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PFRDA – Transfer of Legacy Funds of NPS Subscribers of Government Sectors (SGs/ CABs/ SABs) pursuant to opening of choice of Investment schemes and Pension Funds

PFRDA – Transfer of Legacy Funds of NPS Subscribers of Government Sectors (SGs/ CABs/ SABs) pursuant to opening of choice of Investment schemes and Pension Funds

CIRCULAR

PFRDA/17/07/0001/2017-SUP-CG

Date: 15th February 2021

To,

All Pension Funds
Central Record Keeping Agencies
Custodian
NPS Trust

Dear Sir/Madam,

SUBJECT: Transfer of Legacy Funds of NPS Subscribers of Government Sectors (SGs/ CABs/ SABs) pursuant to opening of choice of Investment schemes and Pension Funds- reg.

Reference is invited to the Gazette Notification F.No.1/3/2016-PR dated 31st January, 2019 issued by Ministry of Finance, Department of Financial Services, modifying Ministry of Finance’s Notification No. 5/7/2003-ECB dated 22nd December, 2003, based on the Government’s decision on the recommendations of a Committee set up to suggest measures for streamlining the implementation of National Pension System (NPS).

2. Further, vide PFRDA circular PFRDA/17/08/11/0031/2017-SUP-SG dated 01st June 2020 it was advised that State Governments (SGs) / SABs (State Autonomous Bodies)/ CABs (Central Autonomous Bodies) are free to adopt the provisions of the said Gazette notifications on their own volition, based on their own internal approvals and notifications, without seeking the Authority’s approval.

3. In case the State Governments (SGs) / SABs (State Autonomous Bodies)/ CABs (Central Autonomous Bodies) decide to open up the choices of Pension Funds and/or allocation of funds, then please note that upon exercise of choice of investment schemes and pension funds by subscribers, their entire accumulated corpus under their PRAN account shall be transferred to the opted Pension Fund(s) / asset allocation in one instance. In case of the Subscribers, who have already exercised this option, their legacy fund shall be transferred to the Pension Fund and asset allocation opted by the subscribers immediately. The same is now being followed for the Central Government subscribers as well and is subject to review periodically.

4. This circular is issued in exercise of powers of the Authority under sub-clause (b) of sub-section (2) of Section 14 read with Section 23 of the PFRDA Act, 2013 and sub-regulation (1) of Regulation 14 of the PFRDA (Pension Fund) Regulations, 2015.

The above arrangements are applicable with immediate effect from the date of issuance of this circular.

Yours sincerely,

Sumeet Kaur Kapoor
Chief General Manager

Signed Copy

Related posts:

  1. PFRDA: Choice of Pension Funds & Investment Pattern in Tier I of NPS(SG, SABs, CABs)
  2. OTP based authentication for legacy NPS Accounts – PFRDA
  3. Partial modification & Clarification of Choice for POPs to integrate with CRAs for NPS – PFRDA
  4. PFRDA: Enabling NPS Subscribers to continue PRAN in case of premature exit
  5. Choice for NPS Subscribers to have physical or ePRAN card – PCDA
  6. PFRDA Circular :Ease of Partial withdrawal of NPS Subscribers through self – declaration
  7. PFRDA  Circular – Exit through self-authorization by e-NPS subscribers
  8. D Remit- Empowers NPS Subscribers with another Convenient mode of depositing Voluntary NPS Contributions – PFRDA
  9. Change in Guidelines on aggregate holding of equity shares – PFRDA
  10. PFRDA : e-Nomination facility for NPS subscribers
  11. RFQ platform for Corporate Bond transactions – PFRDA
  12. PFRDA : NPS On-boarding through Online PRAN Generation Module (OPGM)
  13. Revision in cut off time under D Remit for same day NAV – PFRDA
  14. New Pension Scheme : Inter Sector Shifting of NPS Subscribers under Corporate Sector
  15. NPS on- boarding through Aadhaar based offline paperless KYC verification(PFRDA)
  16. PFRDA : OTP based authentication for paperless NPS on-boarding
  17. Extension of timelines for activities under NPS & NPS Lite – PFRDA

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