In order to smoothen the process of registration of Retirement Advisers, the Pension Fund Regulatory and Development Authority (PFRDA) has transformed the process of submitting application from physical mode to online mode.
The applicants can now submit their application online and upload scanned images of all the required documents. This will reduce the application processing time. PFRDA is registering Retirement Advisers for widening the coverage of NPS by facilitating on boarding of the subscribers and also providing advisory services to them for allocating assets under NPS and choosing Pension Fund Managers.
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“Retirement Adviser” can be any individual, registered partnership firm, body corporate, or any registered trust or society, which desires to engage in the activity of providing advice on National Pension System or other pension schemes regulated by PFRDA to prospects / existing subscribers or other persons or group of persons and is registered as such under the PFRDA (Retirement Advisers) Regulations.
NISM and FPSB India are providing necessary certification in order to become eligible for registration as Retirement Adviser. However, Investment Advisers registered with SEBI are exempted from the requirement of such certifications and they can directly submit their application to PFRDA for registration.
It may be noted that the Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations were notified in the year 2016. The objective of the Regulations is to provide a framework for eligibility of Retirement Advisers, their registration process, fees etc. of Retirement Advisers (RA) and to define the scope of work and responsibility of the Retirement Advisers to ensure orderly growth of the pension sector.
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In order to expand the National Pension System (NPS) to NRIs, PFRDA had recently decided to amend the PFRDA (Retirement Adviser) Regulations, 2016 in order to facilitate RA to provide onboarding and advisory services to the NRIs.
Non Resident Indians (NRIs) between the ages of 18-60 years are eligible to join NPS on voluntary basis. NRIs have also been provided the online facility to open account under NPS besides the conventional mode of account opening through the Points-of-Presence (PoPs).
As on 30.03.2017, 2611 NRIs had subscribed to NPS, out of which 1401 NRIs have joined NPS during the financial year 2016-17.