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National Pension System (NPS) – 42 Aspects to Know before March 2019

February 4, 2019 by Amardeep Leave a Comment

National Pension System

42 Aspects to Know…

1) What is National Pension System?

NPS is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account. Under the NPS, the individual contributes to his retirement account and also his employer can also co-contribute for the social security/welfare of the individual. NPS is designed on Defined contribution basis wherein the subscriber contributes to his account, there is no defined benefit that would be available at the time of exit from the system and the accumulated wealth depends on the contributions made and the income generated from investment of such wealth. The greater the value of the contributions made, the greater the investments achieved, the longer the term over which the fund accumulates and the lower the charges deducted, the larger would be the eventual benefit of the accumulated pension wealth likely to be.

2) Who is the regulator for NPS?
PFRDA is the regulator for NPS. Pension Fund Regulatory and Development Authority (PFRDA) is an Authority set up by the Government of India through the PFRDA Act 2013 to promote old age income security by establishing, regulating and developing pension funds to protect the interest of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.

3) Can an NRI open an NPS account?
Yes, a NRI can open an NPS account. Contributions made by NRI are subject to regulatory requirements as prescribed by RBI and FEMA from time to time. If the subscriber’s citizenship status changes, his/ her NPS account would be closed.

4) If a subscriber have invested in any other Provident Fund, can I still invest in NPS?
Yes. Investment in NPS is independent of subscribers’ contribution to any Provident Fund.

5) Can a subscriber having investment in pension funds of non-government / private entities invest in NPS?
Yes. Investment in NPS is independent of subscription to any other pension fund.

FREQUENTLY ASKED QUESTIONS (FAQ)
Under National Pension System (NPS)

6) What are the tax benefits of NPS?
The various Tax benefit as under:

A. Employee Contribution: Deduction upto 10% of salary (basic+ DA) within overall ceiling Rs.1.50 Lakh u/s 80C.

B. Voluntary Contribution: Deduction upto Rs.50,000 u/s 80 CCD(1B) from taxable income for additional
contribution to NPS.

C. Employer Contribution: Deduction upto 10% of salary (Basic + DA) from taxable income u/s 80 CCD(2). This is over and above the limits u/s 80C.

7) Which document can a Subscriber use as investment proof in order to avail the tax benefit?
The print out of the Transaction Statement could be used as a document for claiming tax benefit.

8) Can a subscriber get loan under NPS?
No. At present, a subscriber cannot avail a loan against his / her NPS holdings.

9) How can a subscriber check the status of his/her PRAN application?
Subscriber can check the status by accessing CRA website: https://cra-nsdl.com/CRA/ by using the 17 digit receipt number provided by POP-SP or the acknowledgement number allotted by CRA-FC at the time of submission of application forms by Nodal Offices. Once the PRAN is generated, an email alert as well as a SMS alert will be sent to the registered email ID and mobile number of the subscriber.

10) Whom to contact for non-receipt of PRAN Card?
PRAN Card is despatched to the nodal offices within 20 days from the day of receipt of duly filled registration form at the CRA-FC office. In case of non-receipt of the PRAN Card, a Subscriber can check with the associated nodal office or he can check the status by accessing the link: https://cra-nsdl.com/CRA/pranCardStatusInput.do

11) What are the different options in the IVR available to the subscribers?
Subscribers have the following options in IVR:
a) Change of T-PIN.
b) Check scheme preference and holding details.
c) Check the status of any change request (like change of address, nomination etc.).
d) Check details of last contribution credit and last withdrawal request (for Tier II only).
e) Request for SOT for any financial year
f) Check status of Subscriber Shifting
g) Speak to a customer service executive

12) What is the procedure for registration of Subscribers in the CRA system for Tier II account?
If the Subscriber is an existing PRAN Card holder, he/she can activate the Tier II account by approaching his Nodal Office, or can contact the POPs to activate Tier II. The list of POPs is available on our website (https://npscra.nsdl.co.in/pop-sp.php). Tier II can also activate their Tier II account through eNPS (https://enps.nsdl.com/).

13) What are the different Fund Management Schemes available to the subscriber?
The NPS offers two approaches to invest subscriber’s money:
a) Active choice – Here the individual would decide on the asset classes in which the contributed funds are to be invested and their percentages (Asset class E(maximum of 50%), Asset Class C, and Asset Class G )
b) Auto choice – Lifecycle Fund- This is the default option under NPS and wherein the management of investment of funds is done automatically based on the age profile of the subscriber. For full details, one may go through our website www.pfrda.org.in wherein the full details of the investment choices and fund management details are provided. Currently, these options are available to Government subscribers only Tier II account.

14) What is rebalancing as per regulatory requirement appearing in Transaction Statement for NPS?
As mentioned in the offer document of PFRDA, in case of subscribers who have opted ‘Auto choice’ investment option, the percentage of investment in the asset classes E/C/G will change as per the age of the subscriber as given in the ‘Life cycle Investment Matrix’. The change happens on the date of birth of the subscriber. In this process, asset allocation ratio is changed and the existing assets are redeemed and reinvested as per the new ratio of
allocation.

15) How can a Subscriber change his/her scheme preference?
Scheme Preference change option is not available to Government subscribers for Tier I. whereas the non-government subscribers can change it once a financial year. The Subscriber has to submit the physical application form (Form-UOS-S3) to change Scheme Preference. However, such changes can be done online as well by the subscriber using the IPIN.

16) How are the returns calculated in NPS? Is there any assured return / dividend / bonus?
For Central Government employees mandatorily covered under NPS, the total contribution uploaded in an employee’s Tier I account is divided among three PFMs. viz. SBI Pension Funds Private Limited, UTI Retirement Solutions Limited and LIC Pension Fund Limited in a predefined ratio and units are allotted in the subscribers account. For State Government employees mandatorily covered under NPS, the total contribution uploaded in an employee’s Tier I account is divided among the three PFMs. viz. SBI Pension Funds Private Limited, UTI Retirement Solutions Limited and LIC Pension Fund Limited in a ratio as decided by the State Government and units are allotted in the subscribers account accordingly. The PFMs invest the money in different financial instruments within the investment guidelines laid down by PFRDA and declare Net Asset Value (NAV) at the end of each business day. Accordingly, based on the NAV, units are credited in the subscriber’s account. The present value of the investment is arrived by the units held multiplied by the NAV. The return under NPS is market driven. Hence, there is no guaranteed/defined amount of return. The returns generated through investments are accumulated and is not distributed as dividend or bonus.

17) What are the Assets permitted for NPS funds Investment?
a) Asset class E: “High return, High risk” (equity market instruments).
b) Asset class G: “Low return, Low risk” fixed income instruments. The best example of this is central government bonds.
c) Asset class C: “Medium return for credit risk” bearing fixed income instruments.
Examples of these are bonds issued by firms.

18) What is Net Asset Value (NAV)?
Also known as NAV, this is the price of one unit of a fund. NAV is calculated at the end of every working day between Monday and Friday. It is calculated by adding up the value of all the securities and cash in the fund’s portfolio (its assets), subtracting the fund’s liabilities, and dividing that number by the number of units that the fund has issued. The NAV increases (or decreases) when the value of the fund’s holdings increase (or decrease). NAV of different PFMs may differ. Even the different schemes under the same PFM will have different NAV.

19) When will the units be credited to my NPS account?
Subscriber’s associated nodal office will upload his / her monthly contribution details to CRA along with transfer of funds to the Trustee bank appointed by PFRDA. CRA will match the contribution details uploaded by the Nodal Office with the amount confirmed by Trustee Bank and instruct the Pension Fund Managers to invest the contribution as per the scheme preference. The units created will be credited by CRA to the Permanent Retirement account.

20) Will the Subscriber get any Annual Account Statement for his/her PRAN?
The Annual Account Statement as of March 31st of every year will be sent to the registered correspondence address. Also, if a subscriber wishes to have a transaction statement on an adhoc basis, he/she can log into CRA system using the I-PIN and view the Transaction Statement. Subscriber can also access the account details through the IVR or by getting in touch with their Nodal Offices to get a copy of the Account Statement.

21) What are the details of the Subscriber a Nodal office can update?
Nodal Office can update the following requests of the employee/subscriber
1. Change in Personal details including Bank details;
2. Change in Employment details;
3. Change in Nomination details;
4. Reissue / authorize reset of I-PIN and T-PIN request;
5. Reprint of PRAN Card.
Nodal office can also generate and print Transaction Statement and Statement of Holding for an employee associated with it.

22) Can a Subscriber reset the I-PIN (Internet Password) online?
Yes, the Subscriber has an option to reset his/her I-PIN online. The request needs to be initiated online in CRA system by clicking on the “Forgot Password” link and selecting the “Instant Reset I-PIN”. The Subscriber needs to print the acknowledgement and handover the same to the nearby PAOs/CDDOs/DTOs/POP-SPs for authorization irrespective of whether the Subscriber is associated with it or not. After successful authorization by the
PAOs/CDDOs/DTOs/POP-SPs, subscriber can use the new password (provided during the initiation of the request) for login in the system. The Subscriber can alternatively opt for generation of One Time Password (OTP). This option enables the Subscriber to authorize the request immediately. This facility can be used only by Subscribers whose mobile numbers have been updated in the CRA system.

23) Who can be a Nominee and how are the details to be filled in the form?
Only an Individual can be a nominee. Subscriber can nominate a maximum of three nominees. Subscriber cannot fill the same nominee details more than once. Percentage share value for all the nominees must be integer. Decimals/fractional values are not accepted in the nomination(s). Sum of percentage share across all the nominees must be equal to 100. If sum of percentage is not equal to 100, entire nomination will be rejected. If a nominee is a minor, then nominee’s date of birth and guardian details shall be mandatory. The registration of nominee details will not be done unless all details are duly filled up in the form. A subscriber may refer the instructions for nominations available in the registration
Form CSRF1

24) Can a minor be a nominee?
Yes, minor can be a nominee. In such case, subscriber will be required to provide guardian’s details and date of birth of the minor.

25) What happens to the PRAN in case a Subscriber is transferred to another location?
One of the core attributes of NPS is portability of PRAN across sectors. The PRAN allotted under NPS is unique and portable. This unique account number will remain the same for the rest of Subscriber’s life. Subscriber will be able to use this account and this unique PRAN from any location in India. For shifting PRAN from one sector to another sector, the Subscriber is required to submit Form ISS-1 [(Inter Sector Shifting from). The form ISS1 is
available on the CRA website – www.npscra.nsdl.co.in] to the target Nodal Office i.e. to the Nodal Office with whom he/she will be associated after shifting. The target Nodal Office will facilitate the shifting of PRAN along with accumulated NPS contributions of source sector in the CRA system. However, the above process is applicable only for shifting the PRAN from one sector to another. For shifting of PRAN within Central Government sector, the Subscriber is required to intimate his PRAN to the target (new) office with whom he/she will be associated after shifting. There is no need to fill form ISS-1. The new office will facilitate shifting of PRAN in the CRA system. On successful processing of monthly NPS contributions by new office, PRAN will get associated to new office in the CRA system. Further, the new office is required to update Subscriber’s employment details in the CRA system.

26) I have a NPS account and have a grievance on the services provided. To whom shall I report and how?
a) The subscriber can raise grievance through any of the modes mentioned below:
 Call Centre/Interactive Voice Response System (IVR)
 The Subscriber can contact the CRA call center at toll free telephone number 1-800- 222080 and register the grievance by using T-PIN.
 Dedicated Call center executives.
b) Physical forms direct to CRA
 The Subscriber may submit the grievance in a prescribed format to the POP – SP who would forward it to CRA Central Grievance Management System (CGMS).
 Subscriber can directly send form to CRA.
c) Web based interface
 The Subscriber may register the grievance at the website www.npscra.nsdl.co.in with the use of the I-pin allotted at the time of opening a Permanent Retirement Account. A subscriber may also write to Grievance Redressal Cell, PFRDA, or Email: [email protected] for taking appropriate action. The Subscriber can check the status of the grievance in CRA website at www.cra-nsdl.com. Subscriber will receive an email alert when the grievance is resolved.

27) How can a Subscriber check the status of the grievance lodged by him/her?
When a subscriber registers a grievance in the CRA website (www.cra-nsdl.com), an unique token number is assigned to each and every grievance. Subscriber can use that token no. to know about the status of the grievances either through the call centre or through the CRA website.

28) What are the types of grievances for which a Subscriber can approach the Nodal Office directly?
A Subscriber can approach the Nodal Office in case of the following grievances:
a) Non receipt of PRAN Card.
b) Re-issue of PRAN Card.
c) Re-issue of I-PIN/T-PIN.
d) Submission of request for modification (Form S2) in subscriber details such as personal details, nomination details, employment details, etc.
e) Incorrect/non updation of subscribers details (after submission of Form S2).
f) Submission of request for Shifting of Subscriber (Form ISS-1).
g) Contribution not uploaded by Nodal Office.
h) Delay in contribution upload by Nodal Office.
i) Submission of request for Transaction Statement.
j) Queries regarding submission of PRAN application, change in subscriber details, shifting of subscriber etc.
k) Queries relating to service term such as amount of NPS deduction, payment of salary, retirement benefits etc.
l) Submission of request for withdrawal.

29) What types of Withdrawals are allowed under the National Pension System?
As per Pension Fund Regulatory & Development Authority (PFRDA) Exit Rules, following Withdrawal categories are allowed:
a) Upon Normal Superannuation – At least 40% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of annuity providing for monthly pension of the Subscriber and the balance is paid as lump sum to the subscriber.
In case the total corpus in the account is less than Rs. 2 Lakhs as on the Date of Retirement (Government sector)/attaining the age of 60 (Non-Government sector), the Subscriber can avail the option of complete Withdrawal.
b) Upon Death – The entire accumulated pension wealth (100%) would be paid to the nominee/legal heir of the Subscriber and there would not be any purchase of annuity/monthly pension.
c) Exit from NPS Before the age of Normal Superannuation – At least 80% of the accumulated pension wealth of the Subscriber should be utilized for purchase of an annuity providing the monthly pension of the Subscriber and the balance is paid as a lump sum to the Subscriber.

30) Where are the Withdrawal forms available to the subscribers?
Withdrawal forms are available on the NSDL-CRA Corporate Website (http://www.npscra.nsdl.co.in). Subscriber can also send an e-mail to [email protected] or [email protected] to get the Withdrawal forms on their emails.

31) Can a Subscriber claim for 100% Withdrawal in case of Superannuation and Pre-mature Exit?
In case of Pre-mature Exit, if the total accumulated corpus is less than Rs. 1,00,000 then 100 % claim is possible. In case of Superannuation, a Subscriber can claim 100% Withdrawal if the total accumulated corpus is less than Rs. 2,00,000 at the time of Superannuation/attaining age of 60 years.

32) Who can claim the accumulated wealth in case of death of a Subscriber?
Nominee(s) registered in the CRA system can submit the Withdrawal request to CRA through the Subscriber’s associated Nodal Office. If the Subscriber was Non – IRA (NonIndividual Retirement Account) or Nominee was not registered with CRA, legal heir(s) can submit the Withdrawal request.

33) In case of death of any NPS Subscriber who had nominated two nominees (one major and second minor), can the claim be made by the major claimant only?
Withdrawal form needs to be submitted by all the nominees registered in CRA system. In case the nominee is a minor, Withdrawal form has to be submitted by the guardian along with the birth certificate of the minor.

34) Whether Withdrawal proceeds can be provided through Cash or Demand Draft?
No, Withdrawal proceeds are credited electronically to the bank account of the Subscriber/Claimant, as the case maybe. It is necessary for the Subscriber /Claimant to have a bank account.

35) How one can check the status of Withdrawal request?
Withdrawal status can be checked through the ‘Limited access View’ functionality which is available at CRA website (www.cra-nsdl.com). Nodal Office and Subscriber can also check the status under the menu ‘Exit Withdrawal Request’ by logging into website.

36) What is Annuity?
An annuity is a financial instrument which provides for a regular payment of a certain amount of money on monthly/quarterly/annual basis for the chosen period for a given purchase price or pension wealth. In simple terms it is a financial instrument which offers monthly/quarterly/annual pension at a specified rate for the chosen period.

37) What is a Deferred Lump-sum Withdrawal?
Subscribers exiting NPS on account of Superannuation can opt for deferring the Withdrawal of their lumpsum share (maximum 60%) to a maximum period of 10 years or 70 years of age (whichever is earlier).

38) What is a Deferred Annuity?
As per PFRDA Exit Rules, Subscribers exiting NPS on account of Superannuation or Premature Exit can defer purchase of Annuity (minimum 40% & 80% is to be invested with ASP in case Withdrawal is due to Superannuation & Pre-mature Exit respectively) for a maximum period of 3 years.

39) What is the role of Annuity Service Provider (ASP)?
Annuity in the context of NPS refers to the monthly payment that will be received by the subscriber from the Annuity Service Provider after his exit from NPS. Annuity Service Provider is an IRDA registered insurance company empanelled by PFRDA for providing of Annuity Services to NPS subscribers upon their exit from the system. ASPs will be responsible for managing the funds (allocated for buying annuity) and payment of the pension after a subscriber attains the age of 60. PFRDA has empanelled the following seven IRDA approved life insurance companies for providing annuity services to the subscribers of National Pension System (NPS).

40) Who are the ASPs available at present?
At present seven ASPs are providing the Annuity services to NPS Subscribers. The ASPs are as follows:
a) Life Insurance Corporation of India
b) SBI Life Insurance Co. Ltd.
c) ICICI Prudential Life Insurance Co. Ltd.
d) HDFC Standard Life Insurance Co Ltd.
The contact details of ASPs is available at https://www.npscra.nsdl.co.in/annuity-serviceproviders.php

41) What are the different types of annuities or annuity choices available to NPS subscriber?
The different type of Annuity options are:
a) Annuity for life.
b) Annuity for life with return of purchase price on death
c) Annuity payable for life with 100% annuity payable to spouse on death of annuitant
d) Annuity payable for life with 100% annuity payable to spouse on death of annuitant with return on purchase of annuity

42) Is it compulsory to select ASP at the time of Superannuation / Pre-mature Exit?
Yes, it is compulsory for the NPS Subscribers to purchase an annuity product from empanelled ASPs at the time of Superannuation and Pre-mature exit. The Subscriber selects the ASP at the time of submitting the withdrawal request or after the payment of Lump-sum withdrawal (maximum 60% & 20% can be withdrawn in case of Superannuation & Premature Exit respectively).

Filed Under: New Pension Scheme Tagged With: National Pension System, PFRDA

New Norms for Withdrawal of National Pension System (NPS)

December 22, 2018 by Amardeep Leave a Comment

New Norms for Withdrawal of National Pension System (NPS)

“Minimum period for partial withdrawal has been reduced from 10 years to 3 years from the date of joining w.e.f. 10th August, 2017”

NPS Withdrawal Norms

The Pension Fund Regulatory and Development Authority (PFRDA) has changed the norms for withdrawal of National Pension System (NPS) subscribers. Keeping in view the possibility of sudden financial needs of the subscribers, the requirement of minimum period under National Pension System (NPS) for availing the facility of partial withdrawal from the mandatory Tier-I account of the subscriber has been reduced from 10 years to 3 years from the date of joining w.e.f. 10th August, 2017. The minimum gap of 5 years between two partial withdrawals has also been removed w.e.f. 10th August, 2017.

A subscriber is eligible for three partial withdrawals during the period of subscription under NPS, each withdrawal not exceeding twenty-five percent of the contributions made by the subscriber and excluding contributions made by the employer. There is, however, no restriction on withdrawals from the Tier-II account of the subscriber.

The extent and purpose for which partial withdrawals from the Tier-I account under NPS are permissible are as under:

Purpose
(i) for higher education and marriage of his or her children including a legally adopted child;

(ii ) for the purchase or construction of a residential house or flat in his or her own name or in a joint name with his or her legally wedded spouse. In case, the subscriber already owns either individually or in the joint name a residential house or flat, other than ancestral property, no withdrawal under these regulations shall be permitted;

(iii) for treatment of specified illnesses: if the subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents suffer from any specified illness, which shall comprise of hospitalization and treatment in respect of the following diseases:

(a) Cancer;

(b) Kidney Failure (End Stage Renal Failure);

(c) Primary Pulmonary Arterial Hypertension;

(d) Multiple Sclerosis;

(e) Major Organ Transplant

(f) Coronary Artery Bypass Graft;

(g) Aorta Graft Surgery;

(h) Heart Valve Surgery;

(i) Stroke;

(j) Myocardial Infarction;

(k) Coma;

(l) Total blindness;

(m) Paralysis;

(n) Accident of serious/ life threatening nature.

(o) Any other critical illness of a life threatening nature as stipulated in the circulars, guidelines or notifications issued by the Authority from time to time.

Towards meeting the expenses by subscriber for skill development/re-skilling or for any other self-development activities.

Towards meeting the expenses by subscriber for establishment of own venture or any start-ups.

To meet medical & incidental expenses arranging out of disability or incapacitation suffered.

Limits: The subscriber should have been in the National Pension System at least for a period of three years from the date of his or her joining;
The subscriber shall be permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her and standing to his or her credit in his or her individual pension account, as on the date of application for withdrawal;

Frequency: The subscriber shall be allowed to make partial withdrawals for a maximum of three times during the entire tenure of subscription under the NPS. There is, however, no minimum time gap now stipulated between two partial withdrawals.

This was stated by Shri Ship Pratap Shukla, Minister of State for Finance in a written reply to a question in Lok Sabha today.

Source: PIB

Filed Under: New Pension Scheme Tagged With: National Pension System, NPS, PFRDA

NPS Latest News: Processing of Partial Withdrawal Request

December 16, 2018 by Amardeep Leave a Comment

NPS Latest News: Processing of Partial Withdrawal request

Public Notice – Processing of Partial Withdrawal requests in system latest by 31.12.2018
National Pension System Trust (NPS Trust)

Are you an NPS subscriber who has applied for partial withdrawal from PRAN but has yet to receive the funds?

If yes, please read and act upon the following message immediately:

An NPS subscriber is permitted to make partial withdrawal for specified purpose after three years of joining. If the subscriber has applied for partial withdrawal, the completed hard copy form and documents are also required to be submitted to the concerned nodal office for verification and authorization. In absence of submission of the hard copy form and documents to the nodal office, the online partial withdrawal request will remain pending in the system and the subscriber will not receive the funds.

As per advisories issued by the Pension Fund Regulatory & Development Authority (PFRDA) on 06 December 2018, in case of all partial withdrawal requests captured in the system till 30 November 2018, the required forms, information and documents need to be submitted to the respective nodal offices immediately so that verification and authorization can be completed
latest by 31 December 2018. The nodal offices will be: Pay & Accounts Office (PAO) / District Treasury Office (DTO) / Drawing & Disbursing Office (DDO) for the government sector subscribers and Points of Presence (PoPs) for subscribers in other sectors. If a request for partial withdrawal is not authorized in the system by 31 December 2018, it will be treated that the subscriber is no longer interested to seek partial withdrawal and the application / request will be considered as withdrawn.

You are therefore requested to liaise with your nodal office to ensure your online partial withdrawal request, supported by hard copy application and other documents, is duly processed by them well before 31 December 2018.

In case you face any issues with your nodal office in the above matter, you can approach NPS Trust (along with your Permanent Retirement Account Number – PRAN and your own & your nodal office’s contact details) via email: [email protected]

Source: NPS Trust

Filed Under: Pensioners Issue Tagged With: National Pension System, Pensioners Issue, PFRDA

NPS To OPS: Cabinet Approved Contribution 10% to 14%

December 10, 2018 by Amardeep Leave a Comment

NPS To OPS: Cabinet Approved Contribution 10% to 14%

The Union Cabinet in its Meeting on 6th December, 2018 has approved the enhancement of the mandatory contribution by the Central Government for its employees covered under NPS Tier-I from the existing 10% to 14%.

Ministry of Finance
Streamlining of National Pension System (NPS)

Decision

The Union Cabinet in its Meeting on 6th December, 2018 has approved the following proposal for streamlining the National Pension System (NPS).

· Enhancement of the mandatory contribution by the Central Government for its employees covered under NPS Tier-I from the existing 10% to 14%.

· Providing freedom of choice for selection of Pension Funds and pattern of investment to central government employees.

· Payment of compensation for non-deposit or delayed deposit of NPS contributions during 2004-2012.

· Tax exemption limit for lump sum withdrawal on exit has been enhanced to 60%. With this, the entire withdrawal will now be exempt from income tax. (At present, 40% of the total accumulated corpus utilized for purchase of annuity is already tax exempted. Out of 60% of the accumulated corpus withdrawn by the NPS subscriber at the time of retirement, 40% is tax exempt and balance 20% is taxable.)

· Contribution by the Government employees under Tier-II of NPS will now be covered under Section 80 C for deduction up to Rs. 1.50 lakh for the purpose of income tax at par with the other schemes such as General Provident Fund, Contributory Provident Fund, Employees Provident Fund and Public Provident Fund provided that there is a lock-in period of 3 years.

Background

The new entrants to the central government service on or after 01.01.2004 are covered under the National Pension System (NPS). The Seventh Pay Commission (7th CPC), during its deliberations, examined certain concerns regarding NPS and made recommendations in the year 2015. The 7th CPC recommended for setting up of a Committee of Secretaries in this regard. Accordingly, a Committee of Secretaries was constituted by the Government to suggest measures for streamlining the implementation of NPS in the year 2016. The Committee submitted its report in the year 2018. Accordingly, based on the recommendations of the Committee, draft Cabinet Note was placed before the Cabinet for its approval.

Implementation strategy and targets

The proposed changes to NPS would be made applicable immediately once time critical decisions are taken in consultation with the other concerned Ministries / Departments.

Major impact

· Increase in the eventual accumulated corpus of all central government employees covered under NPS.

· Greater pension payouts after retirement without any additional burden on the employee.

· Freedom of choice for selection of Pension Funds and investment pattern to central government employees.

· Benefit to approximately 18 lakh central government employees covered under NPS.

· Augmenting old-age security in a time of rising life expectancy.

· By making NPS more attractive, government will be facilitated in attracting and retaining the best talent.

Expenditure involved

The impact on the exchequer on this account is estimated to be to the tune of around Rs. 2840 crores for the financial year 2019-20, and will be in the nature of a recurring expenditure. The financial implications on account of provisions regarding payment of compensation for non-deposit or delayed deposit of NPS contributions during 2004-2012, would be in addition to the amount indicated above.

No. of beneficiaries: Approximately 18 lakh central government employees covered under NPS would be benefitted from the streamlining of the National Pension System.

States/districts covered

Pan India.

Details and progress of scheme if already running

Presently, the new entrants to the central government service on or after 01.01.2004 are covered under the NPS. NPS is being implemented and regulated by Pension Fund Regulatory and Development Authority in the country.

Source: PIB

Filed Under: Pensioners Issue Tagged With: 7th CPC, Central Government Employees, National Pension System

NPS To OPS: Kerala Constituted Review Committee for NPS

December 1, 2018 by Amardeep Leave a Comment

NPS To OPS: Kerala Constituted Review Committee for NPS

LEFT FRONT GOVT. OF KERALA CONSTITUTED A REVIEW COMMITTEE FOR SUBMITTING RECOMMENDATIONS FOR SCRAPPING CONTRIBUTORY PENSION SYSTEM (NPS)

GOVERNMENT OF KERALA

Abstract

Finance Department – Review of National Pension System in Kerala – Constitution of Committee – Orders issued.

FINANCE (PENSION-A) DEPARTMENT
G.O.(P) No.172/2018/Fin. Dated, Thiruvananthapuram, 07.11.2018

Read:- G.O.(P) No.172/2018/Fin. Dated, 07.11.2018

ORDER

Government are pleased to constitute a committee to review the National Pension System implemented vide G.O. read above with the following members.

1. S.Satheesh Chandra Babu, Retired District Judge(Chairman)
2. P.Marapandian, IAS (Retd.)
3. Prof. D.Narayana, Director, GIFT

The terms of reference of the committee is appended herewith. The committee shall submit detailed report within a period of six months.

(By order of the Governor)
K.Rajasree
Additional Secretary (Finance)

Source: Confederation

Filed Under: Confederation News Tagged With: Confederation news, National Pension System, Pension

NPS To OPS: Govt of AP Issued Orders based on Expert Committee

December 1, 2018 by Amardeep Leave a Comment

National Pension System To Old Pension Scheme
Govt of AP Issued Orders based on Expert Committee

“In case it is to withdraw the Contributory Pension Scheme and in lieu of it to implement the Statutory Pension Scheme, what will be the legality of such a decision with respect to those who have already retired from service after serving under the Contributory Pension Scheme? or expired while in service?”

GOVERNMENT OF ANDHRA PRADESH
ABSTRACT

Contributory Pension Scheme (CPS/NPS)- An Expert Committee for review of the Contributory Pension Scheme and examining demand for continuing Old Pension Scheme – Constituted – Orders – Issued.

FINANCE (HR.3-PENSION-I) DEPARTMENT

G.O.R .RT.No. 2052

Dated: 28-11-2018

Read the following : –

1. G.O.Ms.No.653 Finance(Pen-1) Department, dated: 22.09.2004.
2. G.O.Ms.No.654 Finance(Pen-1) Department, dated: 22.09.2004.
3. G.O.Ms.No.655 Finance(Pen-1) Department, dated: 22.09.2004.
4. Representations from various Service Associations, public representatives for restoration of Old Pension Scheme.

ORDER :

In G.O. 1st to 3rd read above, Government of Andhra Pradesh adopted the Government of India’s New Pension Scheme based on Defined Contributions for the employees of the State, who are newly recruited on or after 01.09.2004.

2. Several representations and requests have been received from various service associations and people representatives for de-adoption of Contributory Pension Scheme and restoration of Old Pension Scheme for the State Government employees.

3. Keeping in view of the representations from the service associations and people representatives, the Government hereby constitute an Expert committee with the following composition.

1
Sri. S.P.Tucker, IAS (Retd),
Former Chief Secretary to Government
:
Chairperson
2
Sri. Peeyush Kumar, IAS ,
Secretary to Govt (FP), Finance Department
:
Member Secretary
3
Sri. D.Venkata Ramana,
Secretary to Government, Law Department
:
Member
4
Prof. K. Muniratnam Naidu
(Retd),
Professor in Economics, S.P.Mahila University, Tirupathi
:
Member
5
Prof Galab
Professor in Economics,
Director, CESS, Hyderabad
:
Member

4. Terms of reference for the committee:

i. To submit a detailed report analysing the repercussions, both legal and financial of reviewing the Contributory Pension Scheme now in force.

ii. To submit a detailed report analysing the impact of Contributory Pension Scheme on the State Finances.

iii. To suggest propositions regarding the liabilities and risks that may arise out of the agreements entered into with NPS trust and NSDL.

iv. In case it is to withdraw the Contributory Pension Scheme and in lieu of it to implement the Statutory Pension Scheme, suggest propositions for refund of the contributions made by the employees & employer so far?

v. In case it is to withdraw the Contributory Pension Scheme and in lieu of it to implement the Statutory Pension Scheme, what will be the legality of such a decision with respect to those who have already retired from service after serving under the Contributory Pension Scheme? or expired while in service?.

vi. To analyse the status of the scheme in detail and the experiences and current scenarios of other states that have implemented the Contributory Pension Scheme.

vii. In case if the scheme is continued, what are the various steps that can be taken to make it more attractive/beneficial?

viii. To make suggestions in other matters that the committee finds relevant with regard to the review of the Contributory Pension Scheme.

5. The term of the committee shall be 3 months from the date of issue of orders.

(BY ORDER AND IN THE NAME OF THE GOVERNOR OF ANDHRA PRADESH)

ANIL CHANDRA PUNETHA
CHIEF SECRETARY TO GOVERNMENT

Source: Confederation

 

Filed Under: Confederation News Tagged With: Confederation news, National Pension System, Old Pension Scheme

Brief Summary of Proceedings on Abolish NPS by Delhi Assembly

November 30, 2018 by Amardeep Leave a Comment

Brief Summary of Proceedings on Abolish NPS by Delhi Assembly

Brief Summary of Proceedings on Abolish National Pension System (NPS) by Delhi Assembly, Dt. 26th Nov, 2018

LEGISLATIVE ASSEMBLY
NATIONAL CAPITAL TERRITORY OF DELHI

Bulletin Part-I
(Brief summary of proceedings)

Monday, 26 November 2018 / 05 Margshirsha 1940 (Saka)

No. 91
02.04 PM

Sh. Ram Niwas Goel, Hon’ble Speaker in-Chair
National Song (Vande Mataram)

1. 2.05 PM Obituary references :

The House paid homage and observed two minutes silence on the sad demise of :

i. Sh. Atal Bihari Vajpayee, Former Prime Minister of India.
ii. Sh. Madan Lal Khurana, Former Chief Minister of Delhi.
iii. Sh. Anant Kumar, Cabinet Minister, Govt. of India.
iv. Sh. Maninder Singh Dhir, Former Speaker, Legislative Assembly of NCT of Delhi.
v. Sh. Sahib Singh Chauhan, Ex-Member, Legislative Assembly of NCT of Delhi.
vi. Sh. Jile Singh, Ex-Member, Legislative Assembly of NCT of Delhi.
vii. Sh. Nand Kishore Sehrawat, Ex-Member, Legislative Assembly of NCT of Delhi
viii. Security personnel and innocent people killed in recent Terrorist/Naxalite attacks in Punjab, Jammu & Kashmir and Chhattisgarh.
ix. Victims of Terrorist Attack in Mumbai on 26th November, 2008.

2. 2.17 PM Observance of Constitution Day :

The Chair greeted the Members on the occasion of Constitution Day and the Hon’ble Members read the Preamble to the Constitution of India to commemorate the event. 3. 2.20 PM The Chair greeted the House on the occasion of 550th Guru Parv (Prakash Utsav). He informed that an exhibition in this regard will be organized by the Punjabi Academy on 03rd December 2018 in the Assembly Lawns and 550th Guru Parv (Prakash Utsav) will also be celebrated on Friday, 07th December, 2018 at 6:00 PM at Legislative Assembly Complex, Old Secretariat, Delhi. He invited the Hon’ble Members for the aforesaid events.

4. 2.22 PM Sh. Vijender Gupta, Hon’ble Leader of Opposition, Sh. Om Prakash Sharma and Sh.

Jagdish Pradhan sought to know about the fate of the Notices given by them under Rule- 54 (Calling Attention) and Rule-59 (Adjournment Motion).

The Chair stated that he had not allowed any Notice received from Hon’ble Members except the business listed for the day. He also ruled that an e-mail received from Sh. Kapil Mishra was not in accordance with the Rules.

5. 2.23 PM Sh. Kapil Mishra came in the well and argued with the Chair. The Chair repeatedly requested Sh. Kapil Mishra to take his seat. Shri Kapil Mishra did not relent, the Chair named him.
As the Member refused to withdraw voluntarily, the Chair directed the Marshalls to escort him out.

6. 2.27 PM Government Resolution (Rule-90) : Shri Satyendar Jain, Hon’ble Minister of Home moved the following Resolution under Rule-90 with the leave of the House :
“The Legislative Assembly of NCT of Delhi having its sitting in Delhi on 26 November,
2018:

Taking into consideration the following facts:

  • That as per the records of the National Crime Records Bureau, the National Capital Territory of Delhi has acquired and has been consistently maintaining the dubious distinction of being the National Crime Capital as well,
  • That the NCT of Delhi has become totally unsafe for its inhabitants, particularly women, children and elderly, in the wake of ghastly crimes such as rapes, kidnaps and murders becoming order of the day,
  • That the people of NCT of Delhi live in perpetual fear as to whether the near and dear ones who are out on work would be able to return home safely at the end of the day,
  • That due to subversive, disruptive and anti-people instructions given to Delhi Police by Union Government through Lt. Governor, the elected Government is not in a position to enlist any support from Delhi Police even in enforcing central laws such as Essential Services Maintenance Act, when needed,
  • That the elected Chief Minister and Ministers can be attacked in their own office and at the public events hosted by the elected government,
  • That those who attack the Chief Minister have the audacity to file complaint against the elected Chief Minister and pressure Delhi Police to register FIR against the Chief Minister,
  • That the Delhi Police, in spite of its officials on duty being eye witnesses to such attacks on the Chief Minister, tries to hush them up with grossly illogical arguments which have turned the Delhi Police sadly into a butt of ridicule,
  • That the Delhi Police is not accountable to the elected Government, the Legislators and the Legislative Assembly who are charged with the responsibility of looking after overall well being of the people of Delhi,
  • That the seven Members of Lok Sabha belonging to BJP and the recently retired three Members of Rajya Sabha belonging to Congress have no proven record of their efforts to hold Delhi Police to account through Parliament, with 7 BJP Members of Lok Sabha actively assisting Delhi Police in spreading anarchy and harassment of ordinary people,
  • That the elected government is not in a position to remove these grave deficiencies in the service of people on account of certain limitations imposed by the Constitution which kept ‘police’ out of the purview of the elected Government,
  • That it has become a huge and unassailable challenge for the elected Government to discharge its functions and to look after public interest in the absence any control whatsoever over Delhi Police and
  • That it is necessary for the elected Government to have certain degree of control over law enforcing agencies to ensure that decisions taken by it in public interest are implemented thereby contributing to welfare of people and also the public order, Resolves that: The Union government take immediate steps, in larger public interest, to initiate necessary steps to bring the Police in Delhi under the control of the elected government of NCT of Delhi and to make it accountable to the Legislative Assembly as is the case with any other State in the Union of India, by way of amending the Constitution and relevant laws, and In the meanwhile, pending such amendments, necessary steps be initiated by the Government of India to devolve certain powers to the elected Government so that it is in a position to have control over Delhi Police in implementing its decisions, including the decision to invoke ESMA from time to time for smooth running of civic services in public interest and in promotion of public order and for providing for security of its functionaries in discharge of their duties.”

(3.06 PM : Sh. Vijender Gupta, Hon’ble Leader of Opposition continuously disturbed the
proceeding of the House.
The Chair named him and directed the Marshalls to escort him out.)
The following Hon’ble Members participated in the Discussion :
1. Sh. Madan Lal
2. Sh. Nitin Tyagi (He also proposed an amendment)
7. 3.42 PM The Chair adjourned the House upto 4.15 PM.
8. 4.24 PM House reassembled.
Hon’ble Speaker in-Chair.

9. 4.24 PM Discussion on Government Resolution (Rule-90) continued :

3. Sh. Saurabh Bharadwaj
4. Sh. Pankaj Pushkar
5. Sh. Jarnail Singh
(The Chair congratulated Sh. Jarnail Singh on his Marriage Anniversary)
(4:50 PM : Ms. Rakhi Birla, Hon’ble Deputy Speaker In-Chair)
6. Ms. Alka Lamba
7. Ms. Bandana Kumari
8. Sh. Manoj Kumar
9. Sh. Rajesh Rishi
10. Sh. Sharad Chauhan
11. Ms. Sarita Singh
12. Sh. Somnath Bharti
13. Sh. Imran Hussain, Hon’ble Minister of Food & Supplies

Sh. Arvinder Kejriwal, Hon’ble Chief Minister replied to the discussion and requested Shri Nitin Tyagi to withdraw his amendment. The Amendment was withdrawn The Resolution as moved by Sh. Satyendar Jain, Hon’ble Minister of Home was put to vote and adopted by voice-vote.
10. 6.51 PM Calling Attention (Rule-54) :

Shri Ajay Dutt called the attention of the Government towards “Abolishing National Pension System (NPS) and reinstate the old Pension System in the interest of lakhs of Government Servants”.
Sh. Arvind Kejriwal, Hon’ble Chief Minister made a brief statement.
The following Resolution moved by Sh. Ajay Dutt was put to vote and adopted by voice-vote :
“The Legislative Assembly of NCT of Delhi, having its sitting on 26 November
2018 :

Taking note of the negative consequences of the anti-employee National Pension System (NPS) that is imposed on the Government Servants by the then NDA Government in 2004 and sustained by the UPA-I, UPA-II and NDA-II Governments,

Given the fact that, unlike the old pension scheme, the NPS :

  • does not give any guarantee to the employees either for assured returns on investments or for minimum pension.
  • does not provide for family pension or social security,
  • does not provide for loan facility when in dire need,
  • does not provide for annual increments and hike in DA,
  • does not allow the employees to withdraw enough money from their own
    pension fund to meet the medical emergencies,
  • leaves the employees at the mercy of volatile markets and the forces that
    have notoriously been manipulating the markets,
  • imposes draconian restrictions on withdrawals from pension fund,
    allows the insurance companies to exploit employees by way of forcing
    them to buy annuity for a minimum of ten years even after retirement, and
  • runs contrary to the spirit of welfare state as enshrined in the Constitution,

Given the fact that the pro-people and welfare oriented Government of NCT of Delhi is strongly in favour of restoring the rights and privileges of its employees by way of replacing the NPS with the time tested old pension scheme, Resolves to urge upon the Government of India to scrap the NPS with immediate effect and bring at once all the Government Servants working under the Government of NCT of Delhi under the old pension scheme and restore to them all the benefits of the old pension scheme wherein the fair and legitimate pensions’ benefits are disbursed through the Consolidated Fund of India, so that the dedicated work force of the Government of NCT of Delhi and their families will be able to lead their lives with sense of security and dignity, and Further resolves to urge upon the Government of India to restore the old pension scheme in place of NPS or the benefit of all the Government Servants working under the Government of India and also to actively encourage other States to follow this true welfare measure”.

11. 7.09 PM Extension of sitting of the House:

Taking the sense of the House, the Chair announced that the sitting of the Fourth Part of Seventh Session of Sixth Delhi Legislative Assembly was being extended by a day i.e till 27th November, 2018.
The Chair also directed that the Short Duration Discussion (Rule-55) listed for the day be listed for 27th November, 2018.

12. 7.09 PM The Chair adjourned the House upto 2.00 PM on Tuesday, 27 November 2018.

Delhi C. Velmurugan
26th November, 2018 Secretary

Source: Confederation

Filed Under: Confederation News Tagged With: Confederation news, National Capital Territory, National Pension System

NPS to OPS: Proceeding on adoption of Resolution on Abolishing NPS by Delhi Assembly

November 29, 2018 by Amardeep Leave a Comment

National Pension System to Old Pension Scheme

Proceeding on adoption of Resolution on Abolishing NPS

Proceeding on adoption of Resolution on Abolishing NPS by Delhi Assembly- एन.पी.एस को समाप्त करने के संकल्प पर दिल्ली विधान सभा की कार्यवाही

LEGISLATIVE ASSEMBLY
NATIONAL CAPITAL TERRITORY OF DELHI

Bulletin Part-I
(Brief summary of proceedings)
Monday, 26 November 2018 / 05 Margshirsha 1940 (Saka)

No. 91

10. 6.51 PM Calling Attention (Rule-54) :

Shri Ajay Dutt called the attention of the Government towards “Abolishing National Pension System (NPS) and reinstate the old Pension System in the interest of lakhs of Government Servants”.

Sh. Arvind Kejriwal, Hon’ble Chief Minister made a brief statement.

The following Resolution moved by Sh. Ajay Dutt was put to vote and adopted by voice-vote :

“The Legislative Assembly of NCT of Delhi, having its sitting on 26 November 2018 :

Taking note of the negative consequences of the anti-employee National Pension System (NPS) that is imposed on the Government Servants by the then NDA Government in 2004 and sustained by the UPA-I, UPA-II and NDA-II Governments,

Given the fact that, unlike the old pension scheme, the NPS :
does not give any guarantee to the employees either for assured returns on investments or for minimum pension.
does not provide for family pension or social security,
does not provide for loan facility when in dire need,
does not provide for annual increments and hike in DA,
does not allow the employees to withdraw enough money from their own pension fund to meet the medical emergencies,
leaves the employees at the mercy of volatile markets and the forces that have notoriously been manipulating the markets,
imposes draconian restrictions on withdrawals from pension fund,
allows the insurance companies to exploit employees by way of forcing them to buy annuity for a minimum of ten years even after retirement, and
runs contrary to the spirit of welfare state as enshrined in the Constitution,

Given the fact that the pro-people and welfare oriented Government of NCT of Delhi is strongly in favour of restoring the rights and privileges of its employees by way of replacing the NPS with the time tested old pension scheme,

Resolves to urge upon the Government of India to scrap the NPS with immediate effect and bring at once all the Government Servants working under the Government of NCT of Delhi under the old pension scheme and restore to them all the benefits of the old pension scheme wherein the fair and legitimate pensions’ benefits are disbursed through the Consolidated Fund of India, so that the dedicated work force of the Government of NCT of Delhi and their families will be able to lead their lives with sense of security and dignity, and

Further resolves to urge upon the Government of India to restore t he old pension scheme in place of NPS or the benefit of all the Government Servants working under the Government of India and also to actively encourage other States to follow this true welfare measure”

Source: Delhi Assembly

Filed Under: Pensioners Issue Tagged With: National Pension System, Old Pension Scheme, Pensioners Issue

NPS to OPS: Resolution adopted by Legislative Assembly of NCT of Delhi

November 28, 2018 by Amardeep Leave a Comment

NPS to OPS: Resolution adopted by Legislative Assembly of NCT of Delhi

Resolution adopted by the Legislative Assembly of NCT of Delhi – Abolish National Pension System (NPS) and reinstate the old Pension System


Source: Confederation

Filed Under: Confederation News Tagged With: Confederation, National Pension System, old Pension System

Old Pension Scheme to Railway Employees

October 11, 2018 by Amardeep Leave a Comment

Grant of Old Pension Scheme to Young Employees Working in Railways

The Railway Board replied to the President of Akhil Bhartiya Railway Mazdoor Sangathan on 6th September, 2018

Government of India (Bharat Sarkar)
Ministry of Railways (Rail Mantralaya)
(Railway Board)

No.D-43/19/2017-F(E)III

Dated: 06.09.2018

Sh.Mangat Ram Saini,
National President,
Akhil Bharitya Railway Mazdoor Sangathan,
125/R, Ram Nagar,
Pathankot – 145001,
Mob: 9464000303

Dear Sir,

Sub: Grant of Old Pension to the Young Employees Working in the Railway

Please refer to your letter dated 12.07.2018 on the above cited subject.

Check also various news about National Pension System

2. In this regard it is stated that the decision to implement the National Pension System (NPS) w.e.f.01.01.2014 for all recruits, is of the Government of India. The Ministry of Railways being an administrative Ministry in respect of Pensionery matters is bound to adhere to the decision taken by the Nodal Department, i.e., Department of Financial Services (Ministry of Finance).

The Ministry of Railways is not empowered to take any unilateral decision.

sd/-
(G.Priya Sudarsani)
Diector, Finance (Estt.)
Railway Board

Source: Confederation

Filed Under: Railways Tagged With: National Pension System, Old Pension Scheme, Railway employees

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