Central Government Employees News

NRI Investments in NPS The Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations were notified in the year 2016. The objective of the Regulations is to provide a framework for eligibility of Retirement Advisers, their registration process, fees etc. of Retirement Advisers (RA) and to define the scope of work and responsibility of the Retirement Advisers to ensure orderly growth of pension sector In order to expand the National Pension System (NPS) to NRIs, PFRDA has decided to amend the PFRDA (Retirement Adviser) Regulations, 2016 in order to facilitate RA to provide onboarding and advisory services to the NRIs. Non Resident Indians (NRIs) between the ages of 18-60 years are eligible to join NPS on voluntary basis. NRIs have also been provided the online facility to open account under NPS besides the conventional mode of account opening through the Points-of-Presence (PoPs). As on 30.03.2017, 2611 NRIs have subscribed to NPS, out of which 1401 NRI...

NPS to OPS – Minister replied in Parliament Restoration of old pension system in place of Contributory Pension System In a written reply the Minister of State for Finance said the features of the New Pension Scheme in Rajya Sabha on 21st March 2017 National Pension System (NPS), which is a contributory pension system, has, inter alia, the following features which benefit the employees: NPS is a well designed pension system managed through an unbundled architecture involving intermediaries appointed by the Pension Fund Regulatory and Development Authority (PFRDA) viz. Pension Funds, Custodian, Central Record keeping and Accounting Agency, National Pension System Trust, Trustee Bank, Points of Presence and Annuity Service Providers. It is prudently regulated by PFRDA which is a statutory regulatory body established to promote old age income security and to protect the interests of subscribers of NPS. Dual benefit of Low Cost and Power of Compounding- The pension wealth which ...