Friday, 27 October 2017

PFRDA takes a new initiative to increase pension coverage by increasing the incentives payable to Points of Presence (POPs), the principal distributive points for NPS


PFRDA takes a new initiative to increase pension coverage by increasing the incentives payable to Points of Presence (POPs), the principal distributive points for NPS

Pension Fund Regulatory and Development Authority (PFRDA) has taken several initiatives in the past few years to increase pension coverage in the country, notably introducing e-NPS, reducing minimum contribution levels, new investment instruments, aggressive life cycle funds etc.

PFRDA has now taken a further step in this direction by increasing the incentives payable to Points of Presence (POPs), the principal distributive points for National Pension System (NPS).

The following Table gives the details of increase in incentives:


Principal Distribution Point

Services offered

Current Charge

New Charge
POPInitial Subscriber Registration*Rs. 125/-Rs. 200/-
Initial Contribution0.25% of the contribution Min: Rs.
20/- & Max : Rs.25,000/-
0.25% of the contribution Min: Rs.
20/- & Max : Rs.25,000/-
All Subsequent Contribution
All Non-Financial TransactionRs. 20/-Rs. 20/-
Persistency*-----> Rs. 50/- per annum (only for NPS-All
Citizen)
e-NPS* (for subsequent contributions)0.05% of the contribution Min Rs 5/-
& Max Rs 5000/- (Only for NPS- All Citizen and Tier-II Accounts)
0.10% of the contribution Min Rs 10/-
& Max Rs 10000/- (Only for NPS- All Citizen and Tier-II Accounts)

*Changes effected A new incentive towards increasing persistency has been introduced under which POPs will receive an incentive of Rs. 50/- per account per annum for every account which continues to contribute a minimum of Rs 1000/- in a financial year.

PFRDA believes that the renewed incentive will help in increasing the reach of pensions in India, through the efforts of Points of presence (POPs).

PIB

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