PFRDA
Pension Fund Regulatory and Development Authority (PFRDA) is a prudential regulator for the NPS which was established by the Government of India on 10th October 2003 to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.
NPS TRUST
PFRDA has established the NPS Trust under Indian Trust Act 1882 which is responsible for taking care of funds under the NPS. The Trust holds an account with the Bank of India , which is designated as the NPS Trustee Bank.
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| Functions of NPS Trust |
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a) |
Call for any information or report etc from PF Trustee Bank and Custodian. |
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b) |
Issue directions to PF for protecting the interest of subscribers. |
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c) |
Appoint a panel of independent auditors to undertake compliance audit. |
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d) |
Verify that the Trustee Banks and PFs are strictly performing as per the provisions of the agreement. |
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Central Recordkeeping Agency (CRA)
NSDL has been appointed as the CRA which provides periodic consolidated PRAN statement, performs centralised record keeping, administration and customer service functions for all the subscribers.
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| Services provided by CRA: |
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a) |
Providing subscribers with periodic PRAN account statement. |
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b) |
CRA sends the status of the grievances to the subscriber for the requests registered by them. |
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c) |
Acting upon the instructions of subscribers. |
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d) |
Provision of Retirement Account Information to subscriber as to pension wealth accumulated or withdrawable amount. |
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NPS Trustee Bank
Bank of India is functioning as a NPS Trustee Bank, that would manage the banking of pension funds , the schemes , the guidelines issued by PFRDA, Ministry of Finance and Govt of India.
Pension Fund (PFs)/ Pension Fund Managers (PFMs)
Appointed PFs would manage the retirement saving of subscribers as per the guidelines issued by the Govt/PFRDA. NPS allows you to choose from anyone of the following six entities:
- ICICI Prudential Pension Fund Management Company Limited
- IDFC Pension Fund Management Company Limited
- Kotak Mahindra Pension Fund Limited
- Reliance Capital Pension Fund Limited
- SBI Pension Fund Private Limited
- UTI Retirement Solutions Limited
Point of Presence (POP)
POP act as the customer interface for the Non-Government Subscribers/Individual Citizens who wish to open Permanent Retirement Account(PRA) with Central Recordkeeping Agency (CRA) for the purpose of subscribing to the New Pension System(NPS).
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| Functions of POP |
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a) Verification of documents & collect cheques, cash etc. |
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b) Updating files to CRA |
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c) Maintaining records of all transactions as per PML act 2002 |
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d) Subscriber Servicing |
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e) Grievance Handling |
Branches of the registered POP's designated as POP Service Providers (POP-SP) will act as the initial point of contact and collection point for all citizens other than Government Employees desiring to obtain a Permanent Retirement Account Number (PRAN) under NPS.
Annuity Services Provider (ASP)
Responsible for delivering a regular monthly pension to the subscriber for his/ her life. |
