NPS Implementation for Central Autonomous Bodies | National Pension System Implementation by Central Autonomous Bodies

Introducing the National Pension System – a simple and efficient way to save for your retirement.

The implementation of the National Pension System by Central Autonomous Bodies represents a significant step towards ensuring the financial security of employees. This system provides a range of investment options for employees to choose from, allowing them to tailor their pension plan to their individual preferences and circumstances. Furthermore, by enrolling in this program, employees are able to benefit from tax advantages and potentially earn higher returns on their investments. Overall, the National Pension System is a valuable tool for securing the financial future of workers in the public sector.

Pension Fund Regulatory Regulatory and Development Authority

PRESS RELEASE

Conference on Implementation of National Pension System by Central Autonomous Bodies

A conference on implementation of National Pension System by Central Autonomous Bodies (CABs) was organized by PFRDA on 13th June 2018 at New Delhi. The prime objective was to provide a forum to all Central Autonomous Bodies (CABs), where the progress in the implementation of NPS with respect to compliance of timelines in various NPS related activities could be brought to the fore and a way forward could be provided. Officials from most of the Central Autonomous Bodies (CABs) attended the conference.

Also check: Exemption from National Pension System (NPS) – NFIR

Dr. Badri Singh Bhandari, Whole Time Member (Economics) in his opening remarks mentioned that currently there are 557 CABs which have about 1.73 lacs subscribers and about Rs.11800 crores of Asset Under Management (AUM). He further emphasised the need for discipline in submission of subscriber registration forms and remittance of the subscribers’ contributions. He also highlighted the responsibility of nodal officers handling NPS and advised that they should be aware of the NPS and its related process in detail for addressing the queries/grievances of the subscribers.

Chairman, PFRDA, Sh. Hemant Contractor, in his address emphasized the fact that NPS, being a Contributory scheme, was different from the earlier pension system and discussed various determinants of pension such as promptness of the Nodal offices in performing various NPS related activities mainly subscriber registration, upload/remittance of NPS contributions and also period of stay in the scheme, contribution level, returns on investments, annuity schemes chosen, annuity service providers chosen etc. In this regard, he stressed upon the need to work in tandem to ensure that NPS works efficiently and pensions are served effectively. He also highlighted endeavour of PFRDA in educating subscribers in handling their pension accounts, through a dedicated website, Pension Sanchay.

Secretary, Department of Expenditure, Govt. of India Sh. Ajay Narayan Jha, in his key-note address appreciated the initiative of PFRDA for holding this conference exclusively for Central Autonomous Bodies as it provided two-way communications between stakeholders for the ultimate benefit of the subscribers. He stressed to all participants on the need of becoming sensitive and responsible towards employee-subscribers currently covered under NPS in order to protect their interest, while monitoring various NPS related activities. He also stressed upon the role which can be played by the Head of Institutions and PrAOs of the respective CABs in streamlining NPS operations.

A presentation was also made by the NSDL e-Governance Infrastructure Ltd, the Central Recordkeeping Agency for NPS about the operational issues and new functionalities released for the convenience of the nodal officers-PAOs/DDOs and the subscribers. A presentation was also made by Jamia Millia Islamia University about the best practices they have adopted to administer the subscribers’ interface effectively. While presenting the Vote of Thanks Shri Ashish Kumar, GM mentioned that PFRDA is periodically holding Review meetings/ Video conferences also with the CABs on important parameters having financial implications and expects significant improvement from the present state of affairs.

Click for More Updates regarding NPS to OPS

What are Central Autonomous Bodies (CABs)?

Central Autonomous Bodies (CABs) refer to organizations that operate autonomously but are directly or indirectly under the control of the central government.

What is the National Pension System (NPS)?

The National Pension System (NPS) is a government-sponsored pension scheme that offers retirement benefits to individuals.

Are Central Autonomous Bodies required to implement the National Pension System?

Yes, as per the government mandate, all Central Autonomous Bodies are required to implement the National Pension System for their employees.

What are the benefits of implementing the National Pension System for Central Autonomous Bodies?

Implementing the National Pension System provides various benefits, including a secure and comprehensive pension scheme for employees, portability across jobs and locations, choice of investment options, and professional fund management.

Are there any obligations or responsibilities for Central Autonomous Bodies in implementing the National Pension System?

Yes, Central Autonomous Bodies are responsible for ensuring the smooth implementation of the National Pension System, including enrollment of employees, collecting contributions, and providing necessary information and support.

How can employees of Central Autonomous Bodies contribute to the National Pension System?

Employees can enroll in the National Pension System by submitting the required forms and documents to their respective Central Autonomous Body.

Can employees choose their investment options in the National Pension System?

Yes, employees have the flexibility to choose from various investment options offered by the National Pension System, based on their risk appetite and retirement goals.

What happens to an employee's National Pension System account if they leave the Central Autonomous Body?

In case an employee leaves the Central Autonomous Body, their National Pension System account remains active and can be transferred or continued with the new employer, or converted into a voluntary retirement account.

How can employees monitor their National Pension System account?

Employees can access their National Pension System account online through a dedicated portal or mobile app, which provides information on contributions, investment performance, and other relevant details.

Are there any tax benefits associated with the National Pension System?

Yes, both the employee’s contributions and the employer’s contributions towards the National Pension System are eligible for tax benefits under the Income Tax Act.