CONTRIBUTORY PENSION SCHEME (CPS)

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Employees (Teachers) who have recruited on or after 01.09.2004 have to come under the New Contributory Pension Scheme. For this, the employees have to deduct 10% of their Basic Pay & D.A towards their contribution and Government will add the same amount to their accounts. D.A arrears and other arrears of these employees will be credited to the C S S (Compulsory Savings Scheme).
Now our State Government has entered into an agreement with N S D L (National Security Depositories Limited), Bombay to maintain PRAN accounts as Central Record Keeping Agendy ( C R A). Now, all the employees coming under the C P S have to apply for  P R A N (Permanent Retirement Account Number) alloted & maintained by N S D L, Bombay. For this, N S D L has appointed KARVY Consultants as Facility Centre, and there are two Facility Centres 1. at Hyderabad and 2. at Visakhapatnam.
Here, GOs, Memos, Proceedings and relevant informatin on C P S are provided.
Address of Karvy Consultants Hyderabad:

HYDERABAD - KARVY CENTRE
KARVY CENTRE,
8-2-609/K, Road #10, Banjara Hills
HYDERABAD
Andhra Pradesh
India
PIN CODE: 500034
PHONE : 
STD CODE 040
040-23312454
EMAIL : mailmanager@karvy.com


Address of Karvy Consultants - Visakhapatnam:
VISHAKAPATNAM
47-14-4, ESWAR PARADISE,
DWARAKA NAGAR MAIN ROAD
VISHAKAPATNAM
Andhra Pradesh
INDIA
PIN CODE: 530 016
PHONE : 
STD CODE : 0891-2752915 to 18
EMAIL : 
ksblvizag@karvy.com

NEW APPLICATIONS:
 MODIFICATION FORMS FOR REGISTERED SUBSCRIBERS:
                    Know about New Pension System Trust by PFRDA
In pursuant to the advice of the Central Government vide letter D.O. No 5(75)/2006-ECB & PR dated 24th April 2007; The NPS Trust was established by PFRDA on 27th February, 2008 with the execution of the NPS Trust Deed and the Board of Trustees of NPS Trust was formed with three members to begin with. Subsequently three more Members were included in the Board. The term of the Trustees is for two years. Sh. N.R.Rayalu was also appointed CEO also of the NPS Trust on his retirement as Dy CAG, Government of India w.e.f 12th June 2008.
At present the Board of NPS Trust, reconstituted on 26th March 2010 is as under:-
1. Sh Yogendra Narain             Chairman 
2. Sh.N.R.Rayalu                    Trustee & CEO
3. Sh. Umraomal Purohit          Trustee
4. Sh.G.N.Bajpai                     Trustee
5. Sh.Naresh Dayal                 Trustee
The NPS trust has been set up and constituted for taking care of the assets and funds under the NPS in the interest of the beneficiaries (subscribers). In fulfillment of its objectives, as broadly mentioned in the Deed, the NPS Trust supervises the Pension Fund Managers and interacts with other intermediaries like Trustee Bank (Bank of India), Central Record Agency (NSDL), Stock Holding Corporation of India Ltd, etc. The Trust is empowered to enter into agreements with other intermediaries and operating agencies to discharge its obligations.
As part of its obligations, the NPS Trust ensures that:-
·       the PF(s) has been diligent in empanelling the brokers, in monitoring securities transactions with brokers and avoiding undue concentration of business with any broker;
·       the PF(s) has not given any undue or unfair advantage to any associates or dealt with any of the associates of the Pension Fund in any manner detrimental to interest of the beneficiaries;
·       the PF(s) has been managing the Fund Schemes independently of other activities and has taken adequate steps to ensure that the interests of the beneficiaries are not compromised;
·       all the activities and the transactions of the PF(s) are in accordance with the provisions of the PFRDA guidelines/directions.
A memorandum of Understanding was signed between PFRDA and the NPS Trust highlighting the rights and obligations of both the parties on 1st July 2009.
To begin with the NPS was operational for the Central Govt Employees (except defense forces) joining the service on after 1.1.2004. Subsequently the State Governments have also started joining the NPS. Three Fund managers as mentioned below were appointed to manage the Funds of the Government employees with effect from 1.1.2008.
·        SBI Pension Funds Private Limited
·        UTI Retirement Solutions Limited
·        LIC Pension Fund Limited
The NPS was opened up for all citizens of India with effect from 1stMay 2009.  PFRDA appointed six Pension Fund Managers to manage the funds of the new subscribers.
  ·   SBI Pension Funds Private Limited
·     UTI Retirement Solutions Limited
·     ICICI Prudential Pension Funds Management Company limited
·     Kotak Mahindra Pension Fund Limited
·     IDFC Pension Fund Management Company Limited
·     Reliance Capital Pension Fund Limited
Agreements with all the Pension Fund Managers have been signed. Agreement has also been signed with the Stock Holding Corporation of India who acts as custodian of investment Instruments. So far thirteen State Governments /UT have joined the NPS by signing the agreement with the NPS Trust. More State Governments have shown their inclination to join the NPS Architecture.
A quarterly review of the Pension Fund managers is carried out by the NPS Trust to review and evaluate the performance of the Fund Managers and make suggestions for improvement.
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