PFRDA – Partial modification & Clarification of Choice for POPs
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
CIR No.: PFRDA/2020/30/SUP-CRA/13
Date: 16th July 2020
All stakeholders under NPS
Choice for POPs to integrate with CRAs for NPS
Reference is invited to Pension Fund Regulatory and Development Authority (PFRDA) Circular No. PFRDAl2017/5/CRAl2 dated 9th Feb. 2017 on the captioned subject. Based on the feedback received from stakeholders, in partial modification to the said Circular, it has been decided and clarified as under:
(i). Points of Presence (POPs) shall have the option to integrate with one or more Central Record Keeping Agencies (CRAs) for the purpose of on-boarding and servicing of NPS subscribers under Voluntary/Corporate sector. However, the POPs which have already integrated with both the CRAs and have subscribers enrolled under both CRAs, may continue with their existing arrangement so as not to inconvenience the existing Subscribers.
(ii). Voluntary NPS subscribers desirous of obtaining the services from a particular CRA may open their NPS account through a POP which is integrated with that CRA. Alternatively, the subscriber shall have the option to open NPS account via the eNPS platform which offers the choice of both the CRAs.
(iii). Similarly, the organizations/corporates offering NPS to their employees under the aegis of “employer-employee relationship” and are desirous of obtaining the services from a particular CRA, may open their NPS accounts through a POP, which has integrated with that CRA. In case, they register themselves with PFRDA as POPs, they may integrate with the CRA (s) of their choice.
(iv). POPS are required to display charges of both the CRAB under NPS section on their website to enable the subscribers to take well informed decision.
(v). This circular shall be applicable only to the POPS covered under sub. regulation (i), (ii) and (iii) of Regulation 3 of PFRDA (Point of Presence) Regulations, 2018.
This circular is issued in exercise of powers conferred under Section 14 of PFRDA Act, 2013 to protect the Interests of the subscribers and Is available on PFRDA’s website (www.pfrda.orgin) under Regulatory Framework and In Circular Section of CRA and PoPs.
(K Mohan Gandhi)