Subscribers of National Pension System (NPS) All Citizen Model will now be allowed to make the choice of or change Central Record Keeping Agencies (CRAs) twice in a financial year.
Subscribers of National Pension System (NPS) All Citizen Model will now be allowed to make the choice of or change Central Record Keeping Agencies (CRAs) twice in a financial year. Earlier, this facility was available for only in time in a year. In a circular dated 17 April 2020, the Pension Fund Regulatory And Development Authority said, ” It has been decided that the subscribers under All Citizen Model, who were so far allowed to exercise the choice/change of CRAs only once in a financial year, will hitherto be allowed to exercise such choice twice in a financial year. Further, for the subscribers who are under employer-employee relationship, the choice of two CRAs can exceed, if their employer chooses to change CRA.”
The circular further said that those subscribers who have already exercised the choice of CRA twice in a financial year, can choose CRA more than two times if their become NPS member through their employer under Government or Corporate model.
“Similarly, the Subscribers of All Citizens Model who have already exercised the choice of CRA twice in a financial year, can exercise their choice of CRA even beyond two times, in case they become a member of NPS through their employer viz under Government Corporate Model,” the circular said.
The PFRDA circular further said, “The statement of transactions of NPS Subscribers generated post change of CRA, would reflect the transaction details performed through the earlier CRA also.”
On April 13, the PFRDA proposed several changed to streamline the on-boarding process through Online Pran Generation Module (OPGM). It said CRAs shall provide facility for uploading photo and signature online in the accounts, where photo and signature are not updated. Further, CRAs shall send alerts, if not already sent, to prompt the subscribers with pending documentation to complete the formalities so as to regularize their NPS accounts.