NPS_National Pension System



Governance

National Pension System Trust is governed by the Board of Trustees who have legal ownership of the trust and the funds. The Trust is regulated by PFRDA through the PFRDA (NPS Trust) regulations, 2015. PFRDA appoints the Chairman, Trustees and the CEO of the NPS Trust.

The general superintendence, direction and management of the affairs of the Trust and all powers, authorities and discretions are vested in the Board of Trustees. The Board meets once every three calendar months.

The Board of Trustees of NPS Trust is required to oversee the various audit reports, compliance reports of the PFM besides monitoring the performance of PFMs. In terms of para 7.2 (iv) of Trust Deed dated 27th February 2008, the Board of Trustees constitutes such committee(s). Currently, the Board has constituted an Audit Committee to assist the Board in audit matters related to the Scheme Accounts of NPS.

A Business Review Consultant (BRC) is also appointed to assist the Board in (a) reviewing the existing formats etc. for performance review of the PFs, (b) reviewing the performance of the PFs at the prescribed intervals.

Now Government employees who are mandatorily covered under NPS will be able to open pension accounts through eNPS. Download HDFC NPS Presentation and Click Here to open your HDFC NPS Account online now.


Board of NPS Trust

The Trust is managed by a Board of Trustees appointed by PFRDA (settler of NPS Trust) from time to time. One of the Trustees from the Board is designated by PFRDA as Chairperson of the Board. PFRDA appoints a suitable person as Chief Executive Officer of the Trust (CEO) who shall be responsible for the day to day administration and management of the Trust subject to the superintendence, control and direction of the Board of NPS Trust. The Board shall meet once every three calendar months. Know More... 

Functions of NPS Trust

The Board of Trustees of the National Pension System Trust has legal ownership of the trust and the funds. The Trust is responsible for the monitoring of the operational and service level functions under the National Pension System or any other pension scheme regulated under the PFRDA Act, 2013 if it is so directed by PFRDA. Broadly, the following are the obligations/responsibilities and liabilities of the Board of Trustees:
  1. Execute the individual pension account in its name with the subscriber.
  2. Approving audited scheme financials, internal audit reports, inspection, compliance reports and any other reports, as specified by the Authority, which is to be submitted by the intermediaries to the National Pension System Trust.
  3. Monitoring and evaluation of all operational and service level activities of all intermediaries including government nodal offices and such other entities or persons connected with the collection, management and recordkeeping and distribution of accumulations, under the National Pension System, in accordance with the provisions of the Act or the regulations made or guidelines or circulars issued by the Authority
  4. Monitor and audit, the operational activities of and call for any information or reports from all intermediaries and issue instructions for protecting the interests of the beneficiaries;
  5. Take custody or keep under its control, all the property of the Trust, held by intermediaries, in Trust for the beneficiaries.
  6. protect the properties of the National Pension System Trust and safeguard the interests of the National Pension System Trust and its beneficiaries;
  7. Supervise the collection of any income due on assets held in the name of the National Pension System Trust and for claiming any repayment of tax and holding any income received in trust for the beneficiaries in accordance with the Trust Deed and, the regulations, guidelines or directions issued by the Authority
  8. Taking action on reports submitted by the intermediaries in order to ensure compliance with the regulations applicable to them under the National Pension System
  9. The exit of the subscriber from the National Pension System
  10. Redressal of subscriber grievances in accordance with the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015. Know More...

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