This FAQ document is intended solely for informational and reference purposes, based on the PFRDA (Operationalisation of UPS under NPS) Regulations, 2025. While every effort has been made to ensure the accuracy of the information provided, this document should not be considered a legal interpretation or a substitute for the official regulations, circulars, or notifications issued by the Pension Fund Regulatory and Development Authority (PFRDA) or the Government of India.

Users are advised to refer to the relevant statutory documents and consult professional advisors for specific queries or decisions.

• Frequently Asked Questions (FAQs) – Unified Pension Scheme (UPS)
• FAQs related to Contributions under UPS
• FAQs related to Investment of Contributions
• FAQs related to Benefits under UPS
• FAQs related to operational issues on Payment of Benefits under UPS

Frequently Asked Questions (FAQs) – Unified Pension Scheme (UPS)

1. What is Unified Pension Scheme (UPS)?

The Unified Pension Scheme (UPS) is introduced by the Central Government as an option under the National Pension System (NPS) for Central Government employees with effect from 1st April 2025. The UPS provides assured pay-out based on the prescribed conditions.

2. Whether existing central government employee is eligible to opt for UPS?

Yes, an existing Central Government employee in service as of 1 April 2025, who are covered under National Pension System (NPS) is eligible to opt for UPS.

3. Whether newly recruited Central government employee is eligible to opt for UPS?

Yes, a newly recruited Central Government employees joining service on or after 1 April 2025 is eligible to opt for UPS.

4. Whether Central government employee retired prior to 31 March 2025 is eligible to opt for UPS?

Yes, a Central Government employee who was covered under NPS retired on or before 31st March 2025 and who meets prescribed conditions i.e.

(i) Who has superannuated after minimum 10 years of qualifying service or

(ii) Has retired under Fundamental Rules 56(j) (which is not treated as penalty under Central Civil Services (Classification, Control and Appeal) Rules, 1965), on or before 31st March 2025, or

(iii) The legally wedded spouse as on date of superannuation/retirement of deceased subscriber eligible under UPS.

5. What are the forms to be filled by eligible Central Government employee to opt for UPS?

6. From where the forms for enrollment under UPS can be obtained?

The forms A1, A2, along with the instructions and list of documents to be attached can be downloaded from the website of the Protean CRA at, www.npscra.nsdl.co.in/ups.php

7. What are timelines to exercise the option of UPS under NPS by an eligible existing (as on 31.03.2025) Central Govt employee?

Option has to be exercised within three (03) months from 1st April 2025, or within such extended timelines if any, allowed by the Central Government.

8. What are timelines to exercise the option of UPS under NPS by an eligible retired (as on 31.03.2025) Central Govt employee?

Option has to be exercised within three (03) months from 1st April 2025, or within such extended timelines if any, allowed by the Central Government.

9. What are timelines to exercise the option of UPS under NPS by the legally wedded spouse as on date of superannuation/retirement in case of a subscriber who has superannuated or retired and has demised prior to exercising the option for UPS.?

Option has to be exercised within three (03) months from 1st April 2025, or within such extended timelines if any, allowed by the Central Government.

10. What are timelines to exercise the option of UPS under NPS by new recruit to the Central Govt services joining on or after 1st April 2025?

Option has to be exercised within thirty (30) days from the date of joining Central Government services or within such extended timelines, if any, allowed by the Central Government.

11. Can the option of UPS be changed subsequently?

No, once exercised, the option to choose UPS is final and irrevocable.

12. What happens if the employee fails to opt for UPS within the specified time period?

An eligible person, who does not exercise the UPS option under NPS within the timelines laid down shall be deemed to have opted to continue under NPS without UPS option.

13. What is Permanent Retirement Account Number (PRAN) under UPS?

PRAN is a Permanent Retirement Account Number allocated to subscriber opening/opting for UPS, and under which all the transactions are recorded by the CRA system.

14. What are the proofs of Identity and address documents required in form for opening UPS account?

Identity and address proof are the key KYC documents. Any one of the following to be submitted:

15. Where the option form/ account opening forms under UPS is to be submitted by the subscriber?

The form can be submitted online or physically to the Head of Office / DDO where the subscriber is employed. Subscribers are advised to retain the acknowledgement slip signed/stamped by the designated respective nodal office where they submit the application

16. Whether there is online process for enrolment under UPS?

Yes, subscriber can submit their request for enrolment online by filing required forms through CRA website. Once it is submitted, the form goes to the DDO and then to PAO for verification.

17. What are the details to be filled by Nodal Office in the account opening form for UPS?

Employment Details (At the time of exercise of UPS option)

1. 1. Date of joining
   2. Date of Superannuation
   3. Date of commencement of qualifying service
   4. Employee Code/ID
   5. Basic Pay
   6. Pay Scale (Optional)
   7. Name of the office
   8. Department
   9. Ministry
   10. DDO Registration Number
   11. PAO / CDDO / Pr.AO Registration Number.

18. What is qualifying service under UPS?

Qualifying service shall be the completed months for which UPS subscriber has rendered regular services under the Central Government, determined by the Head of Office, in terms of Regulation 13 of the PFRDA (Operationalization of Unified Pension Scheme under National Pension System) Regulations, 2025.

19. Where the forms are to be submitted/processed by the nodal office?

Through the online system of the CRA.

20. How the subscriber can obtain the status of his/her application?

The Subscriber can obtain the status of his/her application from CRA and respective Nodal Office.

21. Will UPS subscribers still be able to open/ maintain/ hold voluntary NPS Tier-I/ II accounts?

Yes, subscribers of UPS can voluntarily maintain NPS Tier-I and Tier-II accounts under “All Citizen Model” along with UPS as a separate account within same PRAN number.

FAQs related to Contributions under UPS

22. How much is monthly contribution under UPS?

The monthly contribution of employee will be 10% of (basic pay + DA) along with matching contribution by employer, is to be credited to each employee’s PRAN through the concerned nodal office.

Further, an estimated 8.5%contribution towards Pool Corpus shall be paid by Central Government, on aggregate basis.

23. What will happen to my existing corpus on migration from NPS to UPS?

On migration from NPS to UPS, the corpus of the subscriber will get transferred to the PRAN tagged to UPS.

24. On migration from NPS to UPS, whether new PRAN will be issued?

On migration from NPS to UPS, the subscriber shall be identified by the erstwhile PRAN tagged to UPS.

25. What is Individual Corpus and Benchmark Corpus?

Individual Corpus means the value of corpus available in the PRAN of a subscriber under UPS.

Benchmark Corpus is a notional value computed by CRA for comparison with individual corpus. It is based on NAV of the default investment. (For more details, Regulation 12 and Illustrations in Schedules to the Regulations, may be referred).

26. What are the timelines to be followed by the govt nodal offices for processing and remittance of contributions under UPS?

27. What is Pool Corpus under UPS?

The government contributes an estimated 8.5% towards a Pool Corpus based on aggregate employee data.

The Pool Corpus shall comprise of: –

1. 1. additional Central Government contribution at an estimated eight and half percent of Basic Pay (including non-practicing allowance, wherever applicable) plus Dearness Allowance, on aggregate basis of all employees who have chosen the UPS option;
   2. transfer of balance from the individual corpus of a subscriber as per regulation 19 (3); and
   3. any other contribution defined by the Central Government.

28. How is the Pool Corpus managed?

The Pool Corpus shall be allocated to such pension fund(s) as determined by the Central Government, who shall invest the funds in accordance with the investment pattern and related aspects thereto, as approved by the Central Government.

FAQs related to Investment of Contributions

29. Can an employee select the pension fund and investment pattern under UPS?

Yes, employees can choose from registered pension funds and investment patterns, including default patterns defined by PFRDA.

30. What happens if an employee does not choose a pension fund?

In such cases, the employee will be assigned the default pension fund and investment pattern defined by PFRDA.

31. What are the options of investment choices for individual corpus other that default pattern?

1. Option to invest hundred percent of the funds in Government securities (Scheme G); or
2. Option of any one of the following Life Cycle based schemes:

(a) Conservative Life Cycle Fund with maximum exposure to equity capped at twenty- five percent. LC-25; or

(b) Moderate Life Cycle Fund with maximum exposure to equity capped at fifty percent. LC-50.

32. How many times the choice of pension fund and investment choice can be exercised in a financial year?

UPS Subscriber shall have an option to change

• • the choice of pension fund once in a financial year and
  • investment choice twice in a financial year.

33. How Benchmark Corpus is calculated?

Benchmark corpus shall be computed in the following manner:

(i) Partial withdrawals made out of individual corpus and voluntary contributions made into the individual corpus shall not be considered in the computation.

(ii) For contributions received prior to 1st April, 2025: monthly contributions shall be considered as and when they have been received and be valued on default pattern.

(iii) For contributions received on or after 1st April, 2025:

(a) monthly contributions which are to be received in that month, shall be considered as and when received during the month and valued on default pattern.

(b) In the event of any missing contribution in any month, value shall be based on the weighted average NAV of default pattern as on the last working day of the month applied to monthly contributions of previous full month.

(iv) Contributions arising from arrears, such as arrears of Dearness Allowance shall be considered and valued on the default pattern as and when they are received.

34. Will the subscriber be informed of corpus value updates?

Yes, CRA will provide details of the individual corpus and benchmark corpus in the PRAN account statement periodically.

FAQs related to Benefits under UPS

35. How is the assured payout calculated under UPS?

• The rate of full assured payout will be @50% of 12 monthly average basic pay, immediately prior to superannuation, payable after a minimum 25 years of qualifying service.
• In case of lesser qualifying service period, proportionate payout would be admissible.
• A minimum guaranteed payout of Rs. 10,000 per month shall be assured in case superannuation is after 10 years or more of qualifying service subject to timely and regular credit of contributions and no withdrawals.
• In cases of voluntary retirement after a minimum 25 years of qualifying service, assured payout will commence from the date on which the employee would have superannuated if he had continued in service.

Assured Payout = (½ of P) × (Q/300)

• P = Average of Basic Pay for the last 12 months before retirement.
• Q = Number of qualifying service months.

If Q is:

• Less than 120 months → UPS benefits do not apply.
• More than 300 months → Q is capped at 300 months.

36. When will the payout commence in case of voluntary retirement?

In cases of voluntary retirement after a minimum 25 years of qualifying service, assured payout will commence from the date on which the employee would have superannuated if he had continued in service.

37. What is the amount of minimum guaranteed payout under UPS?

A minimum guaranteed payout of Rs. 10,000 per month is guaranteed after completing 10 years of service.

38. Will the assured payout under UPS reduce in case of reduction in qualifying service?

Yes, in case of Qualifying service period of ten years or more, but less than twenty-five years, proportionate payout shall be payable.

39. Under what conditions shall the assured payout reduce?

Assured payout shall be proportionately reduced in any or both of the following cases –

a) Individual corpus is less than the benchmark corpus as on the date of superannuation or voluntary retirement or retirement under Fundamental Rules 56(j), as may be applicable;

b) Final withdrawal not exceeding sixty percent of the individual corpus, as opted by a subscriber. The assured payout so proportionately reduced shall be payable as admissible payout.

40. What is Admissible Payout?

The assured payout so proportionately reduced shall be payable as admissible payout. The formula for calculating admissible payout is as under:

Admissible Payout = Assured Payout x IC/BC x (1-FW%), where, IC= value of Individual
Corpus, BC= value of Benchmark Corpus, with condition of IC ≤ BC

FW= Final withdrawal in percentage points (maximum upto sixty percent of IC or BC, whichever is lower).

41. What is Family Payout under UPS?

Upon demise of a UPS Subscriber who was receiving admissible payout or top-up amount, as the case may be, the legally wedded spouse as on date of superannuation/retirement of such deceased subscriber shall receive for life, family pay out of sixty percent of the amount of the admissible payout or top-up amount drawn by the subscriber immediately prior to the demise.

42. Subscriber who was eligible to receive UPS benefits but has not claimed any benefits prior to demise, whether spouse of such deceased UPS subscriber is eligible to receive UPS benefits?

Yes, the legally wedded spouse shall be eligible to receive the benefits payable to deceased subscriber till the date of his/her demise. Thereafter, the spouse shall be eligible for family pay out of sixty percent of the amount eligible to be received by such subscriber immediately prior to the demise.

43. What are the benefits available under UPS, to superannuated or retired employees covered under National Pension System on or before 31st March 2025?

Employee who complies with the requirements under regulation 4 and regulation 19 shall be eligible to receive the following benefits –

a) lumpsum payment;

b) monthly top-up amounts payable immediately after the date of superannuation or retirement;

c) applicable dearness relief; and

d) simple interest as per applicable Public Provident Fund rates on arrears with respect to above benefits for the past period from the month after superannuation up to the month preceding the submission of claim forms.

Further, no interest shall be payable for the period beyond the last date of submission of option or claim as per clause (ii) of regulation 3.

The benefits specified under sub-regulation (1) shall be in addition to the benefits availed or accrued to such employee under NPS including annuity, if any under NPS.

44. How the monthly top-up amount is calculated for employees already retired on or before 31st March 2025 and receiving annuity under NPS?

Such employees will receive monthly top-up amount, which will be calculated as follows: Monthly top-up = (Admissible Payout + Dearness Relief on Admissible Payout)- Representative Annuity amount

45. What is Representative Annuity rate & amount?

Representative Annuity rates for the period from January 2014 to March 2025 are provided under Schedule VI of PFRDA (Operationalization of Unified Pension Scheme under National Pension System) Regulations, 2025.

Representative annuity amount= (IC) x (1-FW%) *(Representative Annuity Rate)/ (12*100). In case IC is greater than BC, IC shall be taken as equal to BC.

46. What benefits available and when payable under UPS to subscriber/Spouse?

Table- 1 (UPS subscriber who superannuated/retired on or before 31/03/2025)

Table- 2 (UPS subscriber who superannuated/retired on or after 01/04/2025)

47. Who are eligible to receive assured payouts under UPS?

Assured Payout shall be available only in the following cases, namely: –

(a) In case of an employee superannuating after qualifying service of 10 years, from the date of superannuation;

(b) In case of the Government retiring an employee under the provisions of FR 56 (j) (which is not a penalty under Central Civil Services (Classification, Control and Appeal) Rules, 1965) from the date of such retirement; and

(c) In case of voluntary retirement after a minimum qualifying service period of 25 years, from the date such employee would have superannuated, if the service period had continued to superannuation.

48. Who can claim family payout under UPS?

Only the legally wedded spouse as on date of superannuation/retirement of the deceased UPS subscriber whose name appears as such in the service records as on the date of superannuation or voluntary retirement or retirement under Fundamental Rules 56(j), as may be applicable, and who is surviving the deceased subscriber is eligible for claiming family payout under UPS.

49. Whether the spouse of the subscriber married after the date of superannuation, is eligible for family payout?

No, only the legally wedded spouse as on date of superannuation/retirement is eligible for family payout.

50. Is there any provision for lump-sum payment under UPS?

Yes, a lump-sum amount equivalent to one-tenth of the last drawn basic pay (plus NPA and DA) is paid for every completed 6-month period of qualifying service.

Lumpsum Payment = (E/10) x L, where; Emoluments (E) = {Basic Pay (including non-practicing allowance, if applicable) + DA}

Length of service (L) = number of completed six months of qualifying service as certified by Head of Office.

Explanation: For the purpose of calculation of every completed six months of qualifying service, any period less than six months shall not be considered.

51. Is there any option to withdraw an amount under UPS at the time of retirement and to what extent?

Yes, UPS Subscriber shall have an option of final withdrawal for an amount not exceeding sixty percent (60%) of the individual corpus or benchmark corpus, whichever is lower, available in the PRAN tagged to UPS as on the date of superannuation or voluntary retirement or retirement, subject to proportionate reduction in the assured payout payable to such UPS Subscriber.

52. What and how much is final withdrawal percentage?

UPS Subscriber shall also have an option to withdraw an amount not exceeding sixty percentage of the individual corpus or benchmark corpus, whichever is lower, available in the PRAN tagged to UPS as on the date of superannuation or voluntary retirement or retirement under Fundamental Rules 56(j), as may be applicable subject to proportionate reduction in the assured payout payable to such UPS Subscriber.

53. How the final withdrawal amount shall be calculated in case Individual Corpus is more than the benchmark corpus?

Final withdrawal of up to 60% of the individual corpus or benchmark corpus (whichever is lower) is allowed as on date of Superannuation or Voluntary retirement or retirement under 56(j).

54. When will final withdrawal be admissible?

Such final withdrawal shall be admissible on the date of superannuation or voluntary retirement or retirement under Fundamental Rules 56(j).

55. How is Dearness Relief applied under UPS?

Dearness Relief as declared by the Central Government from time to time, will be applicable on admissible payout and family payout. Dearness Relief shall be payable only when admissible payout commences.

56. Whether benefits under UPS are receivable if the employee has been removed or dismissed or has resigned from the service?

No, Assured Payout shall not be available in case of removal or dismissal from service or resignation of the employee. In such cases, the Unified Pension Scheme option shall not apply.

57. Can a subscriber make partial withdrawals during the service period?

Yes, partial withdrawals up to 25% of self-contribution (excluding returns) are allowed after completion of lock-in period of three years from the date of enrolment under UPS or NPS whichever is earlier, for specified purposes.

58. What purposes are allowed for partial withdrawal under UPS?

Higher education of children, marriage of children, purchase/construction of residential house, medical emergencies, disability-related expenses, and skill development.

59. How many times can partial withdrawals be made under UPS?

A maximum of three times, including withdrawals made under NPS before opting for UPS.

60. Is there any option to replenish the partial withdrawal made under UPS?

Yes, the subscriber has the option to replenish the partially withdrawn amount before retirement.

FAQs related to operational issues on Payment of Benefits under UPS

61. How are UPS benefits claimed after retirement/death of the subscriber?

The subscriber or legally wedded spouse as on date of superannuation/retirement of the subscriber, as the case may be, must submit the relevant application forms to the Head of Office or DDO.

62. What is UPS Payout Order (UPO)?

The UPS Payout order contains the details of the benefits payable to a UPS Subscriber.

63. Who will authorize UPS payout order?

The UPO shall be authorized by the respective PAO and sent to the National Pension System Trust through CRA.

A copy of such UPS Payout Order shall simultaneously be made available to the UPS Subscriber or the legally wedded spouse as on date of superannuation/retirement, as the case may be.

a) Upon receipt of UPS Payout Order by National Pension System Trust together with option of final withdrawal if any by the UPS subscriber, the National Pension System Trust shall authorize the release of UPS benefits as specified under these regulations and authorise the transfer of the balance in the individual corpus to pool corpus.

b) The National Pension System Trust shall ensure payment of monthly payout from the Pool Corpus to the bank account of the UPS subscriber and periodic release of applicable dearness relief. For this purpose, CRA shall intimate to the pension fund to effect redemption from the Pool Corpus for payment of such payout to the subscriber.

64. What details are covered in UPS Payout Order (UPO)?

a) requisite details of UPS Subscriber including particulars of legally wedded spouse as on date of superannuation/retirement of such subscriber as appearing in the service records,

b) the period of qualifying service;

c) Details of joint bank account of the UPS Subscriber and legally wedded spouse as on date of superannuation/retirement;

d) Percentage of final withdrawal upto sixty percent of individual corpus or benchmark corpus, whichever is lower, as opted by UPS Subscriber;

e) Details of benefits applicable under UPS as specified under these regulations, such as:

1. 1. lumpsum payment;
   2. excess, if any, of individual corpus vis-à-vis benchmark corpus
   3. assured payout;
   4. admissible payout;
   5. Top-up amount (applicable for retirees on or after 31.03.2025)
   6. family payout;
   7. applicable dearness relief.

f) the date of commencement of admissible payout to subscriber.

65. How UPS Payout Order and monthly payouts shall be processed?

NPS Trust shall authorize release of benefits upon receipt of UPS Payout Order.

Further, the NPS Trust shall ensure payment of monthly payout from the Pool Corpus to the bank account of the UPS Subscriber and periodic release of applicable dearness relief.

66. What is the role of nodal offices and the CRA in processing of claims under UPS?

a) The CRA shall make available the details of partial withdrawals made if any, by superannuated or retired employee, and value of individual corpus and benchmark corpus as on the date of superannuation or retirement to DDO and PAO in their CRA system login.

b) The DDO shall update the records in CRA system after obtaining necessary details, if required from Head of Office and forward the same to PAO for its authorization in such system.

c) Based on the verification of subscriber details by Head of Office, the PAO shall issue a UPS Payout order, as per Form B1, B3 or B5, as applicable, containing details as specified under regulation 20.

d) Upon receipt of UPS Payout Order by National Pension System Trust together with option of final withdrawal if any by the UPS subscriber, the National Pension System Trust shall authorise the release of UPS benefits as specified under these regulations and authorise the transfer of the balance in the individual corpus to pool corpus.

The National Pension System Trust shall ensure payment of monthly payout from the Pool Corpus to the bank account of the UPS subscriber and periodic release of applicable dearness relief. For this purpose, CRA shall intimate to the pension fund to effect redemption from the Pool Corpus for payment of such payout to the subscriber.

Download Unified Pension Scheme (UPS) FAQ 2025 PDF

The post Unified Pension Scheme (UPS) FAQ 2025 – PFRDA NPS Guidelines & Clarifications appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

CIRCULAR

Circular No: PFRDA/2023 /27/Sup-CRA/08

22nd Sep 2023

To
All NPS Stake Holders and Govt sector subscribers

Subject: NPS Tier II through Default scheme for Government Sector Subscribers-reg

As part of PFRDA’s ongoing commitment to provide enhanced investment avenues under NPS, it has been decided to introduce the NPS Tier Il Default Scheme exclusively for Government Sector Subscribers.

2. Government Sector Subscribers under NPS will be given additional investment option of Default Scheme along with the existing Scheme E / Scheme C / Scheme G investment options.

3. The NPS Tier II Default Scheme represents a significant step forward in catering to the diverse financial aspirations of the Government Sector Subscribers. This scheme is designed to offer flexibility and convenience, aligning with the unique requirements of the Subscribers under the Government sector.

4. Government Sector Subscribers may continue with the Default Scheme under Tier Il even after their shifting account to another sector also.

5. The key benefits of an NPS Tier II account:

• Greater Flexibility: There is no mandatory annual contribution requirement for Tier II. The Subscriber can open the account by paying the minimum contribution. There is no maximum limit on the amount that can be contributed under Tier II.
• Easy Withdrawals: With a Tier II account, subscribers can withdraw money at any point of time. It’s a convenient way to access the savings when subscribers may need them the most.
• Seamless Transfer: If subscriber wishes to move the funds to primary pension account (Tier I), it can be done at any point. This feature ensures that the investments remain dynamic and adaptable to your changing needs.
• No Minimum Balance: There is no requirement for maintaining a minimum balance in NPS Tier Il account. It offers the freedom to contribute as much or as little as one wants.
• Separate Nomination Facility: The Subscribers can nominate beneficiaries for Tier II account separately, if required.
• Default Investment Scheme: The facility of the Default Investment Scheme of Tier I has been extended to Tier Il accounts for Government Sector Subscribers. This facilitates the Subscribers to have access to a simplified default investment scheme, similar to Tier I, without the need for actively choosing a scheme of investment or PFs.
• Easy to onboard: To join Tier II and opt for the Default Scheme, the Subscribers need to provide consent or a request to the CRA through the associated nodal office. The online & electronic modes of consent mode available on the CRA portal for the benefit of Subscribers.

6. Government Sector Subscribers associated with Protean CRA can complete the account activation process on Protean e-NPS website. If any subscriber is already having Tier Il and wish to opt for default scheme in Tier II, one can do the same through scheme Preference Change option available in the login of subscriber. More than 700 subscribers have already opted for default scheme in Tier II.

The facility of Tier Il under default choice will also be made available soon for subscribers associated with KFin CRA.

7. This circular is issued under Section 14 (1) of PFRDA Act,2013 read with Regulation 18 and 19 of the PFRDA (Central Recordkeeping Agency) Regulations,

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

The post NPS Tier II through Default scheme for Government Sector Subscribers – PFRDA appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
CIRCULAR

Circular No: PFRDA/2023 /26/Sup-CRA/07

10th Aug 2023

To

All Subscribers & NPS Stakeholders

Subject: Simplified & Secured way to stay Informed on NPS Investments through Consolidated Account Statement (CAS)

The CAS provided by National Securities Depository Limited (NSDL) and Central Depository Services Ltd (CDSL) offers a consolidated view of the personal investments in the securities market with updated mark-to-market values. It encompasses holdings of Demat accounts and mutual fund holdings of the investors.

2. CAS is issued to investors in accordance with Regulation 36(4) of SEBI (Mutual Funds) Regulations, 1996 and circulars thereof for the benefit of Investors. Central Record Keeping Agencies (CRAs) in terms of Regulation 18(2)(k) of the PFRDA(CRA) Regulations,2015 enhance & develop the modules to address the evolving requirements of various stakeholders. PFRDA in coordination with SEBI has enabled the functionality to benefit NPS Subscribers to view their pension corpus under NPS in CAS.

3. In line with the Government of India’s vision to create a comprehensive record of every individual’s financial assets, PFRDA has integrated the NPS Statement of Transaction (SoT) with CAS. Currently, the NPS SoT is shared on an annual basis either physically or through email, and it can also be viewed online in the CRA login. Now, PFRDA has enabled CRAs to integrate with depositories, registered with SEBI to provide NPS Subscribers with the option to include NPS transactions in CAS. Till date, nearly 50000 Subscribers have evinced interest and provided their consent to avail the facility.

4. Some important features regarding the inclusion of NPS SoT in CAS & benefits are as under:

a. Consent Basis:

The facility to include NPS SoT in CAS will be available to NPS subscribers on consent basis. If the Subscriber wishes to opt for this inclusion, the consent can be provided on the respective website of aforementioned CRAs.

b. Nominal Charges:

A fee of Re 1/- will be applicable for each physical statement requests, while 10 paise will be charged for each email statement.

5. Benefits of Consolidated Account Statement (CAS):

1. Simplified Record-Keeping: CAS eliminates the need to maintain separate statements for different investments by summarizing the details into one comprehensive statement. This reduces paperwork and provides a consolidated view of all investments at one place, making it easier to manage and track the same.
2. Enhanced Safety: With the increasing popularity of online contribution and digital  payment methods, the CAS plays a crucial role in ensuring safety of information pertaining to contributions/ investments. By receiving monthly updates, the Subscribers can stay alert and promptly identify any unauthorized transactions. In case of fraudulent activities, the Subscribers can inform the associated intermediary at the earliest of necessary action.
3. Timely Information: CAS keeps Subscribers well-informed about their investments. With a monthly update of all transactions and holdings, they can easily monitor the performance of investments, stay up to date with any changes, and make informed decisions accordingly.

6. All the Stakeholders like POPs, Nodal Offices and NPS Trust are required to disseminate this important information to the subscribers and encourage them to avail the facility by providing consent for including NPS SoT in CAS. The CRA wise process flow of consent framework is provided at the Annexure-I for the benefit of Subscribers.

7. This circular is issued under Section 14 (1) of PFRDA Act,2013 read with Regulation 18 and 19 of the PFRDA (CRA) Regulations, 2015.

Yours sincerely,

Digitally signed by K
MOHAN GANDHI
Chief General Manager

Annexure

Procedure to give consent for inclusion of NPS details in CAS

Subscribers associated with Protean CRA:

1. Subscribers can visit the website of Protean CRA. Under News section, click on the link to provide to provide consent for availing NPS details in CAS.
2. Enter the 12-digit PRAN, PAN and Date of Birth.
3. Submit the declaration.
4. Enter the ‘One Time Password’ received on registered Mobile and Email ID.
5. On successful consent submission, NPS investments will be reflected in CAS.

Subscribers associated with KFin CRA:

1. Subscriber will login to the NPS account on KFin CRA website.
2. Subscriber will select Statement Menu on left side and will click on CAS statement.
3. Subscriber need to give consent for CAS Yes/No and charges will be shown to subscriber. Once selected the option, subscriber need to click on submit button to captured the CAS request.
4. Subscriber if selected as Yes, message will be shown for dispatch mode. Subscriber need to selected mode type- physical or Email.
5. Subscriber has the option to opt out of CAS also.

Subscribers associated with CAMS CRA:

1. Subscriber logs in to his / her CAMS NPS Account, and navigates to the “statements” tab.
2. In the Statement section, the subscriber selects the “CAS” option.
3. Subscriber provides the consent for sharing their NPS details with the depository and “submit”.

Note: Integration of PCRA with NSDL is completed and under progress with CDSL

The post Simplified & Secured way to stay Informed on NPS Investments through Consolidated Account Statement (CAS) appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
CIRCULAR

CIR No.:PFRDA/ 2023/ SUP-PoP/05

Date: 18 July 2023

To,

All Points of Presence (PoPs-NPS-Lite)

Dear Sir /Madam,

Subject: Guidelines for Operational Activities – to be followed by Point of Presence (PoPs-NPS-lite)

Please refer to Circular No PFRDA /2022/ 06/ SUP-POP/ 01 dated 16 March 2022 on Guidelines for Operational Activities -to be followed Point of Presence (PoPs-NPS-lite)

2. In exercise of the powers conferred under Section 14 of Pension Fund Regulatory and Development Authority Act, 2013 read with the Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 (as amended) more particularly Regulation 41 and 42, thereof, the following paras of “Guidelines for The Points Of Presence Registered under Regulation 3(1)(iv) – NPS-Lite-Swavalamban Scheme Of Pension Fund Regulatory And Development Authority (Point Of Presence) Regulations, 2018, and Amendments thereof” issued vide above referred circular are changed as under:

[1] Introductory Para is replaced as under:

In exercise of the powers conferred under Section 14 of Pension Fund Regulatory and Development Authority Act, 2013 (hereinafter referred to as PFRDA Act, 2013) read with the Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 (as amended) more particularly Regulation 41 and 42, the following guidelines are being issued. These guidelines shall supersede the earlier guidelines dated 1st January 2016 issued for compliance by all Points of Presence registered under Regulation 3(1 )(iv) – NPS – Lite-Swavalamban scheme (hereinafter referred to as ‘PoP-NPS-Lite’). Notwithstanding such supersession, anything done or any action taken under or in terms of the said guidelines, shall be deemed to be valid and have effect, for the period, when such guidelines was in force and remains applicable. The present guidelines may be modified by the Authority from time to time depending upon the service requirements/ amendments in the law, if any. These guidelines along with amendments shall be deemed to be effective from 1st April, 2022, save such provisions which are expressly to take effect from such date as has been specifically mentioned hereunder.

[II] Para 4(i) shall be substituted as below:

PoP-NPS-Lite shall pay compensation to subscribers @ repo rate + 2% p.a. of the transaction amount, which will be the contribution amount (in case of deposit) or exit proceeds (in case of exit/ withdrawal claim), rounded off to next integer value, or as per rate determined by the employer/ aggregator for their employees/ associates, whichever is higher, for the period of delay. The repo rate applicable shall be as declared by RBI Monetary Policy Committee from time to time and as prevalent on date of receipt of contribution.

2. The rate of compensation payable to subscribers (where applicable) under para 4(i) of the guidelines shall come into force w.e.f. 1% August 2023. Other content of the Circular No PFRDA /2022 /06/ SUP-POP/ 01 dated 16″ March 2022 on Guidelines for Operational Activities – to be followed Point of Presence (PoPs-NPS-lite) shall remain unchanged. All POP’s (PoP-NPS- Lite) are required to take notice and act in compliance of the PFRDA Act, 2013, the rules, Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 and the guidelines, issued by the Authority.

(Gurminder Kaur)
General Manager

The post NPS Guidelines for Operational Activities to be followed by Point of Presence (PoPs-NPS-lite) appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

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

The post NPS/APY Functionalities released by CRAs during Quarter IV (FY 2022-2023) – PFRDA appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

पेंशन निधि विकास प्राधिकरण
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

परामर्श / ADVISORY

File no.: PFRDA/ 16/05/ 112/0018/ 2020-REG-POP

May 02, 2023

प्रति / To

सभी उपस्थिति अस्तित्व, केन्द्रीय अभिलेखपालन अभिकरण तथा एनपीएस न्यास /
All Point of Presence (POPs), Central Record-keeping Agencies (CRAs) and NPS Trust

CBDT द्वारा दिनांक 28 मार्च, 2023 को जारी प्रेस विज्ञप्ति को ध्यान में रखते हुए, उक्त विषय पर दिनांक 23 मार्च, 2023 को जारी परामर्श के अन्तर्गत, PAN को आधार से जोड़ने की तिथि 30 जून, 2023 तक बढ़ा दी गई है।

2. सभी संबंधितों को सलाह दी जाती है कि वे इस संदर्भ में CBDT द्वारा तय की गयी समय-सीमा का पालन करें।

In continuation to our earlier advisory dated March 23, 2023 on the captioned subject, the date for linking PAN with Aadhaar has been extended till June 30, 2023 in accordance with CBDT press release dated March 28, 2023.

2. All concerned are advised to adhere to the timelines prescribed by CBDT in this regard from time to time.

Digitally signed by
SUMEET KAUR SUMEET
KAPOOR KAUR KAPOOR
(सुमीत कौर कपूर / Sumeet Kaur Kapoor)
कार्यकारी निदेशक / Executive Director

The post Linking of PAN with Aadhaar to be done by June 30, 2023 – PFRDA appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

PFRDA

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION

New Delhi, the 27th March, 2023

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (REDRESSAL OF SUBSCRIBER GRIEVANCE) (AMENDMENT) REGULATIONS, 2023

F. No. PFRDA/12/RGL/139/1.– In exercise of the powers conferred by sub-section (1) of Section 52 read with clause (d) of sub-section (2) thereof and clause (f) of sub-section (2) of Section 14 of the Pension Fund Regulatory and Development Authority Act, 2013 (Act No.23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015 namely, –

1. These regulations may be called the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) (Amendment) Regulations, 2023.

2. These shall come into force on the date of their publication in the official gazette.

3. In the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015: –

In proviso to sub-regulation (1) of Regulation 15, the words “sixty-five years” shall be substituted with “seventy years.”

Dr. DEEPAK MOHANTY, Chairperson
[ADVT.-III/4/ Exty./725/2022-23]

The post PFRDA (AMENDMENT) REGULATIONS 2023 appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

CIRCULAR No: PFRDA/2023/ 11/Fintech/02

16 March, 2023

To,

All NPS Stake Holders & Account Aggregators

Subject: Financial Information (FI) Types for Balances under National  Pension System (NPS)

The Account Aggregators (AA) are RBI regulated NBFCs that empowers the customers and Investors of financial assets to retrieve, collect their financial information from Financial Information Providers (FIP) based on their explicit consent. The financial information thus shared through the AA is not to be stored by the AA and it shall not be the property of the AA. The information is not to be used in any other manner except for the purpose of providing it to the customer or Financial Information User (FIU) with respect to customer’s explicit consent. Thus, the role of AA confined to consolidation, organization, presentation of the financial information to the customer or FIU.

2. PFRDA vide its circular dt 30 September 2022 issued guidelines for empowering NPS Subscribers to port their NPS data through AA Framework where Central Record Keeping Agencies (CRAs) appointed by PFRDA act as FIP.

3. In order to ensure secured and seamless movement of data across Financial Institutions across Financial Sector Regulators under different IT systems, a set of core technical specifications for the participants of the AA ecosystem are framed by Reserve Bank Information Technology Private Limited (ReBIT).

4. PFRDA is pleased to inform that Fl types for Balances under NPS published on ReBIT website under AA framework under the link https://api.rebit.org.in. These FI Types shall be the basis of information exchanges regarding Balances under NPS that could be requested by FIU through AA from CRAs as per API specifications defined by ReBIT.

5. For ready reference, please see the Annexure, which provides information about the role of CRAs as Financial Information Providers (FIP) and other entities under the AA framework.

AA related applications are to be made bilingual for wider reach and mass adoption catering to the needs of beneficiaries across geographies and to bring inclusivity.

Yours sincerely

Digitally signed by K
MOHAN GANDHI
Chief General Manager

Annexure

Role of CRAs as Financial Information Provider (FIP) & other entities under AA framework

1. CRAs shall share accumulated corpus of NPS Subscriber with an AA on being presented a valid consent artefact by an AA.

2. Post receipt of consent artefact, the CRAs shall verify:

• (a) validity of consent
• (b) specified dates and usage; and
• (c) the credentials of the AA

3. CRAs shall digitally sign the information related to NPS and securely transmit to the AA as per the terms of the consent artefact.

4. The information has to be provided on real time.

5. CRAs shall enable the following for the secured data flow.

• a. Implement interfaces that will allow an AA to submit consent artefacts and authenticate.
• b. Adopt means to verify the consent including digital signatures if any, contained in the consent artefact;
• c. Digitally sign the NPS information that is shared by them
• d. Maintains the log of all information sharing requests along with the actions performed and submit the same to the AA.

6. All regulated entities, which act under AA framework including CRAs, have to build IT systems and adopt to the technical specifications published by ReBIT, as updated from time to time.

7. It shall be the responsibility of the NBFC-AA to ensure that its IT systems have all features necessary to carry out its functions strictly in conformity with the NBFC-AA Master Directions as updated from time to time issued by RBI.

The post NPS – Financial Information (FI) Types for Balances under National Pension System appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR

PFRDA/2023/09/ SUP-ASP/01

Feb 22, 2023

To
All NPS Stake Holders

Subject: Mandatory upload of Withdrawal/ KYC documents to enable Parallel Processing of Exit and Annuity for the benefit of NPS Subscribers.

PFRDA in regulatory collaboration with IRDAI had simplified the process of buying Annuity wherein Annuity Service Providers (ASPs) shall use the NPS withdrawal form submitted at the time of exit by the Subscribers at nodal officers / POPs for issuing Annuity. ASPs are Life Insurance Companies regulated by IRDAI and empanelled with PFRDA to serve NPS Subscribers and secure their old age with regular stream of periodical income. The detailed guidelines and benefits of parallel processing provided vide our circular dt 14th Nov 2022.

2. The common proposal for Exit from NPS and for buying annuity from ASP facilitates parallel processing of Lump sum component and Annuity due to which the time taken by ASPs while issuing Annuity Policies is significantly reduced which result in faster Subscriber servicing and timely Annuity issuance.

3. In the interest of Subscribers and to benefit them with timely payment of annuity income, the upload of the documents shall be mandatory with effect from 1st April 2023. The Subscribers and the associated nodal officers/POPs/ Corporate need to ensure that the following documents uploaded in the respective CRA user interface and the documents thus uploaded are to be legible,

1. NPS Exit/ Withdrawal Form
2. Proof of Identity and Address as specified in the Withdrawal form
3. Bank account Proof
4. Copy of PRAN card

The process flow provided at the Annexure for ready reference of stakeholders.

All Nodal offices/ POPs/ Corporate can educate the associated Subscribers about the importance of upload of documents and perform suitable quality checks about the legibility of those documents.

Digitally signed by K
MOHAN GANDHI
Chief General Manager

I. Steps for processing of Exit Request by Subscriber (Govt/Non Govt) – Paperless Mode

A. Initiation of Online Exit request in CRA system by Subscriber:

• Subscriber will initiate online exit request by logging into CRA system.
• At the time of initiation of request, the relevant messages about e-Sign/OTP authentication, authorization of request by Nodal Office/POP etc. displayed to the Subscriber.
• During request initiation, details like address, Bank details, nominee details etc. auto populated from NPS account.
• Subscriber will select fund allocation percentage for lump sum/annuity, annuity details, etc.
• Bank Account of the Subscriber (registered in CRA) will be verified through online Bank Account Verification (Penny drop facility).
• Subscriber needs to mandatorily upload KYC Documents (Identity & Address Proof), copy of PRAN card/ePRAN and Bank Proof at the time of submitting exit request.
• Scanned documents should be appropriate i.e. scanned images should be legible.
• Subscriber authorizes the request by using any one of the two following options to make the process paperless:

a. OTP Authentication – Distinct OTPs will be sent on Mobile Number and email ID of the Subscribers.

b. e-Sign – Subscribers will e-Sign the request using Aadhaar.

B. Authorization of Exit request by Nodal Office/POP:

On successful submission of online request by the Subscriber, the exit request along with scanned documents will be made available in the associated Nodal Office/POP CRA login.

• Nodal Office/POP will verify & authorize the request on the basis of scanned documents and no Physical Withdrawal Form/ Documents is required to be submitted to Nodal Office /POP/CRA.
• Post authorization of request by Nodal Office/POP, the request will get executed in the CRA system.
• Lump sum share will be transferred to Subscriber’s Bank Account within stipulated timeline.
• The copy of withdrawal documents/KYC will be made available to ASPs (as applicable) for the purpose of issuing annuity.
• Physical Withdrawal Form and supporting documents are not required to be submitted by Nodal Office/POP to CRA in case of digital authentication of Exit request (using OTP Authentication/eSign) for storage purpose.

II. Online request without OTP/e Sign for Government Subscribers Only:

• Subscribers need to initiate online Exit request and can opt for physical form submission option.
• Further, the Subscriber needs to mandatorily upload KYC Documents (Identity & Address Proof), copy of PRAN card/ePRAN and Bank Proof at the time of submitting exit request.
• Scanned documents should be appropriate i.e. scanned images should be legible.
• The Subscribers can submit physical Withdrawal form and supporting documents to the associated Nodal Office to authorize and onward submission of these Withdrawal forms to CRA.

III. Steps for processing of Exit Request by Nodal Office/POP – Physical Mode

A. Initiation of Online Exit request in CRA system by the Nodal Office/POP:

• Subscriber will submit physical withdrawal form along with supporting documents to the associate Nodal Office/POP.
• Nodal Office/POP will initiate online exit request with one user-ID by logging into CRA system.
• During request initiation, details like address, Bank details, nominee details etc. will be auto-populated from NPS account of the Subscriber.
• Nodal Office/POP will select fund allocation percentage for lump sum/annuity, annuity details, etc. as opted by the Subscriber.
• Bank Account of the Subscriber (registered in CRA) verified through online Bank Account Verification (Penny drop facility).
• Nodal Office/POP needs to mandatorily upload KYC Documents (Identity & Address Proof), copy of PRAN card/ePRAN and Bank Proof at the time of submitting exit request. Scanned documents should be appropriate i.e. scanned images should belegible.
• After providing the required details and uploading of documents in CRA system, Nodal Office/ POP has to submit the exit request of the Subscriber.

B. Authorization of Exit request by the Nodal Office/POP:

• Nodal Office/POP will login into CRA system with another user-ID.
• Nodal Office/POP will verify the exit request (details captured with one user-ID) of the Subscriber.
• Nodal Office/POP will authorize the exit request with checker user-ID if all the details are in order.
• Post authorization of request by Nodal Office/POP, the request will get executed in the CRA system. Accordingly, lump sum share will be transferred to Subscriber’s Bank Account within stipulated timeline.
• The copy of withdrawal documents/KYC will be made available to ASPs (as applicable) for the purpose of issuing annuity.
• Physical Withdrawal Form and supporting documents are not required to be submitted by Nodal Office/ POP to CRA for storage purpose.

The post Mandatory upload of Withdrawal/ KYC documents to enable Parallel Processing of Exit and Annuity for the benefit of NPS Subscribers appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

Circular No: PFRDA/2023 /06/SUP-CRA/03

7th Feb 2023

CIRCULAR

To,
All Stakeholders under NPS

Subject: Minimum Timelines for Maximum Subscribers benefits – Reduction in Turn Around Time to perform various activities from T+4 to T+2-reg

The intermediaries of PFRDA viz Central Recordkeeping Agencies (CRAs), Pension Funds (PFs) and Custodian have significantly enhanced the system interface and IT capabilities to reduce the timelines of various transactions for providing better subscriber experience to fulfill their evolving needs, as communicated vide Circular No PFRDA/2022/23/ SUP-CRA/08 dated 19th Sep 2022.

2. PFRDA is pleased to inform about the addition of more services in the bouquet under T+2 timelines. Timeline for processing Partial Withdrawal requests has also been reduced to T+2 across all CRAs now. For instance, those partial withdrawal requests authorized on Monday till specified timelines shall be processed such that the Subscribers’ Bank Account is credited on Wednesday, considering those 3 days are settlement days.

3. The updated list of CRA-wise activities which are processed on T+2 basis is provided in the Annexure for ready reference.

4. The reduced timelines will be introduced in a phased manner in the future for many more activities in the interest of Subscribers.

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

The post Minimum Timelines for Maximum Subscribers benefits – Reduction in Turn Around Time to perform various activities from T+4 to T+2 appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.