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New Pension System – Features released recently for NPS Subscribers

September 18, 2016 admin Leave a Comment

New Pension System – Features released recently for NPS Subscribers

New Pension System (NPS) and its-implementation

GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)

RBA No. :54/2016
New Delhi, dated: . 16.08.2016

No.2016/AC-II/21/7

General Managers, FA&CAOS and CPOs,
All Indian Railways. and PUs

Sub: New Pension System (NPS) and its-implementation.

Please find enclosed PFRDA’S letter no. PFRDA/19/CG/1/39 dated 01.08.2016 on the above subject. In this regard, the “following has been desired:

i. Distribution of comprehensive brochure prepared by PFRDA for government Sector subscribers.

ii. Updation of contact details of all the underlying offices in the records of CRA for better communication flow.

iii Setting up of dedicated NPS Cell

iv. Displaying related information on the website of in the Ministry and incorporating the same link in the ‘Employee’s corner’.

As regards (iv.) above, all, the important instructions issued by Accounts Dte are available on the Indian Railway’s website as under:

www.indianrailways.gov.in
↓
About Indian Railways
↓
Railway Board Directorates
↓
Accounts
↓
Instructions on NPS

Kindly ensure circulation of these instructions so that the subscribers and nodal. offices are aware of initiatives taken for their benefit.

DA: As above

sd/-
(Amitesh Kumar Sinha)
Director Finance/CCA
Railway Board

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
b-14/A, First Floor, Chhatrapati Shivaji Bhawan,
Qutab Institutional Area, Katwaria Sarai, New Delhi-110016

R.V. Verma
Member

FILE NO. PFRDA/19/CG/1/39

01st August, 2016

Subject: National Pension System (NPS) and its implementation.

I am writing in the context of the National Pension System (NPS) and its implementation in theCentral Government sector – Ministries & departments including the Central Autonomous Bodies under their jurisdiction.

I would like to highlight the important measures taken by PFRDA in strengthening the systems, in the interest of the ultimate beneficiary – the subscriber and other stakeholders.

2. After the passage of PFRDA Act, 2013, various regulations have been framed by PFRDA under the ambit of the Act.

The basic purpose of framing regulations is to ensure protection of subscriber interest. Prominent ones among the regulations are PFRDA (Redressal of Subscriber Grievance) Regulations, 2015 and PFRDA (Exits Withdrawals under the NPS) Regulations, 2015.

You will appreciate that PFRDA (Redressal of Subscriber Grievance) Regulations, 2015, had laid down clear guidelines with respect to redressal of subscriber grievances.

Further, Exit Regulations of PFRDA have specified the provisions and process relating to exit and withdrawal in detail.

3. It has been PFRDA’S endeavour to take various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) for ease of transaction for subscribers.

Towards this end, we have introduced a number of new functionalities under NPS architecture such as simplification of account opening, withdrawal, grievance management etc. In this regard, recently many new functionalities have been released by the Central Recordkeeping Agency (CRA) to ease operations for the benefit of subscribers and nodal offices.

The details of the functionalities released recently for the nodal offices under Govt. Sector are enclosed as Annexure A.

4. As our main focus is on the subscriber, around whom the entire system revolves, we have also provided several facilities to them for easing the process and making them more user friendly. The following are the important initiatives taken in this direction:

(i) SMS and email alerts,

(ii) Centralized Grievance Management System (CGMS) with a pre-determined turnaround time for resolution of grievances related to different services.

(iii) Call Centre facility.

(iv) Periodic consolidated SoT (Statement of Transactions)

(v) Web based access to all subscribers to view SoTs and facility to modify certain data like mobile number & email id on their own.

(vi) Subscriber awareness programs at various locations and centers.

In addition to the above, several new functionalities have also been introduced in the CRA system for the benefit of the subscribers. The details of the same are enclosed as Annexure B.

5. We would very much appreciate if the Central Government ministries departments may undertake the following measures to enhance the effectiveness of the system:

(a) Distribution of comprehensive brochure prepared by PFRDA for government sector subscribers (copy enclosed).

(b) Updation of contact details of all the underlying offices in the records of CRA for better communication flow.

(c) Setting up of a dedicated NPS Cell

(d).Displaying NPS related information on the website of your Ministry and incorporating the same in link like ‘ Employee’s corner’.

6. We feel that there is urgent need to disseminate more information among the dealing officials -Pay & Accounts Offices(PAOs) Drawing & Disbursing officers (DDOs) of the CG Ministries & Departments for resolving the concerns and covering the gaps.

We have recently engaged Crux Management Services Pvt. Ltd. as a training agency for imparting training to the nodal officers of CG Ministries/ Departments.

We request you to nominate maximum number of DDOs from your Ministry to the training programmes which PFRDA is coordinating. Besides, workshops may be organized by CG Ministries & Department for their respective nodal offices also in order to increase subscriber awareness and for imparting operational knowledge to PrAOs/PAOs/DDOs, wherein PF RDA and CRA officials may also participate.

We are confident that the implementation of NPS and streamlining .of the process is receiving your due attention. You may like to convene regular meetings to review the implementation of NPS and the new fun’ctionalities which wrll go a long way in ensuring smooth implementation of NPS.

PFRDA will be glad to provide all necessary support and cooperation. Should your office need further clarifications, they are welcome to contact Sh. Ashish Kumar, General Manager at ashish.kumar@pfrda org.in.

With Regards,

Yours sincerely
sd/-
(R.V.Verma)

Mr. S. Mookerjee,
Financial Commissioner
Ministry of Railways,
Room No.232, Rail Bhavan,
New Delhi – 110001.

Annexure B

Features released recently for NPS Subscribers

1. Mobile App
Mobile App for NPS’ is nowavailable to the Subscriber’s in ’Google Play Store’ as NPS by NSDL e-Gov’ for installation and use. The following features are available to the Subscribers in Mobile App:

a) Transaction Statement: Using this feature, Subscriber will be able to raise the request for Transaction Statement for a. particular financial year. The statement will be sent to the Subscriber’s registered mail ID at end of the day.

b) Account details view: Subscriber can view his / her NPS account details.

c) Statement of Holding view: Details of scheme Wise units alongwith latest NAV and the total value of the schemes (as on date) is available.

d) View of last 5 contributions: Details of the last five contributions credited will be available i.e.,‘ credit date, tier type, amount and. contribution remarks.

e) Change in contact details (Telephone/ Mobile no./ email ID): At present, Subscriber can change his/ her contact details in CRA system using login credential. The same feature has been extended in Mobile App.

f) Change password/ Security Question: Subscriber can add / modify his her password and set security question (for password reset) through Mobile App. Subscriber will also be able to reset his/ her password by answering secret questions.

g) Notifications: Notifications, if any, from CRA will be available to the Subscriber. Short messages will be displayed here.

2. Change of address using Aadhaar authentication

The Subscribers can now update/modify their address on their own using Aadhaar based authentication. After logging in CRA, Subscriber will use the menu Update Address”. After clicking on the menu ”Update Address”.

Subscriber will prevode the Aadhaar No and “click on the ’submit’ button. ‘On clicking on submit button, ‘ an OTP will be sent to Subscriber’s mobile. Once the Subscriber authenticates by submitting the OTP, address details from Aadhaar system will be fetched and updated in the CRA system.

In this process, Subscriber will be able to update permanent as well as correspondence address. At present, this feature has been made available to All Citizens of India and Corporate sector.

It will be extended to Government Subscriber Shortly.

3. Scheme Preference change facility

The NPS Subscribers associated to All Citizens of India (UoS), Corporate sector and Government sector (for Tier‘SII-only) can now change their Scheme Preference after logging in. An OTP will be sent to the Subscriber (on their registered mobile number) once Subscriber topts to change his / her Scheme Preference.

After authentication is done with OTP, the Subscriber can change their PFM, Asset Class, Allocation ratio, Scheme Options.

4. Tier II activation through eNPS

Any subscriber having Tier I account in NPS can now activate Tier II account online through eNPS. To initiate the Tier‘II activation, Subscriber has to enter his/her PRAN, DOB and PAN. An OTP will be generated and will be sent to the registered mobile number.

Subscriber has to enter the OTP and proceed for Tier II activation under

5. KYC re-verification using Aadhaar authentication

A Subscriber whose Bank has not confirmed (rejected) his / her KYC verification request can now update the address details and confirm KYC using Aadhaar based authentication.

The Subscriber need to simply go to eNPS site, click on Update details and proceed.

6. Facility to contribute Online

Subscribers are contributing through online mode using eNPS portal of. NPS Trust. Now, a facility has been made available to contribute online by Subscribers using IPIN credentials in CRA system. Subscriber can login into the CRA system and click to ”Contribution” menu.

On submission, the Subscriber will be redirected to eNPS contribution page from Where he / she can contribute as per existing process of eNPS.

7. Withdrawal from Tier II account

At present, for Withdrawal from Tier II account, the NPS subscribers are required to visit the branch of the’ Point of Presence (POPS) or Nodal Office which is mapped to him / her.

Now, the NPS Subscribers have a facility to initiate Withdrawal request from Tier II account using their login credentials and OTP authentication on registered mobile number.

8. Online IPIN generation
The eNPS Subscribers can now access the CRA system immediately after registering without waiting for physical I-PIN to be despatched.

Facility is now available where the Subscriber will generate I-PIN instantly and access his/her NPS account.

Source: http://www.indianrailways.gov.in/


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Related updates:

    NPS subscribers can withdraw after three years
    e-NPS online facility for NPS subscribers to exit and withdrawal
    PFRDA Permit to Partial Withdraw for NPS Subscribers
    Implementation of National Pension System by Central Autonomous Bodies
    Partial withdrawal under NPS for specified Illness
    Implementation of National Pension System (NPS) in Central Autonomous Bodies (CABs)
    Old Pension Scheme is not considered a feasible proposition in the current scenario – Central Govt
    Options Under CCS NPS Rules to Avail Old Pension Benefits On Death of Govt Employee

Filed Under: New Pension Scheme, NPS

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