Pension Bulletin

Volume VI
Issue II

Pension Fund Regulatory and

Development Authority

Chhatrapati Shivaji Bhawan,

B-14/A,Qutab Institutional Area,
Katwaria Sarai,
New Delhi-110016
 Table of Contents
Page No.

Section 1: Transfer of amount from recognized Provident Fund/Superannuation fund to

National Pension System...............................................................................................................2
Section 2: NPS Statistics ............................................................................................................... 7
i. Sector wise growth .................................................................................................................. 7
ii. Overall Status of State Governments ................................................................................... 13
iii. UoS Sector (All citizens) in NPS ......................................................................................... 15
iv. Total amount of subscribers’ contribution under UoS (Tier-I & Tier II):.......................... 15
v. Total amount of AUM under UoS (Tier-I & Tier II) ............................................................ 16
vi. Total number of corporate, subscriber, contribution & AUM registered in Corporate
Sector:....................................................................................................................................... 17
vii. Status of APY: ..................................................................................................................... 18
viii. PFM wise Total Assets on NPS schemes .......................................................................... 19
ix. PFM wise Return on NPS Schemes ................................................................................... 20
x. Performance of NPS Schemes of Central Government & State Government Employees . 21
xi. Performance of NPS schemes for Unorganized/Private Sector ......................................... 21
Section 3: Circulars/Notices/Guidelines Issued/Advisory ....................................................... 26
Section 4: Workshops /Press Release/Conference conducted ................................................... 31
Section 5: Macro-Economic Statistics........................................................................................ 36

1
Section 1: Transfer of amount from recognized Provident
Fund/Superannuation fund to National Pension System
Indian workforce employed in organized sector is covered under the following funded pension
arrangements.
i) mandatory pension scheme of Employees' Provident Fund Organization of India,
ii) Approved Superannuation Funds by the corporates,
iii) National Pension System.
i) Scheme by Employees’ Provident Fund Organisation: The Employees’ Provident Funds
and Miscellaneous Provisions Act, 1952 (EPF Act) is the major social security legislation in
India aimed at, inter alia, securing retirement benefits for employees. Currently, three
schemes operate under the EPF Act: Employees’ Provident Fund Scheme (EPFS),
Employees’ Pension Scheme (EPS) and Employees’ Deposit Linked Insurance Scheme
(EDLIS). Broadly speaking, the EPF Act applies to the following entities:
• Every establishment which is a factory engaged in any industry specified by the
central government and in which 20 or more persons are employed;
• Any other establishment employing 20 or more persons which the central
government may, by notification, specify in this behalf. An employee whose salary is
greater than INR15,000 per month and who is not currently a member of the EPF
scheme may be excluded from the provisions of the EPF Act. This clause of salary-
based exclusion does not apply to International Workers and employees working in
newspaper establishments.
ii) Superannuation Funds Superannuation Fund (SAF) is an employer-sponsored voluntary
pension plan to facilitate pensions for employees when they retire/leave the organisation.
SAF can be either a defined contribution or a defined benefit scheme, depending upon the
option selected by the employer. An employer may create a SAF through a Trust, by
executing a Trust Deed and have the same approved by the income-tax authorities. The
Superannuation trust funds could be managed internally or through an insurance service
provider which is approved by the Insurance Regulatory and Development Authority. Data
on the number of SAFs in India is not consolidated; accordingly, the number of participants
and the total corpus is unavailable. Due to insufficient data, it is difficult to establish the
coverage and effectiveness of this pension instrument.
iii) National Pension System: The Government of India (GOI) rolled out the NPS initially for
government employees other than armed forces, joining service from 1st January 2004
which was later extended to all citizens of India from May 1, 2009 and Corporate sector
from December, 2011.

2
 Under NPS, two types of account are available to subscribers i.e. Tier I & Tier II; Tier I
account is a pension account - where subscribers contribute his / her savings (may include
employers contribution in case of Corporate sector) for retirement into a partially
withdrawable account, and a Tier II account - a voluntary savings account from which
subscribers are free to withdraw their savings whenever he wishes. The facility of Tier II
account was made available from December 01, 2009 to All Citizens of India including
Govt. employees and Corporate sector subscribers not mandatorily covered under NPS. An
active Tier I account is a pre requisite for opening of a Tier II.
A subscriber can open an NPS account through their DDA/PAO or through the online
platform eNPSor through with any one of POPs (Point Of Presence) and get a PRAN.
Subscribers can choose their own investment option and pension fund. Subscribers can
operate their account from anywhere in the country, even if they change the city, job or
their pension fund manager. NPS is regulated by PFRDA, with transparent investment
norms and regular monitoring and performance review of fund managers by NPS Trust.
A summarised comparison of NPS, approved Superannuation fund and Employees’ Provident has
been provided below.
Comparison between EPF, Superannuation Fund and NPS

National Pension Approved Employees Provident Fund

Particulars System (NPS) Superannuation Fund
(ASAF)

10% of Basic + DA Employee contribution is

eligible for deduction from
Subject to Maximum of
employees’ taxable income
Limit of contribution Rs. 1.50 Lacs
Subject to Maximum of up to INR 150,000*
by Employee for
Additional tax deduction Rs. 1.50 Lacs
tax purpose
available on contribution
upto Rs. 50000/-
(Exclusive for NPS)

10% of Basic + DA Not Taxable up to Rs. Employer contribution up to

Employer's
1,50,000 per annum 12 per cent of defined salary
Contribution to the
per employee. not included in employees’
Fund for tax (No Monetary Limit)
taxable income.
purpose Above Rs. 1.5 lac, it is
treated as perquisites

3
 in the hand of
employee and taxed
accordingly.

Monthly member pension

Limit on Lump sum under EPS at retirement or
Amount to be Minimum 40% of the
withdrawal. Rest to be permanent disability.
utilised for accumulated corpus.
utilised for annuity
purchase of Annuity
However, subscriber can payment.
utilise higher corpus also.

Maximum 60% of the 1/3rd of the Corpus can Lump sum withdrawal at
corpus be withdrawn in lump resignation, retirement or
sum in case Gratuity is death.
Lump sum paid
Withdrawal 40% of the corpus is tax
½ of the corpus can be
exempt from F.Y. 2016-
withdrawn in case
17
gratuity is not paid.

Formation of an Registration of the

Irrevocable Trust and establishment with EPFO.
appointment of
Trustees
Requirement for Registration with CRA by
Opening of Trust
operationalization providing some basic Account
of scheme by the information.
Corporates Decision on the fund
management
technique, i.e., self-
managed or insurer
managed.

Not required Required from Not required

Income Tax
concerned Income Tax
Approval
Authority

4
 Subscribers may choose
their own investments
from three asset classes
i.e. corporate bonds,
government securities
and equity. The
Investment
investment in equity is
capped at 50 per cent.
One can also opt for life
cycle funds which have
pre-determined
investment pattern.
The accumulations are
invested by the board of
trustees of EPF, as per the
norms laid down by Ministry
The trustees of SAF
of Labour and Employment,
invest the funds as per
Government of India.
the norms laid down by
Ministry of Finance,
Government of India.

In the Union Budget 2016-17, one time portability without any tax implication has been allowed to the
subscriber for shifting from recognized provident funds and superannuation funds to National pension
System.
With the implementation of the above proposals from this Financial Year and the tax benefits available
under NPS, NPS has become very attractive to the subscribers. NPS now provides the seamless
facility to the subscribers of Superannuation Scheme and Provident Fund scheme to shift to NPS
without any tax implication.
In this context, PFRDA has come out with a circular on transfer of amount from recognized Provident
Fund/Superannuation fund to National Pension System (PFRDA/2017/11/PD/3 dated 6th March 2017).
In case the subscriber is interested to get his recognized provident fund/superannuation fund
transferred to NPS, he may follow the below mentioned process:

 The subscriber should have an active NPS Tier I account which can be opened either through
the employer (where NPS is implemented) by filling up the prescribed subscriber registration
form or through the Points of Presence (POPs) (Banks/non-banks entities registered as POPs
with PFRDA) or online through eNPS on the NPS Trust website.

 The subscriber presently under Govt./Private sector employment is required to approach the
recognized provident fund/Superannuation Fund Trust through the current employer by giving
request for transfer of his recognized provident fund/ superannuation fund to his NPS account.

 The recognized Provident Fund/Superannuation Fund Trust may initiate transfer of the Fund as
per the provisions of the TRUST Deed read with the provisions of the Income Tax Act, 1961.

 The Recognised Provident Fund/Superannuation Fund may issue the cheque/draft in the name
of Nodal Office with employee name and PRAN FOR Govt. employees and in the name of

5
 POP Collection Account-NPS Trust with the subscribers name and PRAN for the private sector
including All Citizen Model.

 In case of Government employees, the employee should request the recognized provident
fund/Superannuation Fund to issue a letter to his present employer mentioning that the amount
is being transferred from the recognized provident fund/ superannuation fund to be credited in
the NPS Tier I account of the employee.

 The present employer/POP i.e. nodal office shall while uploading the fund may mention the
transfer from recognized provident fund/superannuation fund in the remarks column while
uploading it through arrears mode. The upload may be made as per the request letter of the
ex-employer.

 In case of private sector employee including subscriber covered under All Citizen Model, the
employee should request the recognized provident fund/superannuation fund to issue a letter
to his present employer/POP as the case may be mentioning that amount is being transferred
from the recognized provident fund/ superannuation fund to be credited in the NPS account of
the employee/individual Tier I account.
As per provisions of the Income Tax Act, 1961 the amount so transferred from the recognized
provident fund/ Superannuation fund to NPS is not treated as income of the current year and
hence not taxable. Further, the transferred recognized provident fund/superannuation fund will
not be treated as contribution of the current year by employee/employer and accordingly the
subscriber would not make IT claim of contribution for his transferred amount.
***

6
Section 2: NPS Statistics
i. Sector wise growth
a) The number of subscribers under NPS and APY increased from Rs. 145.42 lakhs as at the end of
January, 2017 to Rs. 148.60 lakhs as end of February, 2017 i.e. by 2.19 % growth supported by a
growth of 5.34 % in APY and 12.62 % in unorganized sector.
During the current financial year i.e. April - February 2017, the number of subscribers has increased
from 122.35 lakhs to 148.60 lakhs, registering a growth of 21.45 %. The maximum growth is witnessed
in APY, in which the number of subscriber increased from 24.85 lakhs as at the end of March 2016 to
44.16 lakhs as at the end of February 2017, registering a growth of 77.71 %. UoS/All citizen
subscribers have increased by 70.23% during the first 11 months of the current financial year and
Corporate Sector subscribers have increased by 20.04 % during the same period.

Table No: 1. Number of Subscriber (in lakhs)

Number of Subscribers (in lakhs)

Year/Month
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Jun-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
Schemes

A. CG
9.35 11.27 13.42 15.12 16.58 16.94 17.31 17.44 17.51 17.61 17.68 17.77
B. SG
11.56 16.41 20.07 26.30 29.24 30.29 31.36 31.70 31.97 32.31 32.60 32.90
Govt. sec Total (A+B)
20.91 27.67 33.49 41.42 45.82 47.23 48.67 49.14 49.49 49.92 50.28 50.67
Govt. sec % growth
32.33 21.03 23.67 10.63 10.74 12.06 12.30 12.21 12.38 12.18 11.63
C. Corporate Sector
0.17 1.43 2.62 3.73 4.74 4.95 5.21 5.32 5.39 5.51 5.57 5.69
D. All Citizen
0.57 0.70 0.79 0.87 2.15 2.37 2.61 2.69 2.75 2.93 3.25 3.66
(Corp+All Citizen) Sec
Total (C+D) 0.74 2.14 3.41 4.60 6.89 7.33 7.82 8.01 8.14 8.44 8.82 9.35
(Corp+All Citizen) Sec
% growth 188.52 59.65 34.87 49.77 49.64 49.54 49.24 49.07 50.45 51.55 50.68
E. NPS Lite/
Swavalamban 9.69 17.80 28.16 41.47 44.80 44.64 44.57 44.53 44.52 44.42 44.40 44.38
F. APY
- - - - 24.85 29.81 34.43 36.56 37.24 39.11 41.92 44.16
Subtotal (NPS
lite+APY) (E+F) 9.69 17.80 28.16 41.47 69.65 74.45 79.00 81.09 81.76 83.53 86.32 88.54
(NPS lite+APY) %
growth 83.74 58.21 47.26 67.95 57.98 50.24 52.87 45.24 33.05 34.04 33.40
Grand Total
(A+B+C+D+E+F) 31.33 47.61 65.06 87.49 122.35 129.01 135.49 138.24 139.38 141.89 145.42 148.60

7
Chart No: 1. Number of Subscriber (in lakh)

Number of subscriber (in lakhs)

160.00 148.60 60.00
145.42
139.38 141.89
135.49 138.24
140.00 129.01
122.35 50.00
51.95
120.00
36.66 40.00
100.00 34.47

Y-o-Y % growth
39.84
36.26
in lakh

35.31
80.00 33.83 30.00
65.06 87.49 31.68

60.00 47.61 25.77 26.41 25.97

20.00
40.00 31.33

10.00
20.00

0.00 0.00
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Jun-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

CG SG Corporate Sector All Citizen

NPS Lite/ Swavalamban APY Total YoY % of Growth

Of the total subscribers, government sector subscribers are 32 % of the total subscriber, each APY
and NPS – Lite constitute 30% of the subscriber and Corporate and All Citizen subscribers constitute 4
% and 2% respectively of the total subscriber.

Chart No: 2. % share of subscriber as on 25th Feb, 2017

APY CG
30% 12%
SG
22%

NPA Lite
30%

Corporate Sector
4%
All Citizen
2%

8
b) The contribution under NPS has increased from Rs. 126730 crores as at the end of January, 2017
to Rs. 129971 crores as at the end of February, 2017 i.e. by 2.56 %.
During April - Feb 2017, the contributions received from subscribers have increased from Rs.95849
crores to Rs. 129971 crores, i.e. a growth of 35.60 %. The maximum growth in contribution has been
witnessed in APY (227.12 %), followed by All Citizen (107.76 %) and Corporate sector (44.80 %).

Table No: 2. Total Contribution (Rs. In crores)

Total Contribution (Rs. In crores )
Mar- Mar- Mar-
Year/Month Mar-12 Jun-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
14 15 16
Schemes

A. CG 9516 20029 27458 36329 38721 41996 43133 44123 45299 46248 47294

B. SG 3276 18364 29702 48007 52461 57474 59060 60361 61851 63431 64847

Govt. sec Total (A+B) 12792 38393 57160 84336 91182 99470 102193 104483 107150 109679 112142

61.39 48.88 47.54 42.99 38.81 38.78 38.15 37.73 37.51 36.95
Govt. sec % growth
C. Corporate Sector 122 2790 4801 8010 8827 9783 10172 10487 10889 11225 11599

D. All Citizen 130 348 497 1219 1441 1650 1743 1834 2000 2250 2533
(Corp+All Citizen) Sec
252 3138 5298 9229 10267 11432 11915 12322 12889 13476
Total (C+D) 14131
(Corp+All Citizen) Sec 95.01 68.82 74.20 62.30 60.56 60.00 59.79 59.58 59.96 59.71
% growth
E. NPS Lite/
138 793 1380 1792 1900 2036 2046 2057 2068 2082 2092
Swavalamban
F. APY - - - 491 743 1037 1149 1256 1386 1494 1606
Subtotal (NPS lite+APY)
138 793 1380 2283 2643 3074 3196 3313 3454 3575 3698
(E+F)
(NPS lite+APY) % 94.71 73.93 65.45 69.91 80.94 82.54 83.16 75.11 74.29 71.64
growth
Grand Total
13181.95 42325 63838 95849 104092 113977 117304 120118 123492 126730 129971
(A+B+C+D+E+F)

9
Chart No: 3. Total Contribution (Rs. In crore)

140000 129971 120.00

120118 123492 126730
120000 95.77 113977 117304
104092 100.00
95849
100000
80.00

Y-o-Y % of growth
Rs in crores

80000 64.01 63838

50.14 60.00
60000 45.28
41.63 41.62 41.07 40.58 40.44 39.93
42325 50.83 40.00
40000
25806

20000 13182 20.00

0 0.00
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Jun-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
CG SG Corporate Sector All Citizen
NPS Lite/ Swavalamban APY Total YoY % of Growth

Contribution by the government subscribers constitute 86 % of the total contribution in NPS followed
by contribution of 9 % of corporate subscribers and 2 % each by NPS-Lite and All Citizen subscribers.

Chart No: 4. % share of contribution in NPS as on 25th Feb, 2017

NPS Lite APY

All Citizen 2% 1%
Corporate Sector 2%
9%
CG
36%

SG
50%

10
 c) The AUM under NPS have increased from Rs. 166,847crore as end of January, 2017 to Rs.
167,178 crore as at the end of February, 2017 i.e. by 0.20 % during the month of February 2017.
During April –Feb 2017 of the current Financial Year, the AUM under NPS & APY has increased from
Rs. 118,810 crores to Rs. 167,178 crore i.e. by 40.71 %. The year over year (Feb 2017 over Feb
2016) growth in AUM of NPS & APY combined has been 50.06%.
During the month of February 2017, the highest growth in AUM in percentage terms is witnessed in
unorganized sector which is 9.99 % followed by increase of 4.85% in APY. AUM under APY has more
than tripled during April - February 2017, from Rs. 506 crores as end of March 2016 to Rs. 1707
crores as end of February, 2017 i.e. by 237.35 %.

Table No: 3. AUM (Rs.in crores)

AUM (Rs. In crore )

Mar- Mar- Mar- Mar-
Year/Month Mar-16 Jun-16
12 13 14 15 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
Schemes
A. CG 11256 17317 24177 36737 48135 51885 58892 60353 63146 62896 64853 64797
B. SG 3506 10748 20095 36244 57498 63565 73264 75245 78894 78532 81351 81293
Govt. sec total
14762 28065 44272 72981 105633 115450 132156 135598 142040 141428 146204 146090
(A+B)
Y-o-Y Govt. sec
90.12 57.75 64.84 44.74 45.36 46.48 46.28 50.48 46.31 48.91 46.71
% growth
C. Corporate
129 1120 2628 5675 9290 10390 12169 12604 13269 13379 13982 14147
Sector
D. All Citizen 132 231 365 594 1273 1526 1838 1916 2008 2119 2393 2632
(Corp+All
Citizen) Sec 261 1351 2993 6269 10563 11916 14007 14520 15277 15497 16375 16778
Total (C+D)
Y-o-Y (Corp+All
Citizen) Sec % 417.76 121.56 109.45 68.5 72.16 76.74 75.01 79.38 74.37 78.99 77.79
growth
E. NPS Lite/
140 436 839 1606 2108 2257 2547 2562 2649 2592 2641 2604
Swavalamban
F. APY - - - - 506 779 1140 1255 1405 1498 1628 1707
(NPS-Lite+APY)
140 436 839 1606 2614 3036 3687 3817 4054 4090 4268 4310
Sub total (E+F)
Y-o-Y (NPS-
Lite+ APY) % 210.41 92.47 91.31 62.79 71.64 86.625 87.83 94.63 81.78 84.75 80.01
growth
Grand Total
15163 29852 48105 80855 118810 130403 149850 153935 161370 161016 166847 167178
(A+B+C+D+E+F)

11
Chart No: 5. AUM (Assets under Management)

AUM (Rs.in crore)

180000 166847 167178 120.00
161370 161016
149850 153935
160000 96.87
100.00
140000 130403

Y-o-Y % of growth
120000 68.08 80.00
61.14
Rs. In crores

100000
53.70 52.17 60.00
80855 48.00 49.67 49.41 49.36 50.06
80000
60000 48105 40.00
40000 29852
15163 20.00
20000
0 0.00
Mar-12 Mar-13 Mar-14 Mar-15 Jun-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

CG SG Corporate Sector All Citizen

NPS Lite/ Swavalamban APY Total Y-o-Y Total % of growth

AUM of government sector constitutes 88 % of the total AUM under NPS followed by 8 % AUM of
Corporate sector, 2% AUM of All Citizen and 1% each of NPS Lite and APY.

Chart No: 6. % share of AUM in NPS as on 25th Feb, 2017

All citizen model NPS Lite APY

2% 1% 1%
Corporate sector
8%

Government Sector
39%

State Government
49%

12
ii. Overall Status of State Governments
There are 29 states under NPS. Tamil Nadu has adopted pension scheme under National Pension
System (NPS), though it does not contribute towards the employees’ pension account under NPS. So,
PFRDA have to take them on board to make contribution. Besides, West Bengal and Tripura have not
adopted the NPS so far, and PFRDA is in discussion with both the states to take them on board, as
end of January 2017, Uttar Pradesh has the highest number of subscribers enrolled under NPS
followed by Madhya Pradesh, Rajasthan and Chhattisgarh.
In terms of contribution and assets under management (AUM), Rajasthan has the highest AUM of Rs.
9,556 crore followed by Maharashtra and Madhya Pradesh.

Chart No: 7. State government wise Number of subscribers in NPS (in lakh)

(As on 25th Feb, 2017)

Total No. of Subscriber(in lakh)

4.5 4.0
4.0 3.6
3.5
3.0 2.7 2.7
2.4
2.5 1.8 1.7
2.0 1.4 1.3 1.3 1.2 1.2 1.2
1.5 1.1 1.0 0.9
1.0 0.7 0.7 0.6
0.3 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.0
0.5 0.0 0.0
0.0

Chandigarh**
Orissa
Karnataka

Goa
Punjab

Kerala
Bihar

Telangana

Manipur
Nagaland

Tamil Nadu
Chhattisgarh

Jharkhand

Utarakhand

Arunachal Pradesh
Madhya Pradesh

Gujarat

Haryana
Uttar Pradesh

J&K

Sikkim

Mizoram
Maharashtra

Himachal Pradesh
Rajasthan

Assam

Puduchery**

Meghalaya

Tripura*
Andhra Pradesh

Total No. of Subscriber(in lakh)

*Executed agreement with CRA and NPS trust only for AIS officer
** Chandigarh and Puducherry status is included under the state government Status

13
Chart No: 8. State government wise amount of contribution in NPS (Rs.in crore)

(As on 25th Feb, 2017)

7,582
Contribution M&B (Rs.in crore)
8,000
7,000
5,668
6,000 5,0984,998 4,104
5,000 4,315
3,5633,315 2,946 2,517
4,000 3,084 2,942 2,163 1,908
3,000 2,423 2,037
1,7761,440
2,000
649 457 448 415 330
1,000 216 137 122 112 74 2 0
0

Orissa
Karnataka

Kerala
Manipur

Mizoram
Chandigarh**

Tamil Nadu
Maharashtra

Gujarat

Himachal Pradesh

J&K
Goa

Tripura*
Madhya Pradesh

Haryana

Chhattisgarh

Sikkim
Andhra Pradesh

Telangana
Assam

Puduchery**

Meghalaya
Utarakhand

Nagaland
Uttar Pradesh
Rajasthan

Bihar

Jharkhand
Punjab

Arunachal Pradesh
Contribution M&B

*Executed agreement with CRA and NPS trust only for AIS officer
** Chandigarh and Puducherry status is included under the state government Status

Chart No: 9. State government wise Assets under Management in NPS (Rs.in crores)
th
As on 25 Feb, 2017

AUM (Rs. in Cr)

12,000
9,556
10,000
6,438
8,000 6,500 6,130
5,4815,264 4,270
6,000 3,869
4,402
3,913 3,737
4,000 3,278 2,739 2,514
2,973 2,731 2,2031,774
2,000 742 547 524 510 419
265 148 144 124 85 2 0
0
Karnataka
Maharashtra

Gujarat

Orissa

Manipur

Kerala

Mizoram
Goa

Chandigarh**

Tamil Nadu
Tripura*
Madhya Pradesh

J&K
Andhra Pradesh

Haryana

Chhattisgarh

Sikkim
Telangana
Assam

Himachal Pradesh

Meghalaya
Utarakhand

Puduchery**

Nagaland
Uttar Pradesh
Rajasthan

Bihar

Jharkhand
Punjab

Arunachal Pradesh

AUM(Cr)

*Executed agreement with CRA and NPS trust only for AIS officer
** Chandigarh and Puducherry status is included under the state government Status

14
iii. UoS Sector (All citizens) in NPS
As end of February 2017, 76 PoPs with 65,540 service providers are registered with PFRDA to
provide NPS services to citizens. While the registration and contribution upload of Government and
Government bodies employees is done by their respective Pay & Account offices, the private and the
unorganized sector employees are serviced through the PoPs which are banks & non-banking finance
companies. As on 25th February 2017, the total number of active accounts of All Citizen subscribers
under Tier I is 365,771 against 325,253 in January 2017. As at the end of February, 2017, there are
73,277 subscribers having Tier II accounts under NPS against 61,568 accounts as end of January,
2017.

Table No: 6. Total number of PoP & PoP-SP & subscribers in CRA

Registered PoPs Mar- Apr- May- Aug- Sep- Nov- Dec- Feb-
Jun-16 Jul-16 Oct-16 Jan-17
& PoP-SP in CRA 16 16 16 16 16 17 17 17
Total number of
registered PoPs
in CRA 70 72 72 71 73 74 75 76 76 76 76 76
Total number of
registered PoP-
SP in CRA 55,580 55,644 55,647 56,065 56,893 56,908 56,959 56,977 57,063 57,489 58,214 65,540

Chart No: 10. Total number of active account subscriber in CRA under Tier-I & Tier-II

400,000 365,771
Total no.of active account subscriber in

350,000 325,253
292,564
300,000 274,995
260,769 268,543
237,471 245,384 253,532
250,000 225,605 231,056
Tier-I & Tier-II

204,536
200,000
150,000
100,000 73,277
42,739 46,062 49,340 51,309 51,761 55,255 61,568
50,000 31,002 33,091 34,450 35,283

0
Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

Tier I Tier II

iv. Total amount of subscribers’ contribution under UoS (Tier-I & Tier II):
The contribution to Tier-I under UoS (All citizen) has increased from Rs. 1,966 crores as on 28th
January, 2017 to Rs 2,232 crores as on February, 2017. The contribution received under Tier II as end

15
of February, 2017 is Rs. 300 crores against the contribution of Rs. 285 crores as end of January,
2017.
During April - February 2017, the contributions under All Citizen Tier I NPS have increased from Rs.
962 crores to 2,232 crores i.e. a growth of 132.02 % and Contribution under Tier II NPS has increased
from Rs. 161 crores as end of March 2016 to Rs. 300crores as at the end of February, 2017 i.e. by
86.34 %.

Chart No: 11. Contribution of subscribers under (UoS) in NPS under Tier-I &Tier-II (Rs. in
crores)

2500 2232
1966
2000 1733
1507 1586
1430
Rs.in Crore

1500 1318 1372

1170 1213 1257
962
1000

500 236 249 266 285 300

161 172 178 184 193 205 220

0
Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

Tier-I Tier-II

v. Total amount of AUM under UoS (Tier-I & Tier II)

The AUM for UoS under Tier- I as end of February, 2017 was Rs. 2316 crores against the AUM of Rs.
2090 crores as end of January 2017. During April – Feb 2017, the AUM increased from Rs. 1103
crores to Rs. 2316 crores, i.e. 109.97%.
The AUM of Tier-II has increased from Rs.304 crores as end of January 2017 to Rs. 316 crores in the
month of February, 2017. During April – February 2017, Tier II AUM increased from Rs. 170 crores to
Rs. 316 crores, i.e. 85.74 %.

16
Chart No: 12. AUM of individual subscriber (UoS) in NPS under Tier-I &Tier-II (Rs. In crores)

2500 2316
2090
2000 1838
1659 1739
1596
1453 1513
1500 1287 1333
1226
1103
1000

500 256 269 280 304 316

170 179 187 193 210 224 242

0
Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

Tier I Tier II

vi. Total number of corporate, subscriber, contribution & AUM registered in

Corporate Sector:
The total number of corporates registered under NPS has increased from 3,064 as on January 2017 to
3,179 as on February 25th 2017. During the first 11 months of current FY 2016-17, number of
corporates registered under NPS has increased from 2,354 to 3,179.

Table No: 7. Total number of corporate registered in Corporate Sector:

Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb-
16 16 16 16 16 16 16 16 16 16 17 17

2,354 2,426 2,474 2,554 2,652 2,728 2,808 2,873 2,911 2,991 3,064 3,179

17
Chart No: 13. Total number of subscriber, contribution & AUM registered in Corporate
Sector

16000 557450 569374 600000

532268 538759 550538
504019 513132
521083 13982 14147
487431 495452 13269 13379
AUM & CONTRIBUTION (Rs. In Thousand)

14000 472076 479487 12604 500000

12169
11661 11599
12000 11206 10889 11225
10390 10172 10487
9677 10048 9783 400000
10000 9124 9168 9484
8540 8827

Subscriber
8268
7873
8000 300000

6000
200000
4000
100000
2000

0 0
Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
Contribution amount in corporate sector(Rs.in crore) Total AUM in corporate sector (Rs.in crore)
Total number of subscriber registered in Corporate Sector

As on 25th February 2017, the number of Corporate registered under NPS is 3,179 with 569,374
subscribers. The contribution received from the corporate subscribers as on 25th February, 2017 was
Rs.11, 599 Crores and AUM was Rs. 14,147 Crores. As on 25th February 2017, AUM per subscriber
for Corporate Sector is Rs.2.48 lakhs.

vii. Status of APY:

The subscriber base of Atal Pension Yojana has reached 44.16 lakhs as on February 28th 2017 from
24.85 lakhs as end of March 2016. AUM under APY has increased from Rs.1628 crores as at the end
of January, 2017 to Rs. 1707 Crores as at the end of February 2017.

Table No. 8. Status of APY

Year/Month Mar-16 Jun-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

Subscribers 2484895 2981063 3443079 3655938 3723994 3911100 4192355 4416196

18
Chart No: 14. Total number of subscriber, contribution & AUM registered in APY

1800 4416196 5000000

4192355
1600 3911100 4500000
3723994
Contribution &AUM (Rs.in crores)

1400 3655938 4000000

3443079 1707
3267259 1628
3143750 1498 3500000

Number of subscriber
1200 2981063 1405
2857868
2620143 1606 3000000
1000 2484895 1140 1255
1386 1494
1014 2500000
800 922 1256
1167 2000000
779 1042
600 686 938
865 1500000
506 595
400 748
677 1000000
592
200 491
500000

0 0
Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

Contribution (Rs.in crore) AUM (Rs.in crore) Subscribers (in lakh)

viii. PFM wise Total Assets on NPS schemes

Table No: 9. Pension Fund wise Assets under Management (Rs.in crores)

Year/Month Mar-16 Jun-16 Sep-16 Dec-16 Jan-17 Feb-17

PFs
SBI 45846.16 50373.85 57307.78 61125.39 63306.11 63498.10
UTI 35344.97 39571.91 45061.98 48417.98 50104.56 50215.07
LIC 35751.53 39491.36 44768.13 47689.28 49358.53 49553.03
KOTAK 172.69 197.87 232.24 254.55 276.08 286.48
RELIANCE 701.13 830.96 985.14 1109.88 1220.38 1299.26
ICICI 111.23 124.86 138.96 147.09 155.14 159.16
HDFC 376.24 483.13 622.26 773.5 878.41 972.43
Source: NPST. Website: www.npst.org.in

19
Table No: 10. Scheme wise Assets under Management (Rs.in crores)

Pension Funds→ (SBI+LIC+KOTAK+HDFC+ICICI+RELIANCE+UTI) (Assets Rs in crores )

Total Assets Mar Mar- Mar- Mar- Mar- Mar- Jun- Sep- Oct- Nov- Dec- Jan- Feb-
(Rs. In crore) -11 12 13 14 15 16 16 16 16 16 16 17 17

Scheme↓
726 1125 1731 2418 3673 4813 5239 5896 6035 6319 6289 6484 6495
CG
6 6 3 8 6 5 8 3 4 9 6 1 4
122 1082 2021 3639 5769 6453 7379 7548 7929 7877 8167 8183
SG 3555
9 3 1 6 3 7 9 0 5 4 1 0
1018 1026
Corporate CG - - 693 1810 4105 6805 7692 8924 9189 9740 9782
1 1
E 28 64 168 356 655 1181 1443 1676 1755 1744 1821 2050 2256

TIER I C 20 48 129 247 470 888 1008 1177 1229 1308 1349 1453 1523

G 29 78 245 409 771 1325 1521 1786 1856 2018 2023 2162 2235
NPS
Swavalamba 3 141 436 844 1606 2108 2279 2547 2562 2647 2592 2638 2607
n
E 4 7 14 26 44 60 72 87 91 91 96 107 116

TIER II C 3 8 16 24 38 55 61 76 80 85 88 94 96

G 4 7 13 20 35 54 63 81 86 95 96 103 105
Source: NPST. Website: www.npst.org.in

ix. PFM wise Return on NPS Schemes

Table No: 11. Returns since inception (in %) As on 28th Feb, 2017
Pension Funds→ SBI UTI LIC KOTAK RELIANCE ICICI HDFC

CG 10.43 10.03 10.11

SG 10.03 10.09 10.21

Corporate-CG 10.60 10.77

E 9.22 11.35 13.27 10.34 10.47 11.54 15.91

TIER I C 11.22 9.84 11.79 11.16 9.72 11.20 11.82
G 10.09 8.75 12.51 8.97 8.65 9.04 11.19
E 8.81 9.13 8.09 9.42 8.99 8.93 11.25
TIER II C 10.88 10.04 10.06 9.88 9.45 11.13 9.96
G 10.33 9.90 12.82 8.84 8.98 9.21 11.83
NPS Swavalamban 11.10 10.93 10.91 11.17
Source: NPST. Website: www.npst.org.in

20
Central Government: 1-Apr-08
State Government: 25-Jun-09
Swavalamban: (SBI, LIC, UTI,): 4-Oct-10, (Kotak PF): 31-Jan-12
Corporate (Central Govt. Pattern): 5-Nov-12
Scheme – [E, C, G] (Tier-I) - (SBI, UTI, ICICI, RELIANCE, KOTAK): 1-May-09, (LIC): 23-Jul-13, (HDFC PF): 1-Aug-13
Scheme – [E, C, G] (Tier-II) - (SBI, UTI, ICICI, RELIANCE, KOTAK): 14-Dec-09, (LIC): 12-Aug-13, (HDFC PF): 1-Aug-13

x. Performance of NPS Schemes of Central Government & State Government

Employees

Table No: 12. Performance: Scheme CG (As on February 28th, 2017)

SCHEME CG
PFM Financial Year Return (%) Return (%)
FY FY FY FY FY FY FY
2009- 2010- 2011- 2012- 2013- 2014- 2015- 1-Yr 2-Yr 3-Yr 5-Yr
10 11 12 13 14 15 16
LIC 12.27 8.3 5.8 12.06 5.93 18.96 5.99 15.57 8.63 12.86 10.6
SBI 8.88 8.05 5.81 12.75 3.92 19.38 6.47 15.44 8.81 13.05 10.51
UTI 9.27 8.45 5.52 12.26 5.04 18.58 6.24 15.76 8.86 12.85 10.52
Source: NPST. Website: www.npst.org.in

Table No: 13. Performance: Scheme SG (As on February 28th, 2017)

Scheme SG
Financial Year return (%) Return (%)
PFM FY FY FY FY FY FY
2010- 2011- 2012- 2013- 2014- 2015- 1-Yr 2-Yr 3-Yr 5-Yr
11 12 13 14 15 16
LIC 10.77 6.68 12.8 5.87 19.4 5.97 15.58 8.64 13 10.83
SBI 9.88 6.8 13 3.83 19.8 6.62 15.62 8.92 13.28 10.75
UTI 11.34 6.04 13.2 4.7 18.8 6.3 15.7 8.87 12.91 10.67
Source: NPST. Website: www.npst.org.in

21
xi. Performance of NPS schemes for Unorganized/Private Sector
Table No: 14. Performance: Scheme E- Tier I (As on February 28th, 2017)

Scheme E- Tier I
Financial Year Return % Return (%)
PFM FY FY FY FY FY FY
2010- 2011- 2012- 2013- 2014- 2015- 1-Yr 2-Yr 3-Yr 5-Yr
11 12 13 14 15 16
LIC 27.51 -7.91 31.18 2.39 13.63 -
SBI 8.05 -7.18 8.24 20.68 28.37 -7.16 31.54 2.45 14.4 12.64
UTI 8.35 -10.6 7.42 21.29 29.74 -6.72 32.19 3.53 15 13
ICICI 11.8 -7.75 9.05 21.18 28.65 -7.37 31.7 2.68 14.59 12.88
KOTAK 11.9 -10.2 11.52 19.48 28.41 -6.88 30.65 2.99 14.66 12.69
RELIANCE 10.8 -10.5 7.75 20.2 28.3 -7.26 28.66 1.99 14 12.04
HDFC - - - - 28.63 -7.47 32.53 2.85 14.69 -
IDFC 8.89 -9.32 - - - - - - - -
Source: NPST. Website: www.npst.org.in

Table No: 15. Performance: Scheme E- Tier-II (As on February 28th, 2017)

Scheme E- Tier II
Financial Year Return % Return (%)
PFM FY FY FY FY FY FY
2010- 2011- 2012- 2013- 2014- 2015- 1-Yr 2-Yr 3-Yr 5-Yr
11 12 13 14 15 16
LIC 21.46 -7.29 31.03 3.14 10.37 -
SBI 7.86 -7.51 8.26 20.37 28.64 -7.13 31.3 2.38 14.45 12.59
UTI 10.16 -10.74 7.63 20.51 31.04 -6.54 30.6 3.08 15.27 12.92
ICICI 10.12 -10.41 9.79 21.14 28.66 -7.39 31.65 2.65 14.57 12.49
KOTAK 11.66 -9.8 11.33 19.5 28.12 -6.67 30.27 3 14.57 12.6
RELIANCE 5.37 -10.37 7.79 20.67 28.25 -7.22 28.71 1.96 14.12 12.11
HDFC - - - - 22.77 -7.17 32.82 3.29 11.59 -
IDFC 7.05 -9.46 - - - - - - - -
Source: NPST. Website: www.npst.org.in

22
Table No: 16. Performance: Scheme C- Tier I (As on February 28th 2017)

Scheme C- Tier I
Financial Year Return % Return (%)
PFM FY FY FY FY FY FY
2010- 2011- 2012- 2013- 2014- 2015- 1-Yr 2-Yr 3-Yr 5-Yr
11 12 13 14 15 16
LIC 15.43 15.43 12.76 10.12 12.22 -
SBI 12.66 11.07 14.27 5.24 15.7 8.72 13.32 9.93 12.24 11.05
UTI 9.2 10.19 13.41 6.14 15.09 8.83 13.08 9.99 12.05 10.7
ICICI 9.41 11.43 14.22 6.22 15.72 9.77 13.76 10.89 12.76 11.4
KOTAK 10.86 10.19 15.01 5.77 15.22 9.46 13.94 10.59 12.55 11.34
RELIANCE 8.12 8.13 13.89 6.89 15.04 9.12 13.39 10.21 12.26 11.1
HDFC - - - - 15.2 15.2 13.33 10.29 12.25 -
IDFC 6.26 9.15 - - - - - - - -
Source: NPST. Website: www.npst.org.in

Table No: 17.Performance: Scheme C- Tier II (As on February 28th 2017)

Scheme C- Tier II
Financial Year Return % Return (%)
PFM FY FY FY FY FY
FY 2010-11 2011- 2012- 2013- 2014- 2015- 1-Yr 2-Yr 3-Yr 5-Yr
12 13 14 15 16
LIC 12.37 8.26 13.08 11.18 10.79 -
SBI 14.46 10.7 12.69 4.15 15.62 8.6 13.05 9.91 12.08 10.38
UTI 7.62 11.4 12.95 5.75 15.3 8.57 12.89 9.77 11.98 10.48
ICICI 10.74 12.3 13.6 6.1 15.91 9.46 13.58 10.74 12.69 11.23
KOTAK 7.2 9.7 13.15 5.76 15.19 8.61 13.84 10.19 12.17 10.7
RELIANCE 7.28 7.86 12 6.04 14.97 8.8 12.75 9.92 11.98 10.48
HDFC - - - - 9.51 8.94 13.62 10.62 10.06 -
IDFC 6.02 10 - - - - - - -
Source: NPST. Website: www.npst.org.in

23
Table No: 18. Performance Scheme G- Tier I (As on February 28th 2017)

Scheme G- Tier I
Financial Year Return % Return (%)
PFM FY FY FY FY FY FY
2010- 2011- 2012- 2013- 2014- 2015- 1-Yr 2-Yr 3-Yr 5-Yr
11 12 13 14 15 16
LIC 20.93 6.5 15.96 9.42 13.87 -
SBI 12.25 5.46 13.48 0.23 20.73 7.16 14.56 8.87 13.43 10.07
UTI 12.52 3.75 13.57 0.93 20.18 7.16 13.32 8.59 12.99 9.92
ICICI 7.71 6.07 13.84 1.51 20.75 6.97 14.3 8.72 13.28 10.31
KOTAK 9.14 6.14 13.61 0.84 19.63 7.54 15.05 9.42 13.41 10
RELIANCE 7.65 5.63 13.74 0.89 20.24 7.22 14.86 9.01 13.31 10.15
HDFC - - - - 19.88 6.77 14.14 8.67 12.89 -
IDFC 6.97 5.9 - - - - - - - -
Source: NPST. Website: www.npst.org.in

Table No: 19. Performance Scheme G- Tier II (As on February 28th 2017)
Scheme G- Tier II
Financial Year Return % Return (%)
PFM FY FY FY FY FY
FY 2010-11 2011- 2012- 2013- 2014- 2015- 1-Yr 2-Yr 3-Yr 5-Yr
12 13 14 15 16
LIC 19.94 6.75 15.27 9.21 13.38 -
SBI 11.82 5.31 13.47 0.39 20.57 7.28 14.57 8.97 13.47 10.08
UTI 16.44 3.81 13.52 0.51 20.27 7.28 13.68 8.72 13.16 9.88
ICICI 6.43 6.36 14.36 1.12 20.7 7.05 14.24 8.7 13.25 10.36
KOTAK 6.4 5.37 12.86 1.18 19.9 7.66 14.32 9.3 13.28 10.09
RELIANCE 4.68 5.76 13.68 0.87 20.44 7.37 14.59 9 13.34 10.15
HDFC - - - 19.45 6.83 13.96 8.62 12.73 -
IDFC 6 7.22 - - - -
Source: NPST. Website: www.npst.org.in

Table No: 20. Performance: Scheme NPS -Lite (As on February 28th 2017)
Scheme NPS-Lite
FY Return % Return (%)
PFM FY 2011- FY 2012- FY 2013- FY 2014- FY 2015-
1-Yr 2-Yr 3-Yr 5-Yr
12 13 14 15 16
LIC 10.1 13.02 5.91 19.52 5.72 15.9 8.59 13.08 10.9
SBI 8.7 13.83 4.11 19.52 6.3 15.92 8.75 13.12 10.8
UTI 8.55 13.18 4.9 19.2 5.83 15.94 8.53 12.9 10.71
KOTAK 14.58 5.18 19.23 6.37 15.36 8.83 13.16 10.92
Source: NPST. Website: www.npst.org.in

24
Table No: 21. Performance: Scheme Corporate- CG (As on February 28th 2017)

Scheme Corporate CG
FY Return % Return (%)
PFM
FY 2013-14 FY 2014-15 FY 2015-16 1-Yr 2-Yr 3-Yr 5-Yr

LIC 5.63 19.53 5.72 16.25 8.57 13.15 -

SBI 3.31 19.99 6.54 15.86 8.91 13.37 -
*Source: NPST. Website: www.npst.org.in

25
Section 3: Circulars/Notices/Guidelines Issued/Advisory

CIRCULARS

i) Proper checks and controls in collection of NPS contributions (PFRDA/2017/2/PoP/1).

Dated 03rd Jan, 2017

Point of presence (PoP) is an important intermediary under the NPS architecture, which is entrusted
with the most important assignment of on boarding of subscribers under NPS and providing them
various services under it. In order to provide maximum convenience and to ensure ease of transaction
to the subscribers, the Point of presence (PoPs) are also providing new options to the subscribers for
remittance of NPS contributions to the collection account maintained at their end. The PoPs are now-a
-days collecting NPS contributions through various channels including online payment gateways,
keeping in view the thrust on digital modes of payment.
In this direction, it is also important that all the NPS contributions collected by a PoP through various
modes are accounted for and essential details of the NPS subscribers are captured properly. All the
PoPs must ensure that proper checks controls and mechanisms are in place so that no unaccounted
funds are collected without details of the corresponding PRANs. In case, details of the PRANs are not
captured at the time of collecting NPS contributions the same may result in building of a pool of
unreconciled amount, which is highly unwarranted and detrimental to the interest of the subscribers,
leading to high number of grievances. Besides, reconciliation of such amounts without details of
corresponding PRANs will be an uphill task in the future.
The PoPs also need to ensure that in case, they provide the facility to their NPS subscribers for
remittance of NPS contributions directly to the collection accounts of the PoPs, the NPS contributions
are not collected without capturing details of the PRAN in which the same have to be credited.
All the Point of Presence (PoPs) are advised to disseminate information regarding this to all the PoP-
SPs for ensuring compliance at their level.

ii) Circular on Reactivation of frozen PRANs where 20% of the accumulated pension
corpus has been withdrawn as lump sum but subscriber subsequently reemployed in
establishments covered under NPS (PFRDA/2017/3/CSG/1) Dated 01st Feb,2017.
1. The Pension Fund Regulatory and Development Authority has been receiving requests from
government employees subscribing to NPS who had on premature leaving/change of employment
discontinued their NPS account, and in some case, had also withdrawn the lump sum amount as
applicable under the Exit under NPS Regulations, to reactivate the PRAN account/open a new PRAN
on reemployment/ reinstalment in establishment which are covered under the NPS. In some cases
subscribers had withdrawn 20%lump sum amount in their PRANs which were later deactivated. Later

26
they got new PRANs generated due to fresh employment, which also got deactivated as these being
duplicate PRANs. Thus, in such a scenario the subscriber could not use either the previous PRAN or
the new PRAN.
2. In this context, it may be clarified that PRAN is unique and portable across locations and
employment. The same PRAN should continue throughout the working tenure of the
employee/subscriber. As currently applicable, the subscriber is required to intimate his previous PRAN
to the employer on joining new service. The basic purpose of NPS is to provide social security to the
subscribers during their old age. If subscribers withdraw, inspite of the fact that they can continue in
the system up to their superannuation from service or 60years of age. The very purpose of NPS is
defeated.
3. With a view to preserve the accumulation for pension and alleviate the hardship during old age, all
NPS subscribers are advised to continue in the system with the same/first PRAN till the subscriber
attains the age of superannuation or 60 years even if the subscriber has become jobless temporarily
and withdrawn 20% from his/her PRAN. The 20% withdrawn amount will be considered as a special
withdrawal and same PRAN would be activated on the employees joining a new employer and making
contribution to the NPS.

iii) Circular on Operationalization of M/s Karvy Computershare Private Limited as second

CRA under NPS (PFRDA/2017/5/CRA/2) Dated 09th Feb, 2017

Reference is drawn to our circular no. PFRDA/2017/1/CRA/1, dated January 03rd, 2017 on
operationalization of Karvy Computershare Private Limited as second Central Record Keeping Agency
(CRA) for NPS.
The Authority has decided to allow M/s Karvy Computershare Private Limited to start its operations for
servicing of accounts sourced through e-NPS module of NPS Trust wherein the subscriber would be
provided an option to choose between NSDL e-governance Ltd (1st CRA) and M/s Karvy
Computerized Pvt. Ltd (2nd CRA) with effect from February 15, 2017 and other distribution channels
thereafter. It has been decided that M/s Karvy Computershare would be allowed to service the new
accounts till March 31st 2017 and thereafter it would be allowed to function as a full-fledged CRA with
interoperability functionality providing for option to shift for existing subscribers of NPS from April 01 st
2017 onwards.
Under sub regulation 4 of regulation 3 the CRA Regulations, the allocation of the subscribers between
the existing Central Record Keeping Agency and the other Central Record Keeping Agency or
agencies, if appointed shall be based on a transparent criteria and process as may be notified by the
Authority from time to time having regard to the subscribers’ interest. Accordingly, the criteria of
allocation of subscribers are mentioned as under:

27
In case where there are employee-employer relationship, including corporate, if the CRA charges are
being borne by the employer, the decision to select the CRA shall rest with the employer, unless they
specifically delegates the option to individual employees and in all other cases, the choice of selection
of CRA will rest with the employee/ subscriber under NPS. In case of voluntary subscribers (without
existence of any employer-employee relationship) the option to choose a CRA rests with the
subscriber in general. In case of subscribers registered under Atal Pension Yojana, the respective
Government will choose the CRA rendering the services. In case of NPS-Lite subscribers the
aggregators will have the option to choose the CRA.
The charge structure for NPS regular and NPS Lite subscribers is provided hereunder the information
of all concerned:

S.N Service charge M/s NSDL e-governance M/s Karvy Computerised Pvt. Ltd
head Infrastructure Ltd (1st CRA) (2nd CRA)
NPS Regular NPS-Lite/APY NPS Regular NPS-Lite/APY (Rs.)
(Rs.) (Rs.) (Rs.)

1 PRA opening 50 15 39.36 15

charges
2 PRA Annual 190 40 57.63 14.4
maintenance
charges
3 Transaction 4 NIL 3.36 NIL
charges

Further the charge structure with effect from 01st April, 2017 would be as under:

S.N Service charge M/s NSDL e-governance M/s Karvy Computerised Pvt. Ltd
head Infrastructure Ltd (1st CRA) (2nd CRA)
NPS Regular NPS-Lite/APY NPS Regular NPS-Lite/APY (Rs.)
(Rs.) (Rs.) (Rs.)
1 PRA opening 40 15 39.36 15
charges
2 PRA Annual 95 25 57.63 14.4
maintenance
charges
3 Transaction 3.75 NIL 3.36 NIL
charges

This is issued for the information of all concerned.

28
iv) Circular on Charges and incentive structure under NPS w.e.f. 01/04/2017
(PFRDA/2017/5/SWM/1) Dated 20th Feb, 2017

1. As per the existing revenue structure for Aggregators under NPS-Lite/Swavlamban, till 2016-17 the
Aggregators are paid Rs. 100/- for opening/servicing every persistence NPS-Lite/Swavlamban
account, provided the contribution deposited by the subscriber is between Rs. 1000/- to Rs. 12000/- in
a financial year. However the incentive is applicable till 31.03.2017 only.
2. In order to continue the incentives for the Aggregators even after 31.03.2017 so that they continue
to service the subscriber base of NPS-Lite attached to them, the following charge and incentive
structure has been approved by PFRDA and will be applicable w.e.f. 01.04.2017:

Charges under NPS-Lite/Swavlamban w.e.f 01.04.2017* Method of leaving charges

The charges for any subsequent transaction under NPS- Through unit deduction by NSDL/CRA at the
Lite/Swavlamban @0.25% of the total contribution end of the financial year.
deposited by the subscriber in NPS-Lite/Swavlamban in
a financial year subject to a minimum of Rs. 20/-.

Any other transaction not involving a contribution from

subscriber @ Rs. 10/- per transaction.

3. All the Aggregators are hereby advised to take note of the same and also disseminate information
regarding the same to the associated nodal offices including facilitators.
4. It is further advised that an Aggregator is not permitted to collect any charge or fee upfront from
subscriber. In case of any violation of these instructions suitable action will be initiated as envisaged in
the PFRDA (Aggregator) Regulations, 2015.

v) Constitution of Subscriber Education and Protection Fund (SEPF) Committee

(PFRDA/2016/27/HR/3) Dated 21st Feb, 2017

In partial modification of Circular No. PFRDAl2016/24/HR/2 dated 7th December, 2016, Sh. Rajesh
Kumar, Chief Controller of Accounts (Home), Ministry of Home Affairs has been nominated to the
Subscriber's Education and Protection Fund Committee in place of Sh. Bhupal Nanda.
The rest of the aforementioned circular dated 7th December, 2016 remains unchanged

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vi) Notice- Appointment Of Training Institute For Imparting Training On Pension Schemes
Regulated/Administered By Pension Fund Regulatory And Development Authority
(PFRDA) For North West Zone (21-02-2017)
PFRDA has appointed IL & FS Skill Development Corporation Ltd, 2 nd Floor, DND Flyway, Near Toll
Plaza,Noida-201301 as the training institute to create mass awareness and impart training on pension
schemes under National Pension System and Atal Pension Yojana to the employees of Points of
Presence (POPs) /POPService Providers /APY-Service Providers/Corporates/ Nodal officers of
Central & State Governments/ Nodal officers of Central and State Autonomous Bodies/ Retirement
advisors and other stakeholder registered with PFRDA, in the North West Zone of the country. The
zone comprises of the following States and UTs: Jammu and Kashmir, Himachal Pradesh, Uttar
Pradesh, Uttaranchal, Punjab, Haryana, Bihar, Jharkhand, Chandigarh, Delhi, Goa, Gujarat,
Maharashtra, Madhya Pradesh, Rajasthan, Chhattisgarh, Daman and Diu, Dadra and Nagar Haveli.
With a view to draw a detailed training schedule, all the intermediary offices have been requested to
furnish the list of nominees/persons to be trained to the appointed training agency to Ms Alfa Mary
+91-98336-83265 and Mr Avinash Goregaonkar +91-9022992993 at the following email id :
pfrda.isdc@ilfsindia.com under advice to PFRDA. It is intended to have at least 50-60 participants in
each session of 3-4 hours duration and conduct approximately 1610 training sessions and train 64500
participants in the NW zone over the next 12 months. On receipt of the nominations, the agency would
be establishing contact with the nominated nodal officials for further co-ordination and logistics.

vii) Advisory for all the Pension Fund and Custodian regarding investments in Mutual
Fund schemes (14-02-2017)
1. PFRDA has appointed SHCIL as custodian of Securities for custody of the securities pertaining to
the funds under management under all schemes of NPS/APY.
2. It is observed that some Pension Funds are not keeping some of the securities particularly mutual
fund units with the appointed custodian.
3. It is advised that all Pension Funds shall maintain the holding in mutual funds with the appointed
custodian.
4. Pension funds are further advised to convert the existing holdings of mutual funds units in de-mat
form in coordination with SHCIL under confirmation to the NPS Trust and the Authority.

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Section 4: Workshops /Press Release/Conference conducted /Awards
i) PFRDA conducts Strategy Meeting with Service Providers under APY / NPS at Bangalore
(22-Feb-2107)

The APY was launched by Honourable Prime Minister of India on 09th May, 2015 and became
operational from 1st June, 2015. APY is available for all citizens of India in the age group of 18-40
years. Under the APY, the subscribers would receive a minimum guaranteed pension of Rs. 1000 per
month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age
of 60 years, depending on their contributions, which itself would vary on the age of joining the APY.
There are more than 43 lacs subscribers registered in the scheme till date.
2. PFRDA had conducted review cum strategy meeting on 10.02.2017 at Bangalore & on 13.02.2017
at Chennai for Public Sector Banks, Private Sector Banks and Regional Rural Banks and POPs having
their head office in southern part of India.
3. Shri A G Das, Chief General Manager, PFRDA had addressed the meeting where Chairmen/Senior
officials of the Banks/RRBs were present. A review on the past and current performance of the banks
vis-a-vis their target for last and current financial year was conducted. The APY service providers-
Banks had shared their action cum strategy plan to meet stipulated target in last quarter of the FY
2016-17, this activity was performed to highlight the importance of Atal Pension Yojana (an old age
income security scheme of Govt. of India) and to address the issues in promoting the scheme to grass

root level.

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4. PFRDA had awarded best performing branches/banks in the meeting for their outstanding
performance in various campaigns organised by DFS/PFRDA :

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5. PFRDA had offered capacity building assistance for Staffs/BCs of the banks and other promotional
material assistance as well. PFRDA expects good number of enrolments in last quarter of FY 2016-17.

ii) Budget 2017- New Benefits announced for NPS Subscribers

In a bid to provide further impetus to the National Pension System (NPS), the following provisions
have been introduced in the Finance Bill 2017 laid down in the Parliament today.
(i) Tax-exemption to partial withdrawal from National Pension System (NPS)
The existing provision of section 10(12A)of the Income Tax Act, 1961 provides that payment from
National Pension System (NPS) to a subscriber on closure of his account or opting out shall be
exempt up to 40% of total corpus at the time of withdrawal . The amount utilized for purchase of
annuity is also tax exempt. At the time of normal exit, 40% of the total corpus is mandatorily required
to be purchased for annuity. The subscriber has the option to use higher amount for purchase of
annuity.
In order to provide further relief to the subscriber of NPS, it has been proposed to insert a new
clause (12B) in the section 10 of Income Tax Act, 1961 to provide exemption on partial
withdrawal not exceeding 25% of the contribution made by an employee in accordance with the
terms and conditions specified under Pension Fund Regulatory and Development Authority
Act, 2013 and regulations made there under.
This benefit will be effective on partial withdrawal made by the subscriber after 1st April 2017.
(ii) Further, Contribution up to 20% of the Gross Income of the Self-employed individual
(Individual other than salaried class) will be deductible from the taxable income under Section
80CCD (1) of the Income Tax Act, 1961, as against 10% earlier.
This is with a view to provide parity between a salaried employee and a self-employed,
This benefit will be available on contribution made by the self-employed persons on or after 1st April
2017.

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This increased limit for tax benefit will help the self-employed individuals, to save taxes on higher
contribution in NPS and thereby properly plan for their old age income security.
Additional tax deduction on investment upto Rs. 50000/- under Section 80CCD (1B) will continue to
remain the same for all NPS subscribers whether salaried or self-employed.

iii) NPS Awards to POPs for FY 2016-17 (22-Feb-2017)

Based on the performance of POPs in terms of subscribers registered and activated by POPs during
the FY 2016-17, PFRDA has decided to award the POPs. Following are the proposed awards and the
parameters based on which the awards would be given:

1 Best POP- All Citizen subscriber Maximum subscriber registration. Eligibility: Public
registration (Open to all POPs) Sector Banks: Minimum 5,000 NPS accounts Private
1.(during the period 01-04-2016 to Sector Banks: Minimum 4,000 NPS accounts Non-
31-03- 2017) Banks: Minimum 3,000 NPS accounts

2 Best POP- NPS Corporate- Max. Number of corporate subscribers registered

Corporate Subscriber Registration
1.(during the period 01-04-2016 to
31-03- 2017)
(POPs own employees as subscribers will not be
taken into consideration for the count. Also,
Corporates under Direct Upload model will be
excluded in this) Eligibility: Public Sector Banks:
Minimum 5,000 NPS accounts Private Sector Banks:
Minimum 4,000 NPS accounts Non-Banks: Minimum
3,000 NPS accounts

3 Best POP- POP-SP Activation Max. number of POP-SPs activated (Absolute

1.(during the period 01-04-2016 to number and not percentage activated. POPs under
31-03- 2017) the Centralized model would also be excluded from
this). (Definition of POP-SP Activation: Acquisition of
min. 1 or more PRAN during the period) Eligibility:
Public Sector Banks: Activation of minimum 20 POP-
SPs Private Sector Banks: Activation of minimum 15
POP-SPs Non-Banks: Activation of minimum 10
POP-SPs

4 Best POP – NPS Private Sector Maximum score obtained by POP based on the
(Open to all POPs) 1.(during the figures of All Citizen Subscriber, Corporates sourced,
period 01-04-2016 to 31-03- 2017) Corporate subscribers registered and Number of
Corporates activated. The formula for deciding the
said award is at Table below.

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Table - Best POP Private Sector NPS

Parameter Weightage Acquisition Numbers Formula

All Citizen subscriber 0XA+ 30XB+ 30XC+ 10XE

registration during 30 A 100 Where, A = All Citizen
period subscriber registration
during period
Corporate Subscriber
registration during 30 B
period#

Corporate B= Corporate Subscriber

Registration during 30 C registration during period C
period = Corporate Registration
during period D = Corporate
Activation, and E* = _____
Corporate Activation
D______________ Total
Definition of
Corporates Regd. till date)
Corporate Activation: 10 D*
Registration of min. 1
or more subscriber till
date

*- Parameter D and E have been introduced to incentivize the POPs to not only source new corporates
but also to activate the already registered ones. Parameter takes into account the performance on
activation till date (data of previous years) and not confined to the present FY.
#- POPs own employees as subscribers will not be taken into consideration for the count. Also,
Corporates under Direct Upload model will be excluded in this.

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Section 5: Macro-Economic Statistics

As on 31st As on 28th Absolute Percentage

Indicators Units
Jan,2017 Feb,2017 Change Change
5= Col 4- 6= {Col 5/Col
1 2 3 4
Col 3 3} *100
S&P BSE Sensex - 27,655.96 28,743.32 1,087.36 3.93
CNX Nifty - 8561.3 8879.6 318.3 3.72
Rs/$ - 67.81 66.74 -1.07 (-)1.58
Rs/ 10
Gold 28,825 29,595 770 2.67
gm
Brent Crude $/barrel 55.7 55.59 -0.11 (-)0.20

Whole Price Index ON BASE 2004-

- 184.6 185.5 0.9 6.55 (Y-o-Y)
05=100

Consumer Price Index ON BASE

- 130.3 130.6 0.3 3.65 (Y-o-Y)
2012=100

Index of Industrial Production ON BASE

- 183.5 191.3 7.8 2.7 (Y-o-Y)
2004-05=100

10 year G-Sec Yield % p.a 6.41 6.87 0.46 7.18

USD in
Foreign Exchange Reserve 361.56 362.8 1.24 0.34
bn
Rs.
Net FPI/FII(Equity) (Rs. crores) (-)1176.6 9902.18 8725.58 741.59
Crores
Rs.
Net FPI/FII (Debt) (-)2319.19 5960.25 3641.06 157.00
Crores
Rs.
Net FII (Total) (-)3495.79 15862.43 12366.64 353.76
Crores
* Figures of January & February, 2017

Source: BSE, NSE, RBI, CSO, SEBI

 India SENSEX increased 1087.36 points or 3.93% to 28,743.32 on 28th February 2017 from
27,655.96 as end of January 2017.
 Nifty 50 closed at 8879.6 as on 28th February, 2017. Nifty increased 3.72% during the month of
February, 2017.
 Gold Price increased from Rs 28,825 as end of January, 2017 to Rs. 29,595 as end of February,
2017.
 Brent crude oil decreased -0.20 USD/BBL or -0.00 % to 55.59 on 28th February, 2017 from 55.7
in the previous month (January, 2017).

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 India's consumer price index was 3.65 percent higher in February, 2017 compared with February
2016.

 The annual rate of inflation, based on monthly WPI, stood at 6.55% (provisional) for the month of
February, 2017 (over February, 2016) as compared to 5.25% (provisional) for the previous month
and -0.85% during the corresponding month of the previous year.

 The General Index for the month of January 2017 stands at 191.3, which is 2.7 percent higher as
compared to the level in the month of January 2016. The cumulative growth for the period April-
January 2016-17 over the corresponding period of the previous year stands at 0.6 percent.

 The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the
month of January 2017 stand at 146.1, 199.2 and 195.6 respectively, with the corresponding
growth rates of 5.3 percent, 2.3 percent and 3.9 percent as compared to January 2016. The
cumulative growth in these three sectors during April-January 2016-17 over the corresponding
period of 2015-16 has been 1.4 percent, (-) 0.2 percent and 5.0 percent respectively.
 India Government Bond 10Y increased to 6.87 on 28th February, 2017 from 6.41 in the previous
month.
 There was net inflow of Rs. 15862.43 crores foreign portfolio investments in India in the month of
February, 2017, against the outflow of Rs (–) 3495.79crores in the month of January, 2017.
 Foreign Exchange Reserves in India increased 1.24 USD Billion or 0.34 % to 362.80 USD Billion
on 28th February, 2017 from 361.56 USD Billion in January 2017.
 US Dollar to Indian Rupee Exchange Rate is at a current level of 66.74, low from 67.81, the
previous month.
**********

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