Pension Fund Regulatory
Development Agency (PFRDA) in its endeavor to promote NPS among the corporates
have embarked upon conducting NPS Workshops at various locations across the
country. In continuation of that exercise, a Corporate Meet was held today in
Pune in association with FICCI, Maharashtra State Council and Mahratta Chambers
of Commerce, Industry and Agriculture.
More than
100 participants from around 55 corporates attended the workshop. PFRDA
officials gave a detailed presentation on NPS and informed the participants
about the features, benefits and the process of joining NPS to the employees as
well as to the employer. The role of the Pension Funds under NPS architecture
and the benefits of long term investment and the optimal return being generated
by the Pension Fund following the investment guidelines issued by PFRDA was
highlighted.
PFRDA officials also
clarified the queries regarding joining of NPS, tax benefits, POPs details,
timelines, transfer of superannuation fund to NPS, annuity etc. to the
participants.
The recent
developments under NPS-Private Sector (All citizen and Corporate) are listed
below:
i.
Process of Transfer of Superannuation / Recognized Provident Fund to National
Pension System.
ii.
Allowing option to change the investment choice or asset allocation ratio twice
in a financial year
iii.
Dispensing of requirement of submission of physical application form in case of
subscriber opening account online and e-Signing the document.
iv.
Introduction of Alternative Investment Fund-a separate class of Asset “A”
v.
Introduction of two new life cycle funds (LC 75 and LC 25)
vi.
Under Tier-I account, minimum contribution requirement in a financial year is
reduced from Rs 6,000/- to Rs 1,000/-
As
on 25th November 2017, more than 1.84 crores subscribers have joined under
NPS-Private sector (Corporate and All Citizen model) . More than 6.58 lacs
employees of 4,027 registered Corporates have joined NPS under NPS Corporate Model,
and more than 5.46 lacs subscribers have joined NPS under NPS-All Citizen
Model. The overall number of NPS and APY subscribers have crossed 1.80 crore
with overall Asset under Management (AUM) of more than 2,15,461 crore. PFRDA’s
endeavour is to significantly scale-up these segments during the ongoing
months.
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DSM/SBS