Search News, Order, Rules etc. in more than 6700 articles type keywords and hit enter

Search News, Order, Rules etc. in more than 6,700 articles type keywords and hit enter

Monday, October 22, 2012

‘Corporate-CG scheme’ w.e.f. 01-11-2012 under New Pension Scheme


Pension Fund Regulatory and Development Authority
1st Floor, ICADR Building,Plot No.6, Vasant Kunj
Institutional Area, Phase II, New Delhi-11 0070

CIRCULAR
 PFRDAICIR/1/Corporate-CG/1
 Date: 18th October 2012

SUBJECT: Change in Central Government Investment Model for the Corporate Sector

Under the NPS-Corporate sector model, the Corporates have been provided option to select the Central Govt. Investment model if the investment option is exercised by the corporates for their underlying employees. The subscriber’s contribution is distributed among the three PFMs (S81, LlC and UTI) and the asset allocation replicates the scheme as applicable to the central Govt. employees. (Refer page No-10 of NPS corporate sector brochure)


2. In terms of the PFRDA circular No- PFRDA/CIR/1/PFM/1 dated 31.08.12, with effect from 1st November 2012, the private PFMs will be free to decide the Investment Management Fee within the upper ceiling of 0.25% p.a. prescribed by PFRDA at present.

3. Due to this differential Fee offered by the PFMs from 1st November 2012, a new scheme called ‘Corporate-CG scheme’ will be introduced w.e.f. 1st November 2012. The Scheme will follow the Central Govt. investment guidelines issued from time to time. The salient features will be as under:

a) This scheme will be offered by only public sector PFMs, who have obtained registration under the PFRDA (Registration of Pension Funds for Private Sector) Guidelines – 2012.
 
b) The system of distribution of funds among three PFMs, as at present, will no longer be available for the corporates under CG scheme and the Corporate will have to choose only one PFM offering this scheme.

4. Existing Corporate Sector Subscribers under the CG Scheme: 
a) The existing three public sector PFMs (SBI, UTI & LlC) offering CG scheme will introduce the new scheme ‘corporate-CG scheme’ w.e.f. 1st November 2012 with units of face value of Rs.10.00 and an initial NAV of Rs.10.00 per unit. The funds / assets in the existing CG Scheme in respect of Corporates will be transferred to the new scheme and proportionate units in the new Corporate
CG Scheme will be allotted.
 
b) The existing corporates under CG scheme are allowed a time period of 60 days from 1st Nov 2012 i.e. up to 31st December 2012 to choose anyone PFM for shifting their assets. Till such times, the fee chargeable to them will be as applicable to the Central Govt. employees, whereafter charges applicable to Pvt. Sector shall be levied.

sd/-
Deepa Kotnis
(General Manager)
 Source: www.pfrda.org.in


Stay connected with us via Facebook, Google+ or Email Subscription.

Subscribe to Central Government Employee News & Tools by Email [Click Here]
Follow us: Twitter [click here] | Facebook [click here] Google+ [click here]
Admin

No comments:

Post a Comment

Don't hesitate to express yourself. Please write your valuable comments.

Recent Comments

SEVENTH PAY COMMISSION REPORT

7th CPC Report

Full Report || Allowances  || Pay Structure (Civil)  || Pay Structure (Military)  || Pension (Civil)  || Pension (Defence)  || Advances  || Leave  || NPS
1. Foreword View
2. The Macroeconomic Situation
2.1 General Economic Situation and Financial Resources of the Central Government
2.2 Financial Resources of the State Governments
3. Analysis of Central Government Personnel View
4. Approach to Pay
4.1 Principles of Pay Determination View
4.2 Determination of Minimum Pay View
5. Revised Pay Structure
5.1 Pay Structure (Civilian Employees) View
5.2 Pay Structure (Defence Forces Personnel) View
6. Pay Related Issues of Defence Forces Personnel
6.1 Background and Approach to Pay Related Issues of Defence Personnel
6.2 Cadres of Defence Forces Personnel
7. Pay Scales for Specific Services, Categories & Cadres
7.1 Headquarters Organisations in Government of India and Office Staff in Field Offices View
7.2 All India Services
7.3 Central Services Group A
7.4 Engineering Services
7.5 Scientific Services
7.6 Medical and Paramedical Services
7.7 Common Categories
8. Allowances View
8.1 List of Allowances (Summary) View
8.2 Overview of Allowances View
8.3 Allowances Payable for Additional/ Extra Duty View
8.4 Allowances related to Knowledge Updates View
8.5 Allowances related to Deputation View
8.6 Allowances related to Working on Holidays View
8.7 Allowances related to Housing View
8.8 Allowances related to Good Service View
8.9 Qualification Allowances View
8.10 Allowances related to Risk and Hardship View
8.11 Allowances for Running Staff of Indian Railways View
8.12 Allowances related to Sports View
8.13 Sumptuary Allowances View
8.14 Allowances related to Training View
8.15 Allowances related to Travel View
8.16 Allowances related to Uniform View
8.17 Other Allowances View
9. Other Facilities
9.1 Advances View
9.2 Holidays and Leave View
9.3 CGEGIS View
9.4 GPF View
9.5 Medical Facilities for Serving Employees and Pensioners View
9.6 Persons with Disabilities View
10. Pension and Related Benefits
10.1 Pension and Related Benefits of Civilian Employees View
10.2 Pension and Related Benefits of Defence Forces Personnel View
10.3 National Pension System (NPS) View
11. Issues Specific to Ministries and Departments
12. Officers and Employees of the Supreme Court of India
13. Regulatory Bodies
14. Training
15. Bonus Schemes and Performance Related Pay View
16. Financial Implications View
17. Executive Summary View
18. Meetings held by the Commission
Top Generated search terms/ keywords used by our visitors to  arrive in Central Government Employee News.
KeywordCount