NEW PENSION SCHEME

New pension scheme
1) REGULATED BY PFRDA. (PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY)
TYPES:
TIER I: PURE PENSION SCHEME
TIER II: INVESTMENT SCHEME (CAN BE WITHDRAWN AT ANY TIME)
BOTH: COMBINATION OF TIER I AND TIER II
WHO CAN JOIN
GOVT EMPLOYEES JOINED AFTER 1.1.04 (EQUAL CONTRIBUTION FROM GOVT)
GOVT EMPLOYEES JOINED PRIOR TO 1.1.04 (NO CONTRIBUTION)
OTHER CITIZENS (NO CONTRIBUTION) OF AGE 18-55.
TIER I:
MIN : Rs. 500/- (MULTIPLES OF Re.1/- )
MAX : NO LIMIT
On attaining age 60, 60% will be paid and 40% will be annutized for monthly pension.
If closed before the age of 60, 80% will be paid and 20% will be annutized.
TIER II:
MIN : Rs. 1000/-
MAX: NO LIMIT
Lock up period: Nil
As the Govt. Employees joined after 1.1.04 are already having Tier I account, they can open only Tier II.
CONDITION:
• Contributions can be made subject to the following conditions :-
• Minimum Amount per contribution - Rs. 500/-
• Minimum Contribution per year - Rs. 6,000/-
• Minimum Number of contributions - 04 per year.
If the above conditions are not fulfilled, Rs. 100/- will be deducted from the balance.
• NPS offers Subscribers two approaches to invest their account :-
• Active Choice : Individual Fund.
• (Equity (not more than 50 %), Corporate bonds and Govt Securities)
• Auto Choice. : Lifecycle Fund.
WHO MANAGES THE FUND?
• ICICI Prudential Pension Funds Management Company Ltd.,
• IDFC Pension Fund Management Company Ltd.
• Kotak Mahindra Pension Fund Limited.
• Reliance Capital Pension Fund Limited.
• SBI Pension Funds Private Limited.
• UTI Retirement Solutions Limited.
• LIC Pension Fund Limited.
Forms for opening of NPS:
1) Subscriber applying fresh Tier-I and Tier-II account: Composite Application Form(CAF) UOS-S1.
2) Subscriber who has been registered for Tier-I and issued a PRAN (Permanent retirement account Number) card: Form UOS-S10.
3) NCIS (NPS contribution Instruction Slip)
4) S1 – Application for PRAN
FORMS SHOULD BE FILLED IN BOLD LETTERS AND IN BLACK INK ONLY
SHOULD BE SIGNED ONLY INSIDE THE RECTANGLE PROVIDED.
RS. 23/- IS TO BE COLLECTED IN ADDITION TO EACH TRANSACTION AS WELL AS FOR ALL TYPES OF SERVICE VIZZ.. CHANGE OF NOMINATON, BANK DETAILS, SWITCH OVER TO OTHER POINT OF PRESENCE (ie.. Postoffice to Banks etc..) ETC..
COLLECTED IN EPAYMENT…
NODAL OFFICE : PTC MYSORE.
DISPOSAL OF FORMS:
Except NCIS form all forms viz.. application forms, KYC documents like ID Proof, Age Proof, Residential Proof etc.. should be forwarded to Facilitation Centre.