Contributary Pension Scheme

• In pursuant to the advice of the Central Government vide letter D.O. No 5(75)/2006-ECB & PR dated 24th April 2007; The NPS Trust was established by PFRDA on 27th February, 2008 with the execution of the NPS Trust Deed and the Board of Trustees of NPS Trust was formed with three members to begin with. Subsequently three more Members were included in the Board. The term of the Trustees is for two years. Sh. N.R.Rayalu was also appointed CEO also of the NPS Trust on his retirement as Dy CAG, Government of India w.e.f 12th June 2008

At present the Board of NPS Trust, reconstituted on 26th March 2010 is as under:-

        The NPS trust has been set up and constituted for taking care of the assets and funds under the NPS in the interest of the beneficiaries (subscribers). In fulfillment of its objectives, as broadly mentioned in the Deed, the NPS Trust supervises the Pension Fund Managers and interacts with other intermediaries like Trustee Bank (Bank of India), Central Record Agency (NSDL), Stock Holding Corporation of India Ltd, etc. The Trust is empowered to enter into agreements with other intermediaries and operating agencies to discharge its obligations.

As part of its obligations, the NPS Trust ensures that:-

• the PF(s) has been diligent in empanelling the brokers, in monitoring securities transactions with brokers and avoiding undue concentration of business with any broker;

• the PF(s) has not given any undue or unfair advantage to any associates or dealt with any of the associates of the Pension Fund in any manner detrimental to interest of the beneficiaries

• the PF(s) has been managing the Fund Schemes independently of other activities and has taken adequate steps to ensure that the interests of the beneficiaries are not compromised;

• all the activities and the transactions of the PF(s) are in accordance with the provisions of the PFRDA guidelines/directions.

A memorandum of Understanding was signed between PFRDA and the NPS Trust highlighting the rights and obligations of both the parties on 1st July 2009.

• To begin with the NPS was operational for the Central Govt Employees (except defense forces) joining the service on after 1.1.2004. Subsequently the State Governments have also started joining the NPS. Three Fund managers as mentioned below were appointed to manage the Funds of the Government employees with effect from 1.1.2008.

•  SBI Pension Funds Private Limited
•  UTI Retirement Solutions Limited
•  LIC Pension Fund Limited

The NPS was opened up for all citizens of India with effect from 1stMay 2009. PFRDA appointed six Pension Fund Managers to manage the funds of the new subscribers.

• SBI Pension Funds Private Limited
• UTI Retirement Solutions Limited
• ICICI Prudential Pension Funds Management Company limited
• Kotak Mahindra Pension Fund Limited
• IDFC Pension Fund Management Company Limited Reliance Capital Pension Fund Limited

        Agreements with all the Pension Fund Managers have been signed. Agreement has also been signed with the Stock Holding Corporation of India who acts as custodian of investment Instruments. So far thirteen State Governments /UT have joined the NPS by signing the agreement with the NPS Trust. More State Governments have shown their inclination to join the NPS Architecture.

A quarterly review of the Pension Fund managers is carried out by the NPS Trust to review and evaluate the performance of the Fund Managers and make suggestions for improvement.

 

CPS/PRAN PASSWORD RESET | CRA.NSDL CPS/PRAN PASSWORD FORGOT-RESET AGAIN | NSDL IS ALLOWING TO RESET PASSWORD FOR YOUR CPS/ PRAN ACCOUNT | PASSWORD FOR CPS/PRAN CAN BE RESET THROUGH CRA.NSDL WEBSITE

 https://cra-nsdl.com/CRA/ is fecilitating to reset our CPS/ PRAN Password | Process to reset our Password for CPS/PRAN Account So many of us including me are facing problem to view CPS statement because we forgot our password and there was no chance to reset our password and most of us gave up it. But for last some days CRA.NSDL is allowing us to reset our password by ourself online and no need to approach Nodal office by fiiling any form. Here is the Process.

 

                                              STEP BY STEP PROCESS TO RESET CPS/PRAN  PASSWORD:

How to add ATAL PENSION YOJANA Scheme CPS-PRAN (NSDL) Holders Details:
RE 1 The Scheme is subject to the approval of the Government. ATAL PENSION YOJANA JAN DHAN TO JAN SURAKHSHA Guaranteed Pension by Govt. of India (a landmark move by GoI towards pensioned society from pension less society)
BRIEF OF ATAL PENSION YOJANA CPS-PRAN Holders scheme ATAL PENSION YOJANA 
 The Government of India is concerned about the old age income security of the working poor and is focused on encouraging and enabling them to save for their retirement. To address the longevity risks among the workers in unorganized sector and to encourage the workers in unorganized sector to voluntarily save for their retirement
 The GoI has therefore announced a new scheme called Atal Pension Yojana (APY)1 in 2015-16 budget. The APY is focussed on all citizens in the unorganized sector.
 The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture. HIGHLIGHTS OF ATAL PENSION YOJANA
 Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month. 
The benefit of minimum pension would be guaranteed by the GoI.
 GoI will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.
 GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme between the period 1st June, 2015 to 31st December, 2015. The benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries. 
All bank account holders may join APY.
Eligibility 
 APY is applicable to all citizen of India aged between 18-40 years.
 Aadhaar will be the primary KYC. Aadhar and mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhar details may also be submitted later stage. Logo of Product BROCHURE Charges for default Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:
Re. 1 per month for contribution upto Rs. 100 per month.
 Re. 2 per month for contribution upto Rs. 101 to 500/- per month.
 Re 5 per month for contribution between Rs 501/- to 1000/- per month.
Rs 10 per month for contribution beyond Rs 1001/- per month. The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber. Important information for subscriber: Discontinuation of payments of contribution amount shall lead to following:
 After 6 months account will be frozen.
 After 12 months account will be deactivated.
After 24 months account will be closed. Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount. Exit : On attaining the age of 60 years: The exit from APY is permitted at the age with 100% annuitisation of pension wealth. On exit, pension would be available to the subscriber. In case of death of the Subscriber due to any cause: In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee. Exit Before the age of 60 Years: Exit before 60 years of age is not permitted however it is permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease. Indicative Monthly Contribution Chart Age of Entry Monthly pension of Rs 1000.

Frequently Asked Questions CPS PRAN Holders
 1 Frequently Asked Questions-Atal Pension Yojana
1. What is Pension? Why do I need it?
 A Pension provides people with a monthly income when they are no longer earning. Need for Pension: Decreased income earning potential with age. The rise of nuclear family-Migration of earning members. Rise in cost of living. Increased longevity. Assured monthly income ensures dignified life in old age.
2. What is Atal Pension Yojana?
Atal Pension Yojana (APY),1 a pension scheme for citizens of India focussed on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.
3. Who can subscribe to APY?
Any Citizen of India can join APY scheme. The following are the eligibility criteria,
i The age of the subscriber should be between 18 - 40 years.
ii He / She should have a savings bank account/ open a savings bank account.
iii The prospective applicant should be in possession of mobile number and its details are to be furnished to the bank during registration. Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers. 1 The Scheme is subject to the approval of the Government. 2
4. Who are the other social security schemes beneficiaries not eligible to receive Government co-contribution under APY?
 Beneficiaries who are covered under statutory social security schemes are not eligible to receive Government co-contribution. For example, members of the Social Security Schemes under the following enactments would not be eligible to receive Government co-contribution: i. Employees’ Provident Fund & Miscellaneous Provision Act, 1952. ii. The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948. iii. Assam Tea PlantationProvident Fund and Miscellaneous Provision, 1955. iv. Seamens’ Provident Fund Act, 1966. v. Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961. vi. Any other statutory social security scheme.
5. How much pension will be received under APY?
Guaranteed minimum pension of Rs 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.
6. What is the benefit in joining APY scheme? 
In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000/- per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government cocontribution will be given for 5 years from FY 2015-16 to 2019-20.
7. How are the contributions of APY invested? 
 3 The contributions under APY are invested as per the investment guidelines prescribed by Ministry of Finance, Government of India. The APY scheme is administered by PFRDA/GOVERNMENT.
8. What is the procedure for opening APY Account?
 i Approach the bank branch where individual’s savings bank account is held. ii Fill up the APY registration form. iii Provide Aadhaar/Mobile Number. iv Ensure keeping the required balance in the savings bank account for transfer of monthly contribution.
9. Whether Aadhaar Number is compulsory for joining the scheme?
It is not mandatory to provide Aadhaar number for opening APY account. However, For enrolment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.
10.Can I open APY Account without savings bank account?
No. For joining APY, savings bank account is mandatory.
11.What is the mode of contribution to the account?
 All the contributions are to be remitted monthly through auto-debit facility from savings bank account of the subscriber.
12.What is the due date for monthly contribution?
 4 The due date for monthly contribution will be as per the initial date of deposit of contribution into APY.
13.What will happen if required or sufficient amount is not maintained in the savings bank account for contribution on the due date?
Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below: i. Re. 1 per month for contribution upto Rs. 100 per month. ii. Re. 2 per month for contribution upto Rs. 101 to 500/- per month. iii. Re 5 per month for contribution between Rs 501/- to 1000/- per month. iv. Rs 10 per month for contribution beyond Rs 1001/- per month. Discontinuation of payments of contribution amount shall lead to following: After 6 months account will be frozen. After 12 months account will be deactivated. After 24 months account will be closed. Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount. The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.
14.How much should I invest in APY to get the guaranteed pension of Rs. 1000?
Age of Joining Years of Contribution Indicative Monthly contribution 18 42 42 20 40 50 25 35 76 30 30 116 35 25 181 40 20 291 5 All the contributions are to be remitted monthly through auto debit facility from savings bank account of the subscriber. *For detailed age wise contribution refer Annexure 1.
15.Is it required to furnish nomination while joining the scheme? 
Yes. It is mandatory to provide nominee details in APY account. The spouse details are also mandatory wherever applicable. Their aadhaar details are also to be provided.
16.How many APY accounts I can open?
 A subscriber can open only one APY account and it is unique.
17.Will there be any option to increase or decrease the monthly contribution for higher or lower pension amount?
The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April.
18.What is the withdrawal procedure from APY?
A. On attaining the age of 60 years: The exit from APY is permitted at the age with 100% annuitisation of pension wealth. On exit, pension would be available to the subscriber. B. In case of death of the Subscriber due to any cause: In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee. 6 C. Exit Before the age of 60 Years: The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
 19.How will I know the status of my contribution?
The status of contributions will be intimated to the registered mobile number of the subscriber by way of periodical SMS alerts. The Subscriber will also be receiving physical Statement of Account. 20.Will I get any statement of transactions?
 Yes. Periodic statement of APY account will be provided to the subscribers.
21.If I move my residence/city,
how can I make contributions to APY account?
The contributions may be remitted through auto debit uninterruptedly even in case of dislocation.
22.What will happen to existing subscribers in Swavalamban Yojana?
 All the registered subscribers under Swavalamban Yojana aged between 18-40 yrs will be automatically migrated to APY with an option to opt out. However, the benefit of five years of Government Co-contribution under APY would be available only to the extent availed by the Swavalamban subscriber already. This would imply that if, as a Swavalamban beneficiary, he has received the benefit of government Co-Contribution of 1 year, then the Government co-contribution under APY would be available only for 4 years and so on. Existing Swavalamban beneficiaries opting out from the proposed APY will be given Government co-contribution till 2016-17, if eligible, and the NPS Swavalamban continued till such people attain the age of exit under that scheme. 7 Other subscribers above 40 years who do not wish to continue may opt out of the scheme with lump sum withdrawal. Subscribers above 40 years may also opt to continue till the age of 60 years and eligible for annuities. The existing Swavalamban scheme may be automatically migrated to APY Indicative APY Contribution Chart (Agewise) Annexure 1. Age of Entry Years of Contribution Monthly pension of Rs. 1000.