7th PAY COMMISSION NEWS - CENTRAL GOVERNMENT EMPLOYEES NEWS

RFP for Selection of Pension Funds for Private Sector Under National Pension System(NPS) Request for Proposal for Selection of Pension Funds for Private Sector Under National Pension System(NPS) for Private Sector Pension Fund Regulatory and Development Authority (PFRDA) was established by the Government of India on 10th October 2003 and by subsequent resolution dated 14th November 2008 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. The Pension Fund Regulatory and Development Authority Act, 2013 (Act 25 of 2013) has since been passed and has received the assent of the Hon’ble President of India on 18th September, 2013 and shall come into force on a date notified by the Government of India... Click to continue...

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.

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...

Exit guidelines under National Pension System – Option for Complete withdrawal of accumulated pension wealth by subscriber CIRCULAR PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY PFRDA/2013/17 /PDEX/10 23rd October, 2013 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 sub...

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...

FAQ on PFRDA Bill 2011 Frequently asked questions about the new Pension Bill, PFRDA Bill, 2011, are given below. 1. What does the new pension law do? The PFRDA Bill, 2011, (proposed to be enacted as a law) provides for the establishment of an Authority 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. An Interim Authority has already been created vide Govt Resolution dated October 10, 2003, and November 14, 2008, and is fully functional. The passage of the bill will confer statutory status to the Interim PFRDA to develop and regulate National Pension System (NPS) earlier known as New Pension Scheme. 2. What is NPS ? The National Pension System reflects (NPS) Government’s effort to find sustainable solutions to the problem of providing adequate retirement income. The NPS is an easily accessible, low cost, tax-effic...

Lok Sabha passes pension fund bill The Lok Sabha has passed the Pension Fund Regulatory and Development Authority Bill (PFRDA), 2011, to regulate the New Pension System (NPS). The bill was introduced in the lower house in March 2011 to provide for a statutory regulatory body. Currently the PFRDA has a non-statutory status. NPS has been made mandatory for all the central government employees (except armed forces) entering service with effect from January 1, 2004, a finance ministry statement said. In all, 26 states have already notified NPS for their employees. "NPS has been launched for all citizens of the country including un-organised sector workers, on voluntary basis, with effect from May 1, 2009," the statement added. The ministry said the PFRDA Bill would also provide subscribers a wide choice to invest their funds for assured returns by opting for government bonds as well as in other funds depending on their capacity for risk. The lower house of Parliament also ...

Lok Sabha passes long-pending Pension Bill NEW DELHI: The Lok Sabha on Wednesday passed the Pension Fund Regulatory and Development Authority (PFRDA) Bill 2011, an important economic legislation that will pave the way for foreign investment in the sector. The Bill allows 26% foreign investment in the Pension sector and gives statutory backing to the interim pension authority that had been functioning on executive authority for over a decade now. It also gives legal backing to the pensions regulator to create a social security architecture that channels savings of households into the financial sector. The PFRDA manages the New Pension System, a defined contribution scheme for the central government that many states have joined and is also now open to private individuals. http://economictimes.indiatimes.com/news/economy/policy/lok-sabha-passes-long-pending-pension-bill/articleshow/22294270.cms

LS passes Pension Fund Regulatory and Development Authority Bill New Delhi, Sep 4 (ANI): 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 the Bill based on the recommendations of the Standing Committee on Finance are as follows: that the subscriber seeking minimum assured returns shall be allowed to opt for investing his funds in such scheme providing minimum assured returns as ...

Loksabha Passes Pension Bill - Key Points The Lok Sabha today passed the Pension Fund Regulatory and Development Authority Bill 2011, which will open the doors for foreign investment in pension funds. The bill aims to create a regulator for the pension sector and extend the coverage of pension benefits to more people. The Pension Bill has been hanging fire since 2005 when it was first introduced in the Parliament. It was again reintroduced in 2011. Features of New Pension Bill - 1: The Pension Fund Regulatory and Development Authority Bill 2011 will give statutory powers Pension Fund Regulatory and Development Authority (PFRDA) which was established in August 2003 as a regulator for the pension sector. 2:  The bill allows 26% foreign direct investment (FDI) in the pension sector or such percentage as may be approved for the insurance sector, whichever is higher. At least one of the pension fund managers shall be from the public sector. 3:  The subscriber seeking minimum...

Pension Bill passed by Lok Sabha: what's in it for you New Delhi:  The Lok Sabha today passed the Pension Fund Regulatory and Development Authority Bill 2011, which will open the doors for foreign investment in pension funds. The bill aims to create a regulator for the pension sector and extend the coverage of pension benefits to more people. The Pension Bill has been hanging fire since 2005 when it was first introduced in the Parliament. It was again reintroduced in 2011. Here are the salient features of the bill: The Pension Fund Regulatory and Development Authority Bill 2011 will give statutory powers Pension Fund Regulatory and Development Authority (PFRDA) which was established in August 2003 as a regulator for the pension sector.The bill allows 26% foreign direct investment (FDI) in the pension sector or such percentage as may be approved for the insurance sector, whichever is higher. At least one of the pension fund managers shall be from the public sector.The subscriber ...

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...