7th PAY COMMISSION NEWS - CENTRAL GOVERNMENT EMPLOYEES NEWS

NPS News - Pending amount under NPS with Delhi Cantonment Board NPS News - 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 w...

WITHDRAWAL PROCESS FOR NPS SUBSCRIBERS–PFRDA CIRCULAR Exposure Draft on Operational Withdrawal Process-Request for feedback/comments from Public and All concerned PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY EXPOSURE DRAFT ON PROPOSED OPERATIONAL WITHDRAWAL PROCESS FOR NPS SUBSCRIBERS Issued on: 26th December, 2013 Last date to accept Comments: 31st January, 2014 In order to provide an efficient and system driven withdrawal process to NPS subscribers, PFRDA is proposing the following operational procedure for withdrawal of benefits under NPS. Keeping the above in perspective, the draft operational withdrawal process is proposed and comments from the public and all concerned are invited. It may also be noted that suggestions on improving/ simplifying the process can also be given.

PROPOSED OPERATIONAL WITHDRAWAL PROCESS FOR NPS SUBSCRIBERS Exposure Draft on Operational Withdrawal Process-Request for feedback/comments from Public and All concerned PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY EXPOSURE DRAFT ON PROPOSED OPERATIONAL WITHDRAWAL PROCESS FOR NPS SUBSCRIBERS Issued on: 26th December, 2013 Last date to accept Comments: 31st January, 2014 In order to provide an efficient and system driven withdrawal process to NPS subscribers, PFRDA is proposing the following operational procedure for withdrawal of benefits under NPS. Keeping the above in perspective, the draft operational withdrawal process is proposed and comments from the public and all concerned are invited. It may also be noted that suggestions on improving/ simplifying the process can also be given. Comments/Feedback may be forwarded by email to the e-mail id k.sumit@pfrda.org.in latest by 31.01.2014. Comments should be given in the following format:  Name of entity/ person ...

NPS was implemented in respect of Delhi Cantonment Board employees from 01.04.2011... 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...

PENSION BILL OR PENSIONLESS BILL? Finally the ruling Congress party and the main opposition Party BJP joined together and passed the  Pension Fund Regulatory and Development Authority (PFRDA) Bill in the Parliament. In the year 1982 on 17th December, the Constitution Bench of the Supreme Court consisting of Justice (s) Y. B. Chandrachud, V. D. Tulzapurkar, O. Chinnappa Reddy. D. A. Desai and Bahrul Islam delivered the historic judgment on pension in the D. S. Nakara case, which declared as follows: “(i) Pension is neither a bounty nor a matter of grace depending upon the sweet will of the employer and it is Fundamental right (ii) Pension is not an ex-gratia payment, but it is payment for past service rendered (iii) It is a social welfare measure rendering socio-economic justice to those who in the heyday of their life ceaselessly toiled for the employer on an assurance that in their old age they would not be left in lurch.” After 30 years, the bill passed by Parliament categori...

Welcome Note and Toll Free Numbers are provided by PFRDA NPS Information Desk : 1800 110 708 (Toll Free)   MS NPS to 56677(Standard Charges will be applicable) Welcome to the PFRDA’s website   PFRDA was established by Government of India on 23rd August, 2003.  The Government has, through an executive order dated 10th October 2003, mandated PFRDA to act as a regulator for the pension sector. The mandate of PFRDA is development and regulation of pension sector in India. The National Pension System reflects Government’s effort to find sustainable solutions to the problem of providing adequate retirement income.  As a first step towards instituting pensionary reforms, Government of India moved from a defined benefit pension to a defined contribution based pension system by making it mandatory  for its new  recruits (except armed forces) with effect from 1st January, 2004. Since 1st April, 2008, the pension contributions of Central Government employees cove...

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 defe...

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 docum...

Press Information Bureau Government of India Ministry of Finance 04-September-2013 18:31 IST Lok Sabha Passes Pension Fund Regulatory and Development Authority Bill, 2011 with official amendments ; Subscribers Seeking Minimum Assured Returns Allowed to OPT for Investing their Funds in such Scheme Providing Minimum Assured Returns The Pension Fund Regulatory and Development Authority Bill (PFRDA), 2011 was passed by the Lok Sabha today with official amendments. It was earlier introduced in Lok Sabha on the 24th March, 2011 to provide for a statutory regulatory body the Pension Fund Regulatory and Development Authority (PFRDA) under the provisions of the Bill. The legislation seeks to empower PFRDA to regulate the New Pension System (NPS). The PFRDA Bill, 2011 was referred to the Standing Committee on Finance on the 29th March, 2011 for examination and report thereon. The Standing Committee on Finance gave its Report on 30th August, 2011. Some of the key amendments incorporated in...

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. More than 16 lakh central and state government employees have almost Rs 8,500 crore invested in the NPS. This money is managed by three pension fund managers - SBI Pension Funds, LIC Pension Fund and UTI Retirement Solutions. Each of the three funds manages roughly one-third of the NPS corpus. Though three years is a very short time to judge long-term instruments such as pension funds, the impressive performance is likely to silence the criticism that NPS is not allocating enough to growth assets. Central and state government NPS f...