National Pension System (NPS) account opening: The Points of Presence (POPs) under national Pension System will now have the option to integrate with one or more Central Record Keeping Agencies (CRAs) for on-boarding and servicing of NPS subscribers under Voluntary/Corporate sector, according to a recent circular by Pension Fund Regulatory And Development Authority (PFRDA).
The circular issued on July 15 said that that the POPs, which have already integrated with both the CRAs and have subscribers enrolled under both CRAs, may continue with their existing arrangement for the convenience of subscribers.
“Points of Presence (POPs) shall have the option to integrate with one or more Central Record Keeping Agencies (CRAs) for the purpose of on-boarding and servicing of NPS subscribers under Voluntary/Corporate sector. However, the POPs which have already integrated with both the CRAs and have subscribers enrolled under both CRAs, may continue with their existing arrangement so as not to inconvenience the existing Subscribers, ” PFRDA said in a circular dated July 16, 2020.
The circular said that voluntary NPS subscribers, who want to obtain services of a particular CRA, can open their account through a POP which is integrated with that central record keeping agency. The subscriber can open the NPS account via the eNPS platform which offers the choice of both CRAs.
Also, organisations/corporates offering NPS to their employees desirous of obtaining the services from a particular CRA may open the NPS accounts through a POP, which has integrated with that CRA. If the organisation/corporate had registered itself as POP with PFRDA then it can integrate with CRA of its choice.
The PFRDA circular said that points of presence will have to display charges of both the CRAs under the NPS section on their website to enable the subscribers to make a well-informed decision.