarlu Peri
General Manager

CIRCULAR

National Pension System (NPS)

Request for withdrawal of Total Pension Wealth upon normal superannuation (for government employees) / Upon attaining the age of 60 years and where the total pension wealth is equal to or less than Rs.2,00,000/-

I _________________________________________ holding a Permanent Retirement Account with number (PRAN) ————————————————– do
hereby apply for the payment of the accumulated pension wealth in my NPS account being the full and final benefits receivable by me.

Date:
Place: Signature of the Subscriber

Source- http://pfrda.org.in

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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.

Golden Jubilee Year 2013
Kendriya Vidyalaya Sangathan (HQ)
18, Institutional Area, Shaheed Jeet Singh Marg
New Delhi-110016

No.110126125(1)/2013/KVS/PF/NPS

Date: 09.07.2013

The Deputy Commissioner / Director,
Kendriya Vidyalaya Sangathan,
All Regional Offices / ZIETS.

Sub: Monthly statement of account in respect of NRDCPS — Reg.

While checking the uploaded amount of NPS as shown in the NSDL website along with the amount remitted by KVS (HQ), vast difference exist between the amount uploaded and the amount remitted frqm KVS (HQ). Delay in uploading will result in loss of interest for the NPS subscribers.

In order to monitor the uploading on monthly basis, all the Regional Offices / ZIETs are requested to furnish the monthly Receipt and Payment of NRDCPS within 15th of the following month.

The proforma for submitting the monthly statement of account is enclosed.

These instructions may be noted for strict compliance.

Yours faithfully,
sd/-
(M.Arumugam)
Joint Commissioner (Fin)

Source: www.kvsangathan.nic.in
[http://kvsangathan.nic.in/CircularsDocs/cir-nps-09-07-13.pdf]

The post KVS Orders on NPS : Monthly statement of account in respect of NRDCPS – Reg. appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Source: www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/INVESTMENT%20GUIDELINES%20FOR%20PRIVATE%20SECTOR%20NPS147808164.pdf]

The post PFRDA Publishes Investment Guidelines for Private Sector NPS appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

The post NPS- Corporate Sector Model – Discontinuation of ‘Corporate- CG scheme.’ for new corporates joinlng NPS. appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.