Choice for POPs to integrate with CRAs for NPS: Partial modification and clarification to PFRDA Circular dated 07-02-2020
PENSION FUND REGULATORY
AND DEVELOPMENT AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan,
Qutub Institutional Area,
Katwaria Sarai, New Delhi-110016
Ph: 011-26517501, 26517503, 26133730
Fax : 011-26517507
Website : www.pfrda.org.in
CIR No.: PFRDA/2020/30/SUP-CRA/13
Date: 16th July 2020
All stake holders under NPS
Choice for POPs to integrate with CRAs for NPS
Reference is invited to Pension Fund Regulatory and Development Authority (PFRDA) Circular No. PFRDA/2017/5/CRA/2 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 ore required to dl1ploy charge or both the CRAs under NPS section on their website lo 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 (lll) of Regulation 3 or PFROA (Point of Presence) Regulations, 2018.
This circular is issued in exercise or powers conferred under Section 14 of PFROA Act. 2013 to protect the interests of the subscribers and is available on PFROA’s website (www.pfrda.org.ln) under Regulatory Framework end In Circular Section of CRA and PoPs.
(K Mohan Gandhi)
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