Department of posts to distribute new pension system

Department of posts to distribute new pension system

The Department of Posts, Government of India, has been enlisted as a Point of Presence (PoP) for distribution of the New Pension System (NPS) by Pension Fund Regulatory & Development Authority (PFRDA). The Department of Posts (DOP) would, to start with, make the NPS available at over 800 of its branches all over the country, and expand the distribution network to more branches in a phased manner in its endeavour to make NPS available to all citizens in all parts of the country. Both PFRDA and the Department of Posts see significant potential and synergy in this partnership for the development of the NPS and believe that it will significantly further and promote the Government’s initiative to provide old age income security to all citizens of India.

NPS is currently being distributed by 21 entities through nearly 800 branches spread all over the country. PFRDA is working with these institutions to bring all their branches under NPS in a time-bound manner. NPS will now be sold through over 1600 outlets of DOP and other entities.

PFRDA is also considering proposals from other entities seeking authorization to act as a PoP. PFRDA has accorded over-riding priority to expansion of NPS distribution network in its effort to make NPS available within the easy reach of all citizens.