PFRDA in its endeavor to promote NPS in the Private sector (All Citizen and corporate) have embarked upon conducting NPS workshops at various locations across the country. PFRDA held a  Workshop on National Pension System (NPS) for North-Eastern States in coordination with State Bank of India (SBI) at Guwahati today

 PFRDA has appointed Public Sector Banks (PSBs), Private Sector Banks and Financial Institutions like NBFCs, MFIs, and Private sector companies in financial sector business for distribution of NPS and also had engaged with them for awareness of NPS to the masses.

            In continuation to such efforts of promotion and development of NPS, PFRDA conducts State / regional meetings to create further awareness about NPS and to work in close coordination with the distribution channel for increased focus of the distribution channel for offering NPS to the large segment of the society for whom NPS is a voluntary scheme.  To deepen the subscriber base in the country and with a focus towards the North East, this workshop has been conducted for North Eastern States in coordination with State Bank of India. 

Shri Digmanu Gupta, General Manager, State Bank of India, in his Welcome Address emphasized on the need of the pension to the masses and reiterated SBI efforts and commitment in propagating and actively distributing NPS. He also briefed about the benefits of NPS to the people of the North East states which can be an effective and ensuing platform for creation of pensioned society and also requested the participants to utilize the workshop for understanding the product and process in a better way.

            Shri A G Das, Executive Director, PFRDA addressed the participants and informed that in the changing demographic status of the country, pension is one of the mostimportant financial saving to be considered by everyone. National Pension System (NPS) promoted by Government provides the platform to every segment of the society for savings for retirement and he briefed the audience about the details of NPS for old age income security. He requested the participants to utilize this meet for better understanding of NPS and distribute the same to their retail and corporate clientele. He emphasized, inter alia, the low cost of NPS, which makes it an attractive and valuable financial savingsproduct. He stressed that, this workshop is specifically organized for spreading the awareness of NPS in the North Eastern States and requested the distributors to contribute aggressively for the success.

            More than 200 officials of the Points-of Presence attended the workshop. PFRDA official gave a detailed presentation on NPS and informed the participants about the features and benefits of NPS. Official of

CRA-NSDL gave a presentation on process flow of registration of subscribers under NPS. Official of State Bank of India and NSDL e-Goveranance Infrastructure Ltd. gave presentations on different aspects of NPS.

            PFRDA and CRA officials clarified the queries regarding joining of NPS, process flow, tax benefits, timelines, annuity etc to the participants.  The recent developments under NPS-Private Sector (All citizen and Corporate) are listed below:

Maximum age of joining NPS increased to 65 years.

        i.            Continuation on NPS account until 70 years.

      ii.            Under Tier-I account, minimum contribution requirement in a financial year is reduced from Rs 6,000/- to Rs 1,000/-

    iii.            Introduction of two new life cycle funds (LC 75 and LC 25)

    iv.            Allowing option to change the investment choice or asset allocation ratio  twice in a financial year 

      v.            Dispensing of requirement of submission of physical application form in case of subscriber opening account online and e-Signing the document.

    vi.            Introduction of Alternative Investment Fund-a separate class of Asset “A”

  vii.            Introduction of two new life cycle funds (LC 75 and LC 25)

viii.            Process of Transfer of Superannuation / Recognized Provident Fund to National Pension System.

    ix.            Partial withdrawal facility after 3 years

            As on 31^st December 2017, more than 12.23 lacs subscribers are registered under NPS-Private Sector (All Citizen and Corporate). There are more than 6.66 lacs employees of more than 4120 registered corporate who have joined NPS under NPS Corporate Model and more than 5.57 lacs subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 1.91 crore with overall Asset under Management (AUM) of more than Rs.2,17,000 crore. PFRDA’s endeavor is to significantly scale up these segments during the ongoing months.

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DSM/KA

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