PFRDA circular · 16 Mar 2023
पेंशन ननधि विननयामक एिं विकास प्राधिकरण PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY CIRCULAR CIR No.: PFRDA/2022/06/SUP-POP/01 Date: 16 March 2022 To, All Points of Presence (PoPs-NPS-Lite) Dear Sir / Madam, Subject: Guidelines for Operational Activities - to be followed by Point of Presence (PoPs-NPS-Lite) In ex…
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CIRCULAR
CIR No.: PFRDA/2022/06/SUP-POP/01
Date: 16 March 2022
To,
All Points of Presence (PoPs-NPS-Lite)
Dear Sir / Madam,
Subject: Guidelines for Operational Activities - to be followed by Point of Presence (PoPs-NPS-Lite)
In exercise of the powers conferred under Section 52 of Pension Fund Regulatory and Development Authority Act, 2013 read with Chapter VII of Pension Fund Regulatory and Development Authority (Points of Presence) Regulations, 2018, and amendments thereof, the following guidelines are being issued. These guidelines shall supersede the earlier guidelines dated 1^st January 2016 issued for compliance by all Points of Presence registered under Regulation 3(1)(iv) - NPS-Lite-Swavalamban scheme (hereinafter referred to as 'PoP-NPS-Lite'). The guidelines may be modified by Pension Fund Regulatory and Development Authority (PFRDA) from time to time depending upon the service requirements. These guidelines shall be effective from 1^st April 2022.
The detailed guidelines covering following points are enclosed along with this circular.
All entities are advised to update their system and streamline the processes to follow the operational guidelines issued by the Authority.
Yours faithfully,
-sd-
(Sumeet Kaur Kapoor)
Chief General Manager
sumeet.kapoor@pfrda.org.in
In exercise of the powers conferred under Section 52 of Pension Fund Regulatory and Development Authority Act, 2013 read with Chapter VII of Pension Fund Regulatory and Development Authority (Points of Presence) Regulations, 2018, and amendments thereof, the following guidelines are being issued. These guidelines shall supersede the earlier guidelines dated 1^st January 2016 issued for compliance by all Points of Presence registered under Regulation 3(1)(iv) - NPS-Lite-Swavalamban scheme (hereinafter referred to as 'PoP-NPS-Lite'). The guidelines may be modified by Pension Fund Regulatory and Development Authority (PFRDA) from time to time depending upon the service requirements. These guidelines shall be effective from 1^st April 2022.
[1] PoP-NPS-Lite shall duly follow the 'Service Standards' as prescribed under Schedule I of these guidelines for providing the services under NPS-Lite-Swavalamban scheme.
[2] PoP-NPS-Lite shall collect the contributions from the NPS-Lite-Swavalamban scheme subscribers on regular basis and aggregate the contribution information and the relevant funds at the level of the nodal office.
[3] PoP-NPS-Lite shall provide services, such as carrying out subsequent transactions for the subscribers and other services like shifting of PoP-NPS-Lite, change in personal details of the subscriber, processing of exit/withdrawal request, follow up on initiation of exit request under NPS-Lite by the subscriber etc., in accordance with Schedule I of guidelines.
[4] PoP-NPS-Lite shall make good the loss to the subscriber in the event of any delay or violation for the activities prescribed under Schedule 1 as under:
(i) Financial transactions –
PoP-NPS-Lite shall pay @ bank rate + 2% p.a. of the transaction amount, which will be contribution amount (in case of deposit) or exit proceeds (in case of exit/ withdrawal claim), rounded off to next integer value, or as per rate determined by the employer/ aggregator for their employees/ associates, whichever is higher, for the period of delay. The bank rate shall be as applicable as prevalent on date of receipt of contribution.
(ii) Non-financial Transactions –
PoP-NPS-Lite shall pay @Rs 5 per day, subject to a maximum of Rs 100, or as per the rate determined by the employer /aggregator for their employees/ associates, whichever is higher, for the period of delay.
[5] PoP-NPS-Lite shall always encourage subscribers to do cashless transactions.
[6] PoP-NPS-Lite shall facilitate their underlying eligible subscribers for migration to Atal Pension Yojana (APY) scheme or National Pension System (NPS), if the subscriber so desires.
[7] PoP-NPS-Lite shall resolve the grievances of the subscribers in accordance with Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015 and amendments thereof.
[8] In accordance with Pension Fund Regulatory and Development Authority (Points of Presence) Regulations, 2018, and amendments thereof, PoP-NPS-Lite may engage the services of other service providers or banking correspondents, for facilitating distribution of pension schemes, as facilitators and shall ensure the following while associating with any facilitator:
[9] PoP-NPS-Lite shall make available all NPS-Lite-Swavalamban scheme related forms, as prescribed by PFRDA from time to time, on its website and/ or at branches.
[10] PoP-NPS-Lite shall adhere to the PFRDA Act 2013 and all regulations made thereto, and circulars, guidelines, directions, advisories etc. issued by PFRDA from time to time.
PoP-NPS-Lite shall adhere to the Standard Operating Procedures (SOPs) prescribed by the Central Recordkeeping Agency (‘CRA’) and / or PFRDA for the operational activities with respect to NPS-Lite-Swavalamban scheme.
PoP-NPS-Lite shall comply with the following procedures and parameters to ensure transparency, uniformity and risk minimization.
