Business

NPS goes subscriber-friendly with new Point of Presence norms

New Delhi, Aug 22 (Agencies) | Publish Date: 8/22/2018 12:21:01 PM IST

In order to expand the reach of National Pension System (NPS) and encourage independent and effective distribution channels, the pension fund regulator has notified new norms for Point of Presence (PoP), Financial Express reported. The new norms replaces the 2015 regulations.

The PoPs are the principal distributive points for NPS and they will be responsible for receiving and processing all subscriber requests. They will receive filled application form along with Know Your Customer (KYC) documentation and conduct customer due diligence procedures as required under the Prevention of Money Laundering Act. They will also help subscribers if they put in a request for shift from one PoP to another PoP.

As on July 31, 2018 there are 11,758469 NPS subscribers with assets under management of Rs 2,50,758 crore. While the bulk of the subscribers are central and state government employees, the number of corporate and unorganised sector subscribers is growing fast because of additional tax breaks.

The PoP will be responsible for collecting and transmitting the initial contribution made by subscribers at the time of opening of an individual pension account and subsequent contributions made by them to the trustee bank on T+1 basis. They will also send the subscriber registration form and supporting documents to the central record keeping agencies—NSDL e-governance Infrastructure Ltd and Karvy Computershare.

The PoPs will also transfer the contributions received from the subscriber to the NPS Trust account maintained with the trustee bank and upload the subscriber contribution files with the CRA. 

If a subscriber puts withdrawal request, the PoP will be responsible for receiving and processing it.

If the Pension Fund Regulatory and Development Authority (PFRDA) cancels the registration of a PoP, then it will have to transfer all data, documents and money which have not been transferred to the trustee bank of subscribers to any other PoP authorised by the regulator. According to the new regulations, each PoP will ensure that all matters related to pension schemes including maintenance of accounts and flow of funds are maintained separately for other business activities.


-Tags:#NPS

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