NPS is applicable to all employees joining services of Central Government including Central Autonomous Bodies (except Armed Forces) on or after 1st January 2004. Many State Governments have adopted NPS architecture and implemented NPS mandatorily through Gazette Notifications for their employees joining on or after a cut-off date.
The old pension scheme of Government of India, referred as Defined Benefit Pension System (DBPS) is based on the last pay drawn of the employee. NPS is referred as Defined Contribution Pension System (DCPS) in which the employer & employee contributes for building a pension wealth payable at the time of retirement by way of annuity/lumpsum withdrawal as per norms.
Yes. In line with the decision of GOI to introduce NPS for new entrants joining central government services on or after 1/1/2004, it has been decided vide OM 1(13)/EV/2001 Dt 13/11/2003 Department of Expenditure, Ministry of Finance that all new entrants in all Autonomous Bodies under various Central Ministries/Departments recruited on or after 1/1/2004 will also be governed by the NPS.
Department of Expenditure, Ministry of Finance , GOI vide its OM No 1(13)/EV/2008 Dt 30/1/2009 advised all Central Autonomous Bodies to submit Letter of Consent (LOC) indicating their formal commitment towards discharging their obligations under NPS through the Financial Advisors of the respective Ministries/ Departments.
Yes. The organizations are permitted to shift to NPS in respect of employees who have joined before 1/1/2004 vide OM dt 30/6/2009 No 1(2)/EV/2007 Department Of Expenditure, Ministry of Finance. Date of effect will be the date when such option is exercised by the concerned employee. The other detailed operational features are as follows:
The Autonomous Bodies are required to submit duly authorized ‘Letter of Consent’ to PFRDA through the Financial Advisor of the respective ministry.
Subsequently, the CAB is required to submit the physical ‘Master Creation Form (MCF)’ along with other forms to CRA i.e Form N1 for PrAO, Form N2 for PAO/ CDDO and Form N3 for DDO.
Upon receipt of the ‘Letter of Consent’ from PFRDA and above mentioned forms are found to be in order, the CAB is registered in the CRA System.
Various State Governments have adopted NPS architecture and implemented NPS with effect from different dates.
Many State Governments have adopted NPS architecture and implemented NPS for the employees of State Government as well as for the employees of Autonomous bodies, State PSUs, Corporations, Boards, if notified in their respective gazette notifications.
Various State Governments have adopted NPS architecture and implemented NPS for the employees of State Government as well as for the employees of Autonomous bodies, State PSUs, Corporations, Boards, Nigams etc. with effect from different dates.
The Autonomous Bodies are required to submit duly authorized Letter of Consent to PFRDA through the designated Nodal offices/ Ministries/ Head of Department etc. as indicated in the NPS Notification of the respective State Government.
After registration of Designated office for interaction with CRA upon submission of Master Creation Form (MCF), the oversight offices & administrative day-to-day functioning offices shall be registered on the basis of submission of physical application forms to CRA i.e. Form N1 for DTA, Form N2 for DTO and Form N3 for DDO.