Service Charges that can be collected by POPs under NPS (All Citizen and Corporate)/ NPS Lite – Master Circular updated as on 31.01.2025

Service Charges that can be collected by POPs under NPS (All Citizen and Corporate)/ NPS Lite – Master Circular updated as on 31.01.2025

MASTER CIRCULAR

PFRDA/Master Circular/2024/05/PoP-03

(Updated as on 31st January 2025)
25th April 2024

To

All Point of Presence (PoPs) and Stakeholders in the NPS/NPS-Lite

Madam/Sir,

Master Circular – Service Charges that can be collected by POPs under NPS (All Citizen and Corporate)/ NPS Lite

1. This circular is issued in exercise of powers conferred under sub-section (1) of Section 14 read with clause (e) of sub-section (2) of Section 14 of the Pension Fund Regulatory and Development Authority Act, 2013 and Regulation 16 of the PFRDA (Point of Presence) Regulations, 2018, as amended.
2. This master circular consolidates the existing instructions on the subject of “Service Charges for POPs under NPS (All Citizen and Corporate/NPS-Lite)”. The list of underlying circulars on the subject is furnished in the Part – V.

Yours faithfully,

(Ashish Kumar Bharati)
General Manager

Service Charges that can be collected by POPs under NPS (All Citizen and Corporate) / NPS-Lite

PART I- INTRODUCTION

1. With a view to incentivize the Point of Presence (“PoPs”) to promote and distribute NPS and provide better customer service, applicable charges for PoPs for the various services provided by them have been revised from time to time vide various circulars issued by the Authority. The effective date of applicability mentioned in respective circulars would remain unchanged.
2. The instructions contained in the aforesaid Master Circular have been suitably updated by incorporating relevant circulars, issued as on date.
3. The charges that can be collected for services rendered in respect of the NPS-Vatsalya account at any time shall be the same as the charges that be collected under NPS- All Citizen Model as stipulated by the Authority from time to time. (Please refer Circular PFRD/2024/16/PDES/01 dated 18th Sep. 2024 on subject NPS Vatsalya scheme details].

PART II – GENERAL GUIDELINES

4. It may be noted that the compliance obligation of the PoPs shall not be confined merely to the Master Circular but, also to the provisions of the PFRDA Act, 2013 the Rules and Regulations notified thereunder and other applicable laws, besides instructions given by the Authority.
5. This Master Circular shall take effect from the date of its issuance but shall be without prejudice to their (earlier issued circulars) operation and effect, for the period when they were in force, until them being subsumed under this Master Circular. Based on the above Part V containing the list of circulars consolidated in the Master Circular – is placed at Annexure I, such that they are subsumed in the Master Circular and shall for all purpose and intent, remain operative, with no break of continuity. The list of circulars rescinded from time to time is archived and is placed at Annexure II.
6. Notwithstanding such rescission of any circular, upon their merger in the Master Circular, or otherwise, anything done or any action taken or purported to have been done or taken, or to be taken hereafter, under the circulars now rescinded (for the period of their operation) shall be construed to have been validly taken as if the said circulars are in full force and effect and shall remain unaffected by their rescission, in any manner.
7. The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred, any penalty, any order passed, any violation committed, any investigation, legal proceedings pending in terms of the circular (now rescinded), shall be treated as if the circulars are in full force and effect, and shall remain unaffected by their rescission, in any manner.

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