“The monthly contribution would be 10 percent of the Basic Pay plus Dearness Allowance (DA) to be paid by the employee and 14 percent of the Basic Pay plus DA by the Central Government”

MINISTRY OF FINANCE
(Department of Financial Services)

NOTIFICATION

New Delhi, the 31st January, 2019

F. No. 1/3/2016-PR.—In partial modification of para 1(i) of Ministry of Finance’s Gazette Notification No. 5/7/2003-ECB-PR dated 22nd December, 2003, based on the Government’s decision on 6th December, 2018 on the recommendations of a Committee set up to suggest measures for streamlining the implementation of National Pension System (NPS), the Central Government makes the following amendments in the said notification, namely :-

(1) In para 1(i) of the said notification, for the words “The monthly contribution would be 10 percent of the salary and DA to be paid by the employee and matched by the Central Government”, the words “The monthly contribution would be 10 percent of the Basic Pay plus Dearness Allowance (DA) to be paid by the employee and 14 percent of the Basic Pay plus DA by the Central Government” shall be substituted.

(2) The following provisions shall be inserted after para 1(v) of the said notification, namely:-

CHOICE OF PENSION FUND AND INVESTMENT PATTERN IN TIER-I OF NPS AS UNDER:

(vi) Choice of Pension Fund: As in the case of subscribers in the private sector, the Government subscribers may also be allowed to choose any one of the pension funds including Private sector pension funds. They could change their option once in a year. However, the current provision of combination of the Public-Sector Pension Funds will be available as the default option for both existing as well as new Government subscribers.

(vii) Choice of Investment pattern: The following options for investment choices may be offered to Government employees: –

(a) The existing scheme in which funds are allocated by the PFRDA among the three Public Sector Undertaking fund managers based on their past performance in accordance with the guidelines of PFRDA for Government employees may continue as default scheme for both existing and new subscribers.

(b) Government employees who prefer a fixed return with minimum amount of risk may be given an option to invest 100% of the funds in Government securities (Scheme G).

(c) Government employees who prefer higher returns may be given the options of the following two Life Cycle based schemes.

(A) Conservative Life Cycle Fund with maximum exposure to equity capped at 25% – LC-25.

(B) Moderate Life Cycle Fund with maximum exposure to equity capped at 50% – LC-50.

(viii) Implementation of choices to the legacy corpus: Transfer of a huge legacy corpus of more than Rs. 1 lakh crore in respect of the Government sector subscribers from the existing Pension Fund Managers is likely to impact the market. It may be practically difficult for the PFRDA to allow Government subscribers to change the Pension Funds or investment pattern in respect of the accumulated corpus, in one go. Therefore, for the present, change in the Pension Funds or investment pattern may be allowed in respect of incremental flows only.

(ix) Transfer of legacy corpus in a reasonable time frame: PFRDA may draw up a scheme for transfer of accumulated corpus as per new choices of Government subscribers in a reasonable time frame of say five years. Once PFRDA draws up this scheme, change in the Pension Funds or investment pattern may be allowed in respect of the accumulated corpus in accordance with that scheme.

4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1] COMPENSATION FOR NON-DEPOSIT OR DELAYED DEPOSIT OF CONTRIBUTIONS DURING 2004-2012:

(x) In all cases, where the NPS contributions were deducted from the salary of the Government employee but the amount was not remitted to CRA system or was remitted late, the amount may be credited to the NPS account of the employee along with interest for the period from the date on which
the deductions were made till the date the amount was credited to the NPS account of the employee, as per the rates applicable to GPF from time to time, compounded annually.

(xi) In all cases where the NPS contributions were not deducted from the salary of the Government employee for any period during 2004-2012, the employee may be given an option to deposit the amount of employee contribution now. In case he opts to deposit the contributions now, the amount may be deposited in one lump sum or in monthly installments. The amount of installment may be deducted from the salary of the Government employee and deposited in his NPS account. The same may qualify for tax concessions under the Income Tax Act as applicable to the mandatory contributions of the employee.

(xii) In all cases where the Government contributions were not remitted to CRA system or were remitted late (irrespective whether the employee contributions were deducted or not), the amount of Government contributions may be credited to the NPS account of the employee along with interest for the period from the date on which the Government contributions were due till the date the amount is actually credited to the NPS account of the employee, as per the rates applicable to GPF from time to time. Instructions to this effect may be issued by the Department of Expenditure/ Controller General of Accounts. All such cases of delay may be resolved within a period of three months.

2. The above provisions shall come into force with effect from 1st April, 2019.

MADNESH KUMAR MISHRA, Jt. Secy.

Note : The main notification was published in the Gazette of India, Extraordinary, Part-I, Section 1, vide notification No. 5/7/2003-PR dated the 22nd December, 2003.

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Implementation of NPS for employees recruited on or after 1.7.2018 | Tripura Govt Notification

GOVERNMENT OF TRIPURA
FINANCE DEPARTMENT
National Pension Scheme

No.F.9(1)(131)-Fin(E)/95(P)/STATE/14

Dated, Agartala, January, 2019

Memorandum

It has been decided by the Government of Tripura that the employees were recruited on or after 1st July,2018 shall come under the purview of National Pension Scheme (NPS)

2. It is essential for the employees under NPS to have permanent Retirement Account Number (PRAN) as mandated by the Scheme.

3. Those employees who have been recruited on or after 1st July,2018, if have obtained PRAN should immediately furnish their PRAN details to their respective Head of Offices/DDOs for inclusion in the HRMS.

4. Those employees who were recruited on or after 1st July,2018, have not obtained PRAN, shall apply for PRAN through their respective DDO in the enclosed NPS registration form for online submission of application for PRAN all the Head of Departments are requested to circulate the blank NPS Registration form to all employees through their respective DDO who shall take necessary steps for online submission of application for PRAN. All the HoD are also requested to enclose copy of NPS Registration Form along with offer of appointment letter to the future recruitees for submission of duly filled in NPS registration from to concerned DDO while joining in the service.

sd/-
(N.Darlong)
Finance Department
Government of Tripura

View order

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TAMIL NADU GOVT. ORDERS CONSTITUTING
EXPERT COMMITTEE TO REVIEW NPS

In the Government Order firs read above, orders were issued constituting an Expert Committee with the following composition to examine the feasibility of implementing the demand of various Government employee associations o continue old pension scheme and make necessary recommendations on the possible options to the Government for appropriate decision and its term was fixed as four months.

Click to Continue the detailed order

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Proceeding on adoption of Resolution on Abolishing NPS

Proceeding on adoption of Resolution on Abolishing NPS by Delhi Assembly- एन.पी.एस को समाप्त करने के संकल्प पर दिल्ली विधान सभा की कार्यवाही

LEGISLATIVE ASSEMBLY
NATIONAL CAPITAL TERRITORY OF DELHI

Bulletin Part-I
(Brief summary of proceedings)
Monday, 26 November 2018 / 05 Margshirsha 1940 (Saka)

No. 91

10. 6.51 PM Calling Attention (Rule-54) :

Shri Ajay Dutt called the attention of the Government towards “Abolishing National Pension System (NPS) and reinstate the old Pension System in the interest of lakhs of Government Servants”.

Sh. Arvind Kejriwal, Hon’ble Chief Minister made a brief statement.

The following Resolution moved by Sh. Ajay Dutt was put to vote and adopted by voice-vote :

“The Legislative Assembly of NCT of Delhi, having its sitting on 26 November 2018 :

Taking note of the negative consequences of the anti-employee National Pension System (NPS) that is imposed on the Government Servants by the then NDA Government in 2004 and sustained by the UPA-I, UPA-II and NDA-II Governments,

Given the fact that, unlike the old pension scheme, the NPS :
does not give any guarantee to the employees either for assured returns on investments or for minimum pension.
does not provide for family pension or social security,
does not provide for loan facility when in dire need,
does not provide for annual increments and hike in DA,
does not allow the employees to withdraw enough money from their own pension fund to meet the medical emergencies,
leaves the employees at the mercy of volatile markets and the forces that have notoriously been manipulating the markets,
imposes draconian restrictions on withdrawals from pension fund,
allows the insurance companies to exploit employees by way of forcing them to buy annuity for a minimum of ten years even after retirement, and
runs contrary to the spirit of welfare state as enshrined in the Constitution,

Given the fact that the pro-people and welfare oriented Government of NCT of Delhi is strongly in favour of restoring the rights and privileges of its employees by way of replacing the NPS with the time tested old pension scheme,

Resolves to urge upon the Government of India to scrap the NPS with immediate effect and bring at once all the Government Servants working under the Government of NCT of Delhi under the old pension scheme and restore to them all the benefits of the old pension scheme wherein the fair and legitimate pensions’ benefits are disbursed through the Consolidated Fund of India, so that the dedicated work force of the Government of NCT of Delhi and their families will be able to lead their lives with sense of security and dignity, and

Further resolves to urge upon the Government of India to restore t he old pension scheme in place of NPS or the benefit of all the Government Servants working under the Government of India and also to actively encourage other States to follow this true welfare measure”

Source: Delhi Assembly

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PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PRESS RELEASE

Conference on Implementation of National Pension System by Central Autonomous Bodies

A conference on implementation of National Pension System by Central Autonomous Bodies (CABs) was organized by PFRDA on 13th June 2018 at New Delhi. The prime objective was to provide a forum to all Central Autonomous Bodies (CABs), where the progress in the implementation of NPS with respect to compliance of timelines in various NPS related activities could be brought to the fore and a way forward could be provided. Officials from most of the Central Autonomous Bodies (CABs) attended the conference.

Also check: Exemption from National Pension System (NPS) – NFIR

Dr. Badri Singh Bhandari, Whole Time Member (Economics) in his opening remarks mentioned that currently there are 557 CABs which have about 1.73 lacs subscribers and about Rs.11800 crores of Asset Under Management (AUM). He further emphasised the need for discipline in submission of subscriber registration forms and remittance of the subscribers’ contributions. He also highlighted the responsibility of nodal officers handling NPS and advised that they should be aware of the NPS and its related process in detail for addressing the queries/grievances of the subscribers.

Chairman, PFRDA, Sh. Hemant Contractor, in his address emphasized the fact that NPS, being a Contributory scheme, was different from the earlier pension system and discussed various determinants of pension such as promptness of the Nodal offices in performing various NPS related activities mainly subscriber registration, upload/remittance of NPS contributions and also period of stay in the scheme, contribution level, returns on investments, annuity schemes chosen, annuity service providers chosen etc. In this regard, he stressed upon the need to work in tandem to ensure that NPS works efficiently and pensions are served effectively. He also highlighted endeavour of PFRDA in educating subscribers in handling their pension accounts, through a dedicated website, Pension Sanchay.

Secretary, Department of Expenditure, Govt. of India Sh. Ajay Narayan Jha, in his key-note address appreciated the initiative of PFRDA for holding this conference exclusively for Central Autonomous Bodies as it provided two-way communications between stakeholders for the ultimate benefit of the subscribers. He stressed to all participants on the need of becoming sensitive and responsible towards employee-subscribers currently covered under NPS in order to protect their interest, while monitoring various NPS related activities. He also stressed upon the role which can be played by the Head of Institutions and PrAOs of the respective CABs in streamlining NPS operations.

A presentation was also made by the NSDL e-Governance Infrastructure Ltd, the Central Record keeping Agency for NPS about the operational issues and new functionalities released for the convenience of the nodal officers-PAOs/DDOs and the subscribers. A presentation was also made by Jamia Millia Islamia University about the best practices they have adopted to administer the subscribers’ interface effectively. While presenting the Vote of Thanks Shri Ashish Kumar, GM mentioned that PFRDA is periodically holding Review meetings/ Video conferences also with the CABs on important parameters having financial implications and expects significant improvement from the present state of affairs.

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