National Pension Scheme fee hike to make pension fund mgmt sustainable: IDFC

IDFC, one of the fund managers of National Pension Scheme (NPS), today said the proposed revision in fund management charges will help sustain the retirement fund industry in the long-run as all players are losing money under the present fee structure.

"The proposal to raise fund management charges in NPS will sustain the pension fund industry in the long-run as all players are losing money with the current charges," IDFC Chief Executive for Pension Funds Vikash Raj told reporters here.

Contribution Cards For CPF Subscribers

There are 11.18 Crore member accounts with Employees’ Provident Fund Organisation (EPFO) as on 07.08.2012. An e-Passbook facility, which can serve as Contribution Card, has been provided to EPFO subscribers. Members can access all the entries in their account with the facility to take a print out of their account statement.

The e-Passbook facility is already implemented in EPFO w.e.f. 20.07.2012. As the facility is being provided electronically, it is free of cost to the EPF subscribers.

How To Make Changes In Your NPS Subscriber Data?

Subscribers to the National Pension Scheme (NPS) must submit their name, date of birth, contact information, bank account details and other personal details while opening an NPS account.

This information is noted by the CRA and a Permanent Retirement Account Number (PRAN) is allotted to the investor. The subscriber can change or carry out corrections in the details provided, including nomination. If the change necessitates the reissue of a fresh PRAN card, the same will be issued by the CRA.

NPS DELIVERS AVERAGE RETURNS OF 9.33%, BEATS PFS

NEW DELHI: The three NPS managers handling the pension funds of Central and state government employees have delivered average returns of 9.33% in the past one year, outperforming the state-run government provident fund (GPF), employees provident fund (EPF) and the public provident fund (PPF). The three-year annualised returns are also quite decent at 8.47%, though not as spectacular as in the past one year.

PFRDA Issues Revised Set of Guidelines for Registration of Pension Fund Managers to Manage National Pension System for the Non-Governmentand Private Sector

The Pension Fund Regulatory and Development Authority (PFRDA) today issued a revised set of guidelines for registration of Pension Fund Managers (PFMs) to manage the National Pension System (NPS) for the non-government and private sector.

The revised guidelines, available on PFRDA’s website www.pfrda.org.in, have done away with the earlier bidding process, wherein a pre-determined number of slots were bid for by the PFMs, and the fees charged by them for managing the pension funds had to be uniform for all players.

SALIENT FEATURES OF DRAFT NATIONAL POSTAL POLICY, 2012

        1. Setting up a 'Postal Development Board' for overall development and governance of Postal Sector. Besides this, the Board will draw roadmap for unbundling of functions (operations, regulation and policy making) in postal sector over a period of time, in order to develop an organized, competitive, effective, well governed and commercial postal market in India.

2. Constitute Postal Advisory Council comprising policy makers, postal operators and other stakeholders. The council will be an advisory body for effective implementation of the policy.

PFRDA Issues Revised Set of Guidelines for Registration of Pension Fund Managers to Manage National Pension System for the Non-Government and Private Sector

Press Information Bureau 

Government of India

Ministry of Finance 

12-July-2012 18:10 IST

PFRDA Issues Revised Set of Guidelines for Registration of Pension Fund Managers to Manage National Pension System for the Non-Governmentand Private Sector 

The Pension Fund Regulatory and Development Authority (PFRDA) today issued a revised set of guidelines for registration of Pension Fund Managers (PFMs) to manage the National Pension System (NPS) for the non-government and private sector. 

New Pension System - Lok Sabha News

The below information was given by the  Minister of State in the Ministry of Finance Shri.Namo Narain Meena in a written reply to a question in Lok Sabha on 4th May 2012. 

The New Pension System (NPS) was extended to all citizens of India w.e.f. 01st May, 2009. 

A total of 21 Points of Presence (PoPs) were registered in the year 2009 with 844 branches of the PoPs acting as Points of Presence - Specified Points (PoP-SPs). As on date, the number of PoPs registered are 53 with 19463 branches of the PoPs acting as PoP-SPs.

Empanelment of Annuity Service Providers (ASPs) for National Pension System (NPS)

Empanelment of Annuity Service Providers (ASPs) for National Pension System (NPS) for providing annuity services to the subscribers of National Pension System

Subscribers to the National Pension System (NPS) will now have a choice of Annuity Service Providers, from whom they can choose their annuity schemes on their exit from NPS on attainment of 60 years of age.    Pension Fund Regulatory and Development Authority (PFRDA) has empaneled  the following  six IRDA approved life insurance companies  for providing annuity services to the subscribers of National Pension System (NPS). 

Subscribers to NPS to Now have Choice of Annuity Service

Providers; PFRDA takes Important Step towards Providing an Exit Route to the Subscribers

Subscribers to the National Pension System (NPS) will now have a choice of Annuity Service Providers, from whom they can choose their annuity schemes on their exit from NPS on attainment of 60 years of age. Pension Fund Regulatory and Development Authority (PFRDA) has empanelled the following six IRDA approved life insurance companies for providing annuity services to the subscribers of National Pension System (NPS).

FAQs related to the New Pension Scheme (NPS)

1.    Whether a retiring Government servant is entitled for leave encashment after retirement under the NPS?

      The benefit of encashment of leave salary is not a part of the retirement benefits admissible under Central Civil Services (Pension) Rules, 1972. It is payable in terms of CCS (Leave) Rules which will continue to be applicable to the government servants who join the government service on after 1-1-2004. Therefore, the benefit of encashment of leave salary payable to the governments/to their families on account of retirement/death will be admissible.

2.    Why is it mandatory to use 40% of pension wealth to purchase the annuity at the time of the exit (i.e. after the age of 60 years) from NPS?

Management of Funds Under NPS

The investment of pension funds of Government employees, who are covered as subscribers to the New Pension System (NPS), was hitherto being made through a pooling arrangement whereby the funds of such employees were credited to a pool account (pending reconciliation of subscribers’ contribution details) from which such funds were allocated to pension fund managers for immediate investment in the best interest of the subscribers. These funds of the Government employees are being managed based on the investment Pattern prescribed by the Government.

National Pension Schemes will be linked to Aadhar, says Jairam

Ministry of Rural Development

The Rural Development Minister Shri Jairam Ramesh today said that National Social Assisstance Programme, NSAP will be completely restructured and all payments under the scheme will be done through Aadhar-based payment system. Talking to a select group of media persons here, he said, the restructured system will be in place by 10th of March this year and it will ensure that each beneficiary under old age, disabilities and widow pension schemes will get one’s entitlement every month and there will be no delay in payments.

PFRDA CALLS FOR FUND MANAGERS TO LOOK AFTER CENTRAL GOVERNMENT EMPLOYEES (NPS)

Pension fund regulator PFRDA has invited bids from financial institutions to manage funds of Central Government Employees under the New Pension Scheme (NPS) for the next three years beginning April 1, 2012.

            The fund managers will be required to manage the pension assets of Central government employees, according to Pension Fund Regulatory and Development Authority (PFRDA).

            The three pension fund managers will have to submit bids by March 15, PFRDA said. At present, pension funds of government employees are managed by three pension fund managers (PFMs) — LIC Pension Fund, SBI Pension Fund, and UTI Retirement Solutions. The total corpus of the government employees as on December 2011 was Rs 12,769 crore.

            These three fund managers are also eligible for participating in the bidding process, the regulator said. The total average monthly subscriptions of government employees is around Rs 500 crore.