Activities under National Pension System System (NPS) & NPS Lite-Swavalamban Scheme from March to June 20. Authorization of CSRF by employer
Pension Fund Regulatory and Development Authority
Activities under National Pension System System (NPS) & NPS Lite-Swavalamban Scheme from March to June 20.
To prevent the spread of COVID19, Government of India and various states have initiated various measures including lock-down in the country. To ensure proper service to subscribers, Point of Presence (POPs) are advised to undertake the activities prescribed under Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 / Pension Fund Regulatory and Development Authority (Aggregators) Regulations, 2015 and guidelines /circulars issued there under as per the best available means and resources in transparent manner.
The POPs are requested to intimate subscribers to opt for online platforms for conduct of transactions under NPS and NPS Lite. The PoPs are advised to refer to PFRDA Circular CIR No: PFRDA/2020/2/CORP/1 Date: 24th March,2020( attached)
On the request of the PoPs, the Authority has permitted the following relaxations:
i. POPs may submit the compliance reports ( due between 1st March 20 and 30thJune 20) within 30 days from the normal due date through email;
ii. Waiver of compensation to be paid to subscribers due to delays in prescribed TATs under guidelines for period 1st March 2020 to 30th April 2020;
iii. POPs are advised to report the delay in the exception report submitted to NPS Trust.
Ms Sumeet Kaur Kapoor
(Chief General Manager)
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
CIR No: PFRDA/2020/2/CORP/1
Date: 24th March, 2020
Subject: Authorization of CSRF by employer
1. World Health Organisation has already recognized COVID-19 outbreak as a global pandemic and in light of various advisories issued by Ministries of Central Government/State Governments/ Local Administrations/Corporates for taking precautions to avoid spreading of the pandemic, many employers have implemented / encourage employees to work from home.
2. In light of the above and requests received from Points of Presence, it has been decided to allow employers/corporates to authorize the NPS Subscriber Registration Forms submitted by their employees through email instead of physical authentication subject to the following conditions:
– employee authorizations should be from the email ids of the Nodal Officer or the Alternate Nodal Officers as registered in CRA records.
– upon resumption of normalcy, re-authorization of employees by employer/corporate on their letter head to be collected by PoPs for all such cases.
3. The corporates/employers already authorizing the forms through online methods may continue the process as is.
(Mono MG Phukon)