Choice of Pension Funds and Investment Pattern in Tier I of NPS for the Government subscribers employed with SG, SABs& CABs

Choice of Pension Funds and Investment Pattern in Tier I of NPS for the Government subscribers employed with State Governments (SG), State Autonomous

Choice of Pension Funds and Investment Pattern in Tier I of NPS for the Government subscribers employed with State Governments (SG), State Autonomous Bodies (SABs) & Central Autonomous Bodies (CABs)

choice-of-pension-funds-and-investment-pattern-in-tier-i-of-nps-pfrda-circular-01-june

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
8-14/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

CIRCULAR

PFRDA/17/08/11/0031/2017-SUP-SG

01st June 2020

    Subject: Choice of Pension Funds and Investment Pattern in Tier I of NPS for the Government subscribers employed with State Governments (SG), State Autonomous Bodies (SABs) & Central Autonomous Bodies (CABs)

A This has reference to the Gazette Notification F. No. 1/3/2016-PR. dated 31-01- 2019 issued by Dept. of Financial Service (DFS), Ministry of Finance (MoF), pursuant to which the Authority vide its circular no PFRDA/2019/12/REG-PF/1 dated 08th May 2019, introduced the choice of the pension fund and investment pattern in the Tier I of the NPS for the employees of the Central Government.

B. The following were introduced by Central Government through the DFS Gazette Notification ( Annexure 1) mentioned supra

I.   Enhancement in Government Co- Contribution-


The monthly contribution of 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.

IL Compensation For Non-Deposit Or Delayed Deposit  Of Contributions in the following cases:


1. 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;

2. where the NPS contributions were not deducted from the salary of the Government employee;

3. where the Government contributions were not remitted to  CRA system or were remitted late (irrespective whether the employee contributions were deducted or not),

(Details may be seen from Annexure 1)

III. Choice of Pension Fund And Investment Pattern In Tier-I Of NPS as under:

1.  Choice   of  Pension  Fund: The  Government  subscriber  shall  be allowed to choose any one of the pension funds including  Private sector pension funds. They can change their option once in a year. However, the current provision of combination of Public  Sector Pension Funds will be available as default option for existing as well as new Government subscriber.

2.  Choice    of    Investment     Pattern:   The   following    options    for investment choices shall be offered to Government subscribers

(i) Default Scheme: The existing scheme in which funds are allocated among three Public Sector undertaking fund managers shall continue as default scheme for both existing and new subscribers.

(ii) Scheme G: Employees who prefer returns with comparatively less amount of risk shall be given an option to invest 100% of the funds in Govt. securities. (Scheme G)

(iii) Auto Choice Life Cycle Funds: Employees preferring better returns with comparatively higher risk shall be given the options of the following Life Cycle based schemes-

a) Conservative Life Cycle Fund with maximum exposure to equity capped at 25%- LC-25 Scheme.

b) Moderate  Life  Cycle  Fund  with  maximum  exposure  to equity capped a 50 LC- 50 Scheme

The Government subscribers may exercise one of the above choices of Investment pattern twice in a financial year.

IV. Implementation of choices to the legacy corpus:


Transfer of huge legacy corpus in respect of the Government subscribers from the existing Pension Funds 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 is allowed in respect of the incremental flows only.

v.  Transfer of Legacy corpus in reasonable time frame:


PFRDA shall draw up a scheme in due course 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 Pension Funds or investment pattern shall be allowed in respect of the accumulated corpus in accordance with that scheme.

VI. For investment option of Default scheme as per para B.III 2 (i) above, all other terms and conditions as contained in the investment guidelines issued by the Authority dated 03.06.2015 for NPS Schemes (Applicable to Scheme CG, Scheme SG, Corporate CG and NPS Lite Schemes and APY) and subsequent amendments made thereto shall be applicable.

VII. Further, for investment options as per para B.III 2 (ii) or B.III 2.(iii) (a) and (b) above, all other terms and conditions as contained in the investment guidelines issued by the Authority dated 04.05.2017 in respect of NPS Schemes {Other than Govt. Sector (CG & SG), Corporate CG, NPS Lite and APY} and subsequent amendments made thereto shall apply.

C.     It has been brought to the notice of the Authority that while some of the State Governments (SGs) I SABs/ CABs have either partially or wholly adopted the provisions of Gazette Notification F. No.1/3/2016-PR. dated 31-01-2019 issued by Dept. of Financial Service (DFS), Ministry of Finance (MoF), the others have been seeking clarifications on the same. It is, therefore, clarified that the State Governments ( SGs) I SABs/ CABs are free to adopt the provisions of the said Gazette notifications on their own volition , based on their own internal approvals and notifications , without seeking the Authority’s approval.

D.    This circular is issued in exercise of powers of the Authority under sub-clause (b) of sub-section (2) of Section 14 read with Section 23 of the PFRDA Act, 2013 and sub regulation (1) of Regulation 14 of the PFRDA (Pension Fund) Regulations, 2015.

Sd/-
Sumeet Kaur Kapoor
Chief General Manager

Source: PFRDA

COMMENTS

Name

'Aaykar Setu' mobile app,1,3rd cpc,1,4th cpc,1,5th cpc,15,6th cpc,21,7th CPC,533,7th CPC Arrears,5,7th CPC Arrers,8,7th CPC Bunching of Stages,5,7th CPC Hindi News,19,7th CPC News,77,7th Pay Commission,295,Aadhaar,31,aai employee,1,Aarogya Setu,1,accommodation,4,acpin,1,ad-hoc bonus,7,ad-hoc staff,2,additional hra,4,admission,2,admit card,1,advance,6,advance salary,3,age limit,1,AGEY,1,aicpin,28,aigdsu news,6,AIIMS,3,ailtc railways,8,aipr,5,Air Force,14,Air Force pay Rules 2017,2,Air India,12,air india ltc 80 fare,15,Air Travel,21,Aircel,1,airf,28,Airlines,1,Airtel,4,alcohol policy,1,all india,5,Allowances,164,Amazon Ofers,1,Andhra Pradesh,1,Andhra Pradesh govt employee,1,anomaly committee,2,aoc,1,apar,18,app download,1,Apple iPhone,3,Army Pay Rules 2017,3,Assam,4,Assistant Jobs,1,Bank,53,bank da,8,bank holidays,1,Bank Policies,19,banknotes,1,Benevolent Fund,1,Bihar,9,Bihar 7th CPC,3,bihar govt employee,2,Bollywood,4,bombay high court,1,bonous,2,bonus,11,bpms letter,1,breakdown allowance,3,Breaking News,139,BRICS,1,Briefcase allowance,1,Bsnl,37,BSNLMRS Hospitals,2,budget,8,Business,84,ca exam pattern,1,Cabinet News,44,cadre restructuring,7,cadre review,27,CAG Report,3,canteen allowance,1,capf,2,CAPO News,4,Career,56,career progression,1,casual labour,10,casual leave,6,cat Judgement,9,cat order,8,CBDT,35,CBEC,5,cbic,5,CBSE,19,ccs master circular,3,ccs pension rules,10,ccs rules,34,ccsrp rule,4,cda rules,3,cga om,5,cgda,55,cgegis table,10,cgewho,1,CGHS,167,cghs agartala,1,cghs ahmedabad,3,cghs allahabad,1,cghs bengaluru,4,cghs bhopal,3,cghs bhubaneswar,1,cghs chandigarh,1,Cghs Chennai,2,cghs dbanbad,2,cghs dehradun,1,cghs delhi,10,cghs dibrugarh,1,cghs gandhinagar,1,cghs guwahati,1,cghs hyderabad,2,cghs indore,1,cghs jabalpur,1,cghs jaipur,1,cghs Jalpaiguri,1,cghs kanpur,2,cghs karnataka,1,cghs kerala,1,cghs kolkata,1,cghs lucknow,1,cghs meerut,3,cghs mumbai,2,cghs nagpur,2,cghs patna,2,cghs pune,1,cghs ranchi,6,cghs shillong,2,cghs Siliguri,1,cghs trivandrum,2,cghs uttrakhand,1,cghs vadodara,2,cghs Varanasi,1,chandigarh,1,chhattisgarh,1,child care leave,6,children education allowance,9,China,1,cisf,1,Civil Accounts Organisation,1,Classification of Posts,3,come & play scheme,1,Commutation of Pension,3,compassionate ground appointment,15,Compensation Policy,5,Compensatory Allowance,1,Compensatory Leave,1,composite allowance,1,condiment allowance,3,Condiment expenditure,3,confedration,2,consatant attendance allowance,1,contract labour,15,contractual employees,3,Conveyance Allowance,4,Coronavirus,70,covid,69,cpao order,34,cpf,2,cpgrams,5,cpiiw,22,cpmf,1,cpse,87,cpse employees,25,cpse guidelines,29,cpse pay revision,2,cpse pension,5,CPSEs Pay,20,cpwd om,1,Cricket,4,cris,3,CRPF,1,CS(MA) Rules,6,csd,7,csd price list,5,css,3,ctse,1,ctse hospitals lists,1,ctse hospitals mumbai,1,Current Affairs,308,cvc circular,3,d el ed,1,dad,6,daily officiating allowance,4,dearness allowances,79,dearness relief,39,Defence,423,Defence Civilian Employees,104,Delhi,3,delhi govt employee,2,delhi high court,13,dental doctor,2,departmental guest house,3,dept of post order,166,deputation,6,deputation allowance,5,desw,2,desw order,7,digilocker,1,diksha,2,disability pension,12,dlc,2,dma,2,Doctor Jobs,16,doe order,67,doea order,1,doppw order,28,DoPT Order,288,dot order,20,Download MedWatch App,1,Download MyMSME App,1,Download MyMSME App Celebrating Yoga,1,Download NEW ITR FORM,2,Download Swachh Bharat App,1,dpe om,47,dress allowance,14,dress code,1,dst om,1,EC,1,echs,59,ecil,1,edp cadre,1,EDUACTION,78,Education,9,educational qualification,8,Egineer Jobs,1,Election,5,Election Commission,5,Employment,6,Entertainment,2,entry pay,2,EPFO,44,ESIC,6,eview committee for nps,1,EVM,1,ews reservation,4,ex-gratia,4,Ex-Servicemen,16,exam,8,exempt from tax,7,expected da,31,extra work allowance,3,Extraordinary Pension,1,Facebook,8,fact jobs,1,Family Pension,119,FAQ,7,Featured,79,festival advance,2,festivals,1,FIFA,1,File ITR,70,Fin Min Orders,136,Finance,12,fitment table,3,Fixed Medical Allowance,13,Flipkart,2,Football,3,forms,7,FREQUENTLY ASKED QUESTIONS ON GST,1,Games,12,Ganes,2,gazette notification,43,gazetted holidays,8,gdce,6,gdce instructions,6,gds,34,gds arrears,9,gds da,12,gds employees news,48,gds pay,16,gds report,19,gem portal,2,gfr,11,GOI News,570,Goods and Services Tax,50,Goods and Services Tex,1,Google,10,government of karnataka,1,Govt Jobs,13,govt of assam,2,govt of assam pensioner,1,govt of assam staff,1,govt of chhattisgarh,1,Govt Project,337,Govt Staff News,1295,Govt Yojna,323,gpf interest rate,7,GPF Rules,17,GPRA,8,Grade pay of mts,1,Grade pay of OT Assistant,1,Grade pay of SO,1,gratuity,14,group A,1,group B,3,group C,4,Group D,2,Gst,62,GST Rates Finder app,1,hafa allowance,1,Hardship Allowance,1,Haryana Govt Employees,5,Haryana Govt order,5,Haryana Govt Pensioners,2,hba rules,9,Health,27,High Court Judgement,20,high court order,17,hill area allowance,1,holiday,17,holiday list,26,Hollywood,2,homes.,1,honorarium,2,hostel subsidy,1,hp high court judgement,1,hpca,2,hr allowances,1,hra,15,HRA Allowances,39,iba,9,iba dr,4,ibps,2,icsil,1,ida cpse,24,income tax,99,independence day,1,India,3,India Post,61,Indian Airforce,60,Indian Army,84,Indian Navy,74,indian railway,14,IOCL Jobs,1,IRCTC,9,irms,3,irtsa,2,Island Special Duty Allowance,2,ISRO,1,it circular,1,iti ltd,1,ITR,74,j&k govt employees,4,j&k govt pensioners,1,Japan,1,Jharkhand,3,Jio News,8,jkssb,1,jnv,8,Jobs,54,Jobs News,148,karnataka,1,KC Committee report,5,kerala,4,Kerala Govt Employees,4,Kerala Govt Pensioners,2,kerala high court,1,Kolkata,1,KVS,72,kvs pension,6,labour Bureau,14,larsgess scheme,3,Latest,997,ldce,21,leave rules,16,lic pay,2,life certificate,6,life time arrear,1,List of Posts,1,Lok Sabha,194,LTC,63,ltc 80 air fare,19,Ltd Company Jobs,2,mAadhaar App,2,macp,70,madhya pradesh high court,1,madras high court order,2,Make in India,2,Market,1,Maruti Suzuki Dzire,1,maternity benefit act,2,maternity leave,8,Medical advance,1,medical card,16,Medical claims,15,Meghalaya Govt Employees,1,merger of posts,3,MERIT app,1,mes,3,MGNREGA,2,mha,12,mhfw order,18,mhrd order,10,Microsoft,1,Microsoft News,1,minimum pension,2,minimum wages,24,mod order,47,mohfw order,40,monetary allowance,3,moped advance,1,MP,1,msp,2,mtnl,4,mutual transfer,3,NABARD,1,nac meeting,1,Namami Gange,5,National,705,Navy pay Regulations 2017,2,ncjcm,88,nda,2,ndmc,1,ndrf,1,New Delhi,3,new TRCA matrix,8,nfir,83,NGT,1,night duty allowance,2,nomenclature,1,Non-functional Upgradation,4,northern railway,1,Notification,1,notional increment on retirement,12,npci,1,nps,89,nps updates,58,ntpc,1,nursing allowance,2,nursing perssonsel,4,NVS,16,odisha,3,odisha govt employees,1,odisha govt pensioner,1,operation theater allowance,1,ops,6,ordnance factory,3,orop,23,overtime allowance,11,paid holiday,5,PAN,7,paramilitary force,1,pass rules,14,Passports,1,patna high court judgement,1,pay commission,1,pay fixation,49,Pay Matrix Table for aicteTeachers,2,pay revision,10,pay rules,7,pay scale,2,pay slip,1,pbor,3,pcda circular,75,pco allowance,2,pda lists,3,pdca circular,9,Pension,282,Pension Adalat,6,Pension Adalat Application Form,4,Pension faq,22,Pension revision,26,pensionary benefits,10,Pensioner,239,Pensioner associations,3,Pensioner Portal,13,pfrda,19,pgportal,3,pl bonous,14,pl bonus,2,PM Modi,27,PMAY,5,pmjay,1,PMUY,1,PMVVY,1,pobr,1,Policies,649,Politics,38,post graduate allowance,1,post office,23,post-2016 pensioner,2,prcp in railway,6,pre-2006 pensioner,2,pre-2016 pensioner,6,President,2,Project Allowance,2,Promotions,47,Promotions policy,48,provident fund,4,provisional pension,2,puducherry,1,Railway,643,Railway Fare,1,Railway Recruitment,36,railway servants pass rules,5,rajasthan govt employees,5,rajasthan govt pensioners,3,rajbhasha,4,Rajya Sabha,53,Rashtriya Swasthya Bima Yojana,1,ration money allowance,2,RBI,12,re-enengagement,2,Real Madrid,1,Recruitment,42,recruitment rules,62,relhs,3,remote area allowance,1,remuneration,3,RERA Act,1,reservation,7,reservation criteria,29,Reservation In Promotion,2,reservation in teacher cadre,2,rest rules,1,restricted holidays,8,Result,6,retention of railway accommodation,2,retired saffs,27,retirement age,12,retirement benefits,8,Retirement Road Map,3,review committee for nps,6,revised pay,38,revised pay matrix table,12,revised pension,4,revised vda,15,rilways,1,risk and hardship allowance,12,Rotation money allowance,1,Rotational transfer,3,rrb ahmedabad,1,rrb ajmer,1,rrb allahabad,1,rrb bangalore,1,rrb bhopal,1,rrb bhubaneshwar,1,rrb bilaspur,1,rrb chandigarh,1,rrb chennai,1,rrb gorakhpur,1,rrb guwahati,1,rrb jammu,1,rrb kolkata,1,rrb malda,1,rrb mumbai,1,rrb muzaffarpur,1,rrb patna,1,rrb ranchi,1,rrb secunderabad,1,rrb siliguri,1,rrb thiruvananthapuram,1,RS (RP) Rules,2,rsrp rules,5,running allowance,5,running staff,8,RUSA,1,s,1,SAARTHI App,1,sas exam,2,SBI,12,SBI Rules,7,scholarship,4,Science,17,scova meeting,6,settlement form,1,SEVA App,1,Seventh Central Pay Commission,152,SKILL INDIA Mission,1,small saving scheme,20,sparrow,2,special allowance,8,special family pension,4,Special LC Gate allowance,1,Sports,18,Sports activities,5,ssc jobs,3,ssc jos,1,status of PPOs,9,storekeeping staff,1,strike,17,study allowance,1,study leave,1,Sukanya Samriddhi Account,3,Supreme Court,31,Supreme Court Judgement,29,Survey,1,syllabus,11,syndicate bank,1,Tarang Sanchar,1,Tatkal Reservation Scheme,1,Tax,30,tds deduction,48,teacher jobs,12,Tech,34,technical allowances,1,Telangana,3,telangana govt employees,2,telangana govt pensioner,1,Telangana High Court,1,Telcome,2,Telcome News,8,timely disposal of applications,2,TN Govt Employees,5,TN Govt Pensioners,3,tnusrb recruitment,1,Trade,1,trade unions,1,TRAI,1,training allowance,4,Transfer policy,46,transport allowance,9,Travelling Allowance,27,treasury allowance,1,Trending Now,131,trip allowance,1,tripura govt employees,2,tripura govt pensioner,1,tripura high court judgement,1,Trump,1,uan,1,Uber,1,ugc,1,uidai,3,UJALA Scheme,1,uniform allowance,2,UP CM Yogi Adityanath,2,UP Govt Employees,1,upgradation of pay,7,upgradation of post,1,Upper Caste reservation,9,uppsc,1,UPSC Jobs,9,USA,2,Uttar Pradesh,3,vacant posts,3,vrs,13,WB Govt Employees,1,Weather,2,West Bengal,5,west bengal govt employees,3,west bengal govt pensioners,1,Whatsapp,2,Windows 10 OS,1,World,62,World Press Freedom Day,1,You Tube,2,
ltr
item
Govt Employee News Updates, Rules, O.M, Notification: Choice of Pension Funds and Investment Pattern in Tier I of NPS for the Government subscribers employed with SG, SABs& CABs
Choice of Pension Funds and Investment Pattern in Tier I of NPS for the Government subscribers employed with SG, SABs& CABs
Choice of Pension Funds and Investment Pattern in Tier I of NPS for the Government subscribers employed with State Governments (SG), State Autonomous
https://1.bp.blogspot.com/-JK6heos2KLM/XtnD-1QVF-I/AAAAAAAAMQc/3Wzs3QyweacZDKhbTlhDP_NFQzgKjve6wCK4BGAsYHg/w320-h172/choice-of-pension-funds-and-investment-pattern-in-tier-i-of-nps-pfrda-circular-01-june.png
https://1.bp.blogspot.com/-JK6heos2KLM/XtnD-1QVF-I/AAAAAAAAMQc/3Wzs3QyweacZDKhbTlhDP_NFQzgKjve6wCK4BGAsYHg/s72-w320-c-h172/choice-of-pension-funds-and-investment-pattern-in-tier-i-of-nps-pfrda-circular-01-june.png
Govt Employee News Updates, Rules, O.M, Notification
http://www.paramnews.com/2020/06/choice-of-pension-funds-and-investment-pattern-in-tier-i-of-nps-for-govt-employees-pfrda-circular-01-june.html
http://www.paramnews.com/
http://www.paramnews.com/
http://www.paramnews.com/2020/06/choice-of-pension-funds-and-investment-pattern-in-tier-i-of-nps-for-govt-employees-pfrda-circular-01-june.html
true
2671314941044517342
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content