The new pension scheme introduced by the Union Government for railway employees has been challenged in the Madras Bench of the Central Administrative Tribunal.
The Pension Fund Regulatory and Development Authority (PFRDA) is likely to increase the management fee payable to pension fund managers (PFMs). This to incentivise them to market the national pension system (NPS).
NPS is a well structured Defined Contribution Pension system with well defined system architecture having specified roles of various entities.
NPS is one of the low cost pension systems in the world. The cost structure is also very transparent and there is no hidden cost.
Two different types of mechanisms have been introduced by PFRDA as far as pay out from New Pension Scheme
CRA has launched a new service called as SMS and Email Alert facility for the Subscribers under the New Pension System (NPS). As a part of this new facility, the Subscriber will be able to receive SMS and Email Alerts on the occurance of any one of the following events
State Bank of India (SBI), the nation’s biggest lender, has been entrusted to manage the entire Rs.3.3 trillion Employees’ Provident Fund (EPF) by the labour ministry.
We welcome the introduction of the Pension Fund Regulatory & Development Authority (PFRDA) Bill to give statutory powers to an already well-functioning interim regulator. Three issues deserve the attention of the standing committee on finance , to which the Bill has been referred.
The Union Cabinet on 17th March 2011, gave approval to the long-awaited Pension Fund Regulatory and Development Authority Bill (PFRDA Bill) that is intended to grant statutory status to PFRDA, the regulator of New Pension Scheme
Pension reform in the form of introducing New Pension system is a major initiative undertaken by the Government of India to provide income security after retirement. New Pension System (NPS) has been introduced by the Central Government on 01 January 2004
NSDL, the central record keeping agency appointed by Government to handle all the accounts of New Pension Scheme subsribers is offering I-pin and T-pin to all NPS subscribers who have a valid PRAN (Permanent Retirement Account).
Immediately on joining Govt. service, the Govt. servant will be required to provide particulars such as his name, designation, scale of pay, date of birth, nominee(s) for the fund, relationship of the nominee etc. in the prescribed for (Annexure I).