The Master Circular issued by the Pension Fund Regulatory and Development Authority (PFRDA) on 25th April, 2024, addressed to all Point of Presence (PoPs) and stakeholders in the National Pension System (NPS) and NPS-Lite.
The circular aims to consolidate and provide guidelines for service charges for PoPs under NPS for both All Citizen and Corporate models, as well as NPS-Lite. The circular covers various aspects such as introduction, general guidelines, specific guidelines, and lists of circulars consolidated and rescinded in the Master Circular.
The circular outlines the service charges applicable to PoPs for services related to NPS, including initial subscriber registration, contribution, non-financial transactions, persistency charges, e-NPS, trail commission for D-Remit contributions, and processing of exit/withdrawal.
It emphasizes the importance of compliance with the circular, applicable laws, and regulations. Furthermore, it specifies the effective dates of the revised charges and the method of levying charges. The circular also highlights the requirements for proper disclosure of charges to subscribers and the non-permitted upfront collection of charges by aggregators under NPS-Lite/Swavalamban.
In addition, the circular includes a list of circulars consolidated in the Master Circular, detailing the issuance dates and subjects of each circular, along with a separate list of circulars rescinded and archived. The circular provides a comprehensive overview of the guidelines and regulations governing service charges for PoPs under the NPS and NPS-Lite, aiming to ensure transparency and compliance within the pension fund system.
