Pension Fund Regulatory and Development Authority of India PFRDA www.deekpay.com

About the Pension Fund Regulatory and Development Authority PFRDA

PFRDA's full name is Pension Fund Regulatory and Development Authority, i.e., the Pension Fund Regulatory and Development Authority of India, which was established in 2003 to promote, regulate and develop theIndiaof the pension system. PFRDA was initially designed exclusively for government employees, but its services were subsequently expanded to include all Indian nationals and NRIs, including the self-employed.

PFRDA is responsible for regulating the NPS ecosystem. PFRDA's objective is to promote old age income security through the establishment, development and regulation of pension funds in order to protect the interests of pension fund subscribers and matters connected with or incidental to them.

On 23 August 2003, the Government of India established the Provisional Pension Fund Regulatory and Development Authority (PFRDA) by a resolution to promote, develop and regulate the pension sector in India. The Government of India announced the Contributory Pension System (CPS) on 22 December 2003, now named as the National Pension System (NPS), which came into force on 1 January 2004. The Pension Fund Regulation and Development Enabling Act was passed on 19 September 2013 The same was notified on 1 February 2014.PFRDA regulates the NPS subscribed by the employees of the Central Government, the State Governments which have adopted the NPS, the Central and State Autonomous Bodies, the employees of the private sector institutions/organisations and all the citizens of India.

Functions of PFRDA

The PFRDA's preamble declares that the agency's goal is "to promote old age income security by creating, growing, and regulating pension funds, to protect the interests of subscribers to pension fund plans, and to solve problems connected therewith or incidental thereto."

PFRDA is headquartered in New Delhi and has regional offices across the country.

Promote the development of domestic pension schemes to meet the retirement income needs of retirees by encouraging mandatory and voluntary pension schemes. The National Pension System (both primary and secondary) is supervised and administered by PFRDA. PFRDA is responsible for engaging different intermediaries such as pension fund managers, centralised record keeping agencies (CRAs), etc. Educate the public and stakeholders on the importance of pensions. Train intermediaries who are responsible for popularising and teaching the value of pensions to individuals. Addressing and resolving problems between various intermediaries, such as banks, and between consumers and intermediaries. PFRDA Intermediaries

The following are intermediaries of the Pension Fund Regulatory and Development Authority (PFRDA):

Central Record Keeping Agency (CRA)

The Central Record Keeping Agency (CRA), as the name suggests, is an organisation under PFRDA responsible for maintaining the accounting, record keeping, administration and customer service of the National Pension Scheme. The 2 record keeping agencies designated by PFRDA are:

National Securities Depository Limited e-Government Infrastructure Limited (CRA 1) Karvy Computershare Private Limited (CRA 2) Applicability of the Inland Revenue Department For private sector employee pension contributors, employers can choose either CRA 1 or CRA 2. Non-employee voluntary subscribers can choose either CRA. National Pension Scheme Subscriber Aggregators can choose any of these CRAs. In case of Atal Pension Yojana subscribers, who are government sector employee pension subscribers, the government can choose either CRA 1 or CRA 2. Functions of credit rating agencies The CRA maintains all records and manages all clients registered under the NPS (National Pension Scheme). Responsible for issuing PRAN (Permanent Retirement Account Number) to all NPS customers. CRA manages contributions made by PRAN subscribers and updates information about intermediaries. PRAN records are regularly updated and a complaints management system is provided. old-age insurance fund

Another intermediary, PFRDA (Pension Fund Regulatory and Development Authority), like all the other intermediaries, the Pension Fund has been granted the competence to collect, organise, etc.

Functions of the Pension Fund Subscriber Fund Raising. Provision of risk management committee. Maintain pension fund scheme records. Pension fund managers update and report to PFRDA on a regular basis. NAV (Net Asset Value) declared to PFRDA There exists a point PoP

PoP is another important public-facing entity under PFRDA that is electronically connected to the CRA and works to:

Receiving. Transmission. and disbursement of funds. Functions of the point of presence Analyse the KYC documents of NPS scheme holders. Receive and verify payments from NPS holders in various forms such as cash, DD (Demand Draft), cheques, etc. Uploads the received contributions in the CRA system. Requests deductions from NPS plan holders and collects application fees. Maintain records of all transactions under the scheme. Handle complaints and requests from contributors. trustee bank

The Trustee Bank is responsible for the day-to-day flow of funds and also acts as an intermediary for PFRDA. Axis Bank is the trustee bank under the Pension Fund Regulatory and Development Authority (PFRDA) National Pension Scheme.

Functions of the Trustee Bank Receive funds from all districts and regional offices. Verify details. They transferred the funds correctly. The trustee bank maintains information on the receipt of funds. Reconcile daily balance sheet with CRA. custodian

The Trustee performs the following functions:

Securing assets or securities held under the NPS. Collect the proceeds of these assets. Act as a domestic depository. The depositary is fully aware of any action taken by the issuer of the securities. Verify and maintain all records. Nodal offices

In order to make the NPS programme beneficial to the masses, the Nodal Offices play an important and vital role. The Central and State Government Nodal Offices liaise with the CRA on behalf of the customers for various purposes of NPS. The Central Government performs this function at a larger level while the State Governments are at a lower level.

aggregator

The aggregator is considered to be the main POC (point of contact) between the NPS and the contributors to the scheme under NPS Lite or Swavalamban. The aggregator is responsible for making any changes to the contributor's KYC file, if required. They also handle complaints if the subscriber has any grievances.

Online services provided by PFRDA

The Pension Fund Regulatory and Development Authority (PFRDA) helps clients to simplify the process of investing in pension schemes both online and offline.

Here are some of the online services PFRDA offers to make life easier after retirement:

One can easily open an NPS account online. Contributions to PRAN (except Atal Pension Yojana and NPS - Swavalamban) can be made online. Secondary accounts can be activated online. Basic information relating to the contributor can be changed online. Any changes can be made to the investment strategy. Completed trades can be easily tracked. Withdrawal requests can be processed. Any complaints or appeals can be made online. Easy access to e-PRAN or any other document related to the pension scheme.

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