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Tuesday 3 January 2012

NATIONAL ANOMALY COMMITTEE MEETING ON 05.01.2012

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MEETING ON 05.01.2012

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DEAR NPS FRIENDS,

NEW INVESTMENTS FOR NPS

The investment of pension funds of Government employees, who are covered as subscribers to the New Pension System (NPS), was hitherto being made through a pooling arrangement whereby the funds of such employees were credited to a pool account (pending reconciliation of subscribers’ contribution details) from which such funds were allocated to pension fund managers for immediate investment in the best interest of the subscribers. These funds of the Government employees are being managed based on the investment Pattern prescribed by the Government.

The pension funds of the Government employees, who are covered by NPS, are managed by three pension fund managers, namely, SBI Pension Funds (Pvt.) Limited, UTI Retirement Solutions Limited and LIC Pension Fund Limited.

The Pool account is proposed to be discontinued from 1st May, 2012. Thereafter, it would be possible for the individual subscribers to exercise their individual choices regarding investment pattern and the pension fund manager.

NPS is a defined contribution based pension system where the actual returns would be determined by the market based returns.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Rajya Sabha today.

DEFEAT THE NEW PENSION BILL

The UPA-II Government has presented the New Pension Bill in the Parliament. CPI (M) Lok Sabha Leader, Com. Basudev Acharya, MP demanded voting. Both UPA and NDA MPs Voted in favour of introduction of the bill in Parliament. Only left party MPs opposed. Thus it is once again made clear that when it comes to economic policies there is no difference between NDA and UPA.

Even before passing the bill in Parliament the New Pension Scheme called "Contributory Pension Scheme" has already been made applicable to those employees who joined Central Govt. Services on or after 01.01.2004, through an executive order by the NDA Government. 10% of the pay and DA is being recovered from every employee who joined service on or after 01.01.2004, in each month towards Contributory Pension Scheme. On passing the bill by Parliament Pension Fund Managers will be appointed. Multi –national Corporate houses are waiting for their chance to become Fund Managers so that the accumulated huge amount in the Pension Scheme is share market oriented the Pension Fund will flow to the share market. If share market booms, the Pension Fund Managers can accumulate huge profit. If share market crashes, the Pension Fund will collapsed and the entire savings of the employees will be lost. The recent world economic crises has witnessed many such Pension Fund collapses and lacs and lacs of workers are deprived of their Social Security at old age.

The New Pension Scheme is a product of the globalization policy pursued by both NDA and UPA Government. UPA-I Government could not pass the bill as the Supporting left parties had made it clear that they will withdraw support to the Government and vote against the bill. Government tried to make consensus by convening a meeting of all Chief Ministers. Out of 22 Chief Ministers only three Left Front Chief Ministers viz. West Bengal, Kerala and Tripura, opposed the New Pension Scheme. Now as UPA and NDA have joined together, the bill is likely to be passed in this Session of the Parliament. The New Pension Scheme can be made applicable to all including public and private sector employees.

There is a perception that the New Pension Scheme can be made applicable to the new entrants only. This is not correct. The Work Study Group appointed by Sixth Central Pay Commission has been asked to examine and submit report on the following terms of reference:

(i) to workout the existing and future pension liability of the Central Govt. Employees who are in service prior to 1.1.2004. (ii) to work out the pension liability of those Central Government Employees appointed prior 1.1.2004 and whose age profile is between 30 years and 40 years.

(iii) to examine the feasibility of establishing a self –reliant Pension Fund with initial corpus fund provided by Government for the employees who are in service prior to 1.1.2004 and thus reduce the expenditure on pension.

The Sixth CPC has already made some observations regarding introduction of Contributory Pension Scheme to the employees who are in service prior to 1.1.2004.

Thus a serious threat looms large over the head of the entire Central and State Government Employees and section of the workers. Nationwide sustained campaign and united action by the entire working class is the need of the hour. The Confederation of Central Government Employees & Workers and the All India State Government Employees Federations has already given a call for nationwide campaign and protest demonstration. The question of organizing higher forum of trade union action including strike in under serious considerations.

16TH January’ 2012

PRESS RELEASE

Initiating the implementation of the recommendations of the Bajpai Committee to Review

Implementation of National Pension System (NPS) in the Private (Non-Government) Sector, Pension Fund Regulatory and Development Authority (PFRDA) has announced changes in the charge structure for the Points of Presence (POP) for Private Sector subscribers under National Pension System (NPS).

At present, the Points of Presence charge a flat rate of Rs. 20 for the initial subscriber registration and Rs. 20 per transaction for any contribution upload. The Bajpai Committee had observed that a flat rate structure amounts to the poor subsidizing the rich, and a more equitable structure would be charging of fees as an ad-valorem basis.

Based on these recommendations and the comments received from various stakeholders, PFRDA has now announced the following charge structure with immediate effect:

1. An Initial subscriber registration charge of Rs.100/- and an ad valorem transaction charge of 0.25% of the initial contribution amount from subscriber subject to a minimum of Rs.20 and a maximum of Rs. 25,000/-.

2. Any subsequent transaction involving contribution upload – 0.25% of the amount subscribed by the NPS subscriber, subject to minimum of Rs.20/- and a maximum of Rs. 25000/-.

3. Any other transaction not involving a contribution from subscriber – Rs 20/-

The above structure is applicable to both individuals and corporates in the Private (Non-Government) Sector, and is expected to sufficiently incentivise the PoPs to actively participate in the opening of NPS accounts and also provide improved services to account holders. The PoPs have the option to negotiate on the above charges with the subscribers, but within the prescribed charge structure.

Non-Investment of NPS Fund

December 17, 2011 By admin Leave a Comment

Ministry of Finance

Non-Investment of NPS Fund

A total amount of Rs. 971.48 crore, collected towards contribution for Government employees, from 2004 to March 2008, under the New Pension System (NPS), was credited to the Public Account of India.

The institutional architecture for NPS could not be operationalised by the Interim Pension Fund Regulatory and Development Authority (PFRDA). Therefore, the contribution for the Government employees under the NPS could not be invested in the market.

The funds were credited to Public Account and interest @ 8% p.a. was paid on the contribution.

The establishment of institutional architecture by the PFRDA, based on objective and financial criteria, took some time, therefore, the question of conducting an enquiry does not arise.

The interest @ 8% p.a. was paid on the contribution by the Government.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to an Unstarred Question in Lok Sabha today. PIB

Cabinet nod for 26% FDI in pension sector

The Cabinet on Wednesday approved changes in the Pension Fund Regulatory and Development Authority (PFRDA) Bill, which will also pave the way for 26% foreign investment in pension fund management companies, officials said.

The PFRDA bill, which has been pending for long, is now expected to be taken up for approval in the Winter Session of Parliament starting on November 22. Officials said the Cabinet decided there would be no guarantee of assured returns on pension fund schemes. Earlier, the government had released contours of the bill but had side-stepped the issue of foreign investment limit in the sector to avoid any controversy. Even now, the FDI limit will not form part of the bill but will be included in the revised regulations.

Several policymakers and experts had backed the idea of allowing 26% FDI in pension fund management companies, similar to the foreign investment norms in the insurance sector. "The government is of the view that FDI cap in the pension (sector) should be at 26%, at par with the insurance sector. However, it would like to retain the flexibility of changing the cap of FDI as and when required and that is why it has not been kept as part of the bill," an official said.

The legislation, which was introduced in the Lok Sabha on March 24, was sent to the Standing Committee. It was examined by a panel headed by former finance minister Yashwant Sinha. The panel had asked the government to set the FDI cap in the legislation and had suggested providing minimum returns to pension fund subscribers.

Officials said the government has also rejected the suggestion for providing greater flexibility to subscribers to withdraw funds from their accounts. "The flexibility of withdrawals from funds under the pension scheme, however, would be tightened. It would be allowed only in case of genuine needs... It would be considered when the need is critical. It will not be allowed for frivolous reasons," the official said.

The government upheld the panel's suggestion for greater participation of employees and stakeholders in the Pension Advisory Committee. The PFRDA Bill, if approved, will also pave the way for conferring statutory backing to the authority for promotional, developmental and regulatory functions in the pension fund sector. The UPA government has lined up several key legislations for the Winter Session and has reached out to the Opposition parties for their support in getting them approved.

The Manmohan Singh-led government has been on the back foot after a string of scandals emerged since last year. The government expects to get the key bills approved, which would help dispel doubts about its ability to move ahead with reforms. The UPA government has also been trying to raise FDI limit in the insurance sector to 49% from the existing 26% but has met with resistance from Opposition parties. The move has been pending in Parliament for several years now. The National Pension Scheme, launched in January 2004, has nearly 24 lakh subscribers, mostly those employed by the federal government. Employees Provident Fund Organisation subscribers get 9.5% return on their savings.

Courtesy :TOI

parliamentary standing committee has favoured offering minimum guaranteed returns to subscribers of the New Pension System (NPS) and recommended a 26% foreign direct investment (FDI) cap in the pension sector through a legislative process.

The parliamentary standing committee on finance which submitted its report on the Pension Fund Regulatory and Development Authority (PFRDA) Bill on Tuesday, said that "as any effective pension scheme needs to be underpinned by stability of returns and reasonable post retirement incomes, it is imperative that the government should provide for minimum guaranteed return and not the mere camouflage of market-based guarantee."

The committee, headed by former finance minister and Bharatiya Janata Party (BJP) leader Yashwant Sinha, recommended that the minimum rate of return on the contributions to the pension fund of the employee should not be less than the rate of interest on the Employees Provident Fund scheme. In the absence of such a guarantee, the NPS cannot justifiably claim to provide old age income security," it said.

The government had introduced the Bill in the Lok Sabha in March.The PFRDA is yet to get statutory powers and the interim PFRDA is functioning since 2003 through an executive order.

The NPS was made mandatory for all new recruits to the government except armed forces with effect from January 1, 2004. It was opened to all citizens of India from May 1, 2009 on a voluntary basis.

As many as 27 states governments have notified and joined the NPS for their employees. As of now, its subscriber base has crossed 1.1 million with a corpus approaching Rs7,000 crore. The government is of the view that FDI in the pension sector should be capped at 26%, but the standing committee said the ceiling should be specified in the legislation itself and not through an executive order

.
- Hindustan Times, New Delhi, August 31, 2011

OME FACTS ON NEW PENSION SCHEMES (NPS)

1) The NPS offers Tier 1 and Tier 2 accounts. Both invest in same funds but Tier 2 accounts are more flexible. Only Tier 1 account holders can open a Tier 2 account.

2) Withdrawals from Tier 1 accounts are restricted. Also, a certain percentage of the Tier 1 corpus must be invested in an annuity on maturity. No restrictions on withdrawals from Tier 2 accounts.

3) Tier 1 accounts should have at least four transactions and a minimum investment of Rs 6,000 in a year. Tier 2 accounts require a minimum balance of Rs 2,000.

4) Annual maintenance is charged only for your Tier 1 account. Per transaction fee applies to the Tier 2 account. The fund management charges are the same for both type of accounts.

5) An investor can transfer funds from a Tier 2 account to a Tier 1 account but not the other way round. Income tax benefits under Sec 80C available only for investments in Tier 1 accounts.

6) Open both type of NPS accounts but put the chunk of your investments in the Tier 2 account. Invest the minimum required amount in the Tier 1 account four times a year.

Some questions and answers about New Pension Scheme (NPS)

1. What is the New Pension System (NPS)?

The NPS is a new contributory pension scheme introduced by the Central Government for its own new employees. Under the new pension system, each new central government employee will open a personal retirement account on joining service. Every month, and till the employee retires or leaves government service, a part of the employee's salary will be transferred into this account. When the person retires, he will be able to use these savings to take care of the needs and expenses of his family during old age.

2. Who is covered by the NPS?

You are covered by the NPS if

a.You joined central government service on or after 01 January 2004, and

b.You are an employee of a Central (Civil) Ministry or Departments, or

c.You are an employee of a non-civil Ministry or Department including Railways, Posts, Telecommunication or Armed Forces (Civil), or

d.You are an employee of an Autonomous Body, Grant-in-Aid Institution, Union Territory or any other undertaking whose employees are eligible to a pension from the Consolidated Fund of India.

3. If I joined Central Government service on or after 01 January 2004 do I have an option of not being covered by the NPS?

No. The NPS is mandatory for you.

4. I am covered by the NPS. Do the old Pension Rules apply to me?

No. The Central Civil Service Pension Rules (1972) do not apply to you. You are covered only by the New Pension System Rules framed for the NPS.

5. I am covered by the NPS. Can I contribute to the GPF?

No. The General Provident Fund (Central Service) Rules, 1960 also do not apply to you. You will not be permitted to contribute towards GPF.

6. Am covered by the NPS. Am I eligible to Gratuity?

No. You will not be eligible to Gratuity.

7. How does the NPS work?

When you join Government service, you will be allotted a unique Personal Pension Account Number (PPAN). This unique account number will remain the same for the rest of your life. You will be able to use this account and this unique PPAN from any location and also if you change your job. The PPAN will provide you with two personal accounts:

1. A mandatory Tier-I pension account, and

2. A voluntary Tier-II savings account.

8. What is the difference between Tier-I and Tier-II accounts?

1. Tier-I account: You will have to contribute 10% of your basic+DA+DP into your Tier-I (pension) account on a mandatory basis every month. You will not be allowed to withdraw your savings from this account till you retire at age 60. Your monthly contributions and your savings in this account, subject to a ceiling to be decided by the government, will be exempt from income tax. These savings will only be taxed when you withdraw them at retirement.

2. Tier-II account: This is simply a voluntary savings facility for you. Your contributions and savings in this account will not enjoy any tax advantages. But you will be free to withdraw your savings from this account whenever you wish.

9. How will I contribute to my Tier-I (pension) account?

Every month, the government will deduct 10% of your salary (basic+DA+DP) and automatically transfer this amount to your Tier-I account in your name.

10. Will the Government contribute anything to my Tier-I (pension) account?

Yes. As your employer, the Government will match your contribution (10% of basic+DA+DP) and transfer this amount also to your Tier-I account in your name.

11. Can I contribute more than 10 into my Tier-I account?

Yes. You will be permitted to contribute more than the mandated 10% of Basic+DA+DP into your Tier-I account – subject to any ceiling that may be decided by the Government.

12. Will the Government also contribute more than 10 into my Tier-I account?

No. The contribution of the Government will be limited to 10% of your basic+DA+DP.

13. What will happen if I am transferred to another city or country?

The PPAN number will stay the same and you will be able to use the same accounts from anywhere in the world.

14. If I leave Government service before I retire will the Government continue to contribute to my Tier-I account?

No. The 10% contribution by the Government will stop when you leave Government service. However, your savings in your Tier-I and Tier-II accounts will stay in your name and you will be able to continue using these accounts to save for your retirement.

15. What if I die or become permanently disabled during my service?

Pl.refer Office Memorandum: Additional Relief on death/disability of Government servants covered by the NPS(New Pension Scheme) recruited on or after 1.1.2004 No.38/41/06/P&PW(A) Dated 5th May, 2009

16. Where will my savings be invested?

Each PFM will offer you a limited number of simple, standard schemes. You will be free to choose any of the following schemes for investing your savings:

Scheme A This scheme will invest mainly in Government bonds

Scheme B This scheme will invest mainly in corporate bonds and partly in equity and government bonds

Scheme C This scheme will invest mainly in equity and partly in government bonds and corporate bonds.

17. I am covered by the NPS. Do the old Pension Rules apply to me?

No. The Central Civil Service Pension Rules (1972) do not apply to you. You are covered only by the New Pension System Rules framed for the NPS.

18. I am covered by the NPS. Can I contribute to the GPF?

No. The General Provident Fund (Central Service) Rules, 1960 also do not apply to you. You will not be permitted to contribute towards GPF.

19. Who will be responsible for the NPS and for protecting my interests?

The Government is setting up a new dedicated regulatory authority. This will be named the Pension Fund Regulatory and Development Authority (PFRDA). The PFRDA will be responsible for the NPS and for protecting your interests in the NPS.

20. When will my contributions start?

Your contributions (and the matching contribution by the Government) towards your Tier-I pension account will begin only from the month following the month in which you join Government service. During the first month of your service, you will be allotted the PPAN.(PRAN)

21. Who in the Government will issue me a PPAN open my accounts and be responsible for the deductions?

When you join service, your Drawing and Disbursement Officer (DDO) will instruct you to fill out a NPS form. You will be required to provide your full professional and personal details including details of your nominee in this form. The DDO will issue you the PPAN number(PRAN) and will also be responsible for all administrative matters related to your NPS accounts including deduction of your contributions, transferring your contributions and the matching contribution of the Government to your Tier-I pension account.

22. What will happen to my contributions to my Tier-I account?

Your monthly contributions, and the matching contributions by the Government into your Tier-I account, will be transferred by the Government in your name to a Pension Fund Manager (PFM). The PFM will invest your contributions on your behalf. In this way, your savings will earn an interest and grow over time.

23. Which agency will serve as a PFM?

The PFRDA will appoint a limited number of leading professional firms to act as PFMs. One of these PFMs will be a public sector agency.

24. Who will decide which PFM manages my contributions and savings?

You will select a PFM to manage your contributions and savings.

25. Will I be permitted to select more than one PFM to manage my savings?

Yes. If you wish, you will be able to spread your savings across multiple PFMs – where a part of your savings are managed by 2 or more PFMs.

26. Will I be permitted to change my PFM preference?

Yes. If you wish, you will be free to change the PFM and move all your savings to another PFM of your choice.

27. Where will my savings be invested?

Each PFM will offer you a limited number of simple, standard schemes. You will be free to choose any of the following schemes for investing your savings:

Scheme A This scheme will invest mainly in Government bonds

Scheme B This scheme will invest mainly in corporate bonds and partly in equity and government bonds

Scheme C This scheme will invest mainly in equity and partly in government bonds and corporate bonds

28. Will I be able to select more than one scheme?

Yes. You will be free to spread your savings across these three schemes. Whenever you decide, you will also be free to switch your savings from one scheme to another.

29. How will my contributions be transferred to the PFM and scheme selected by me?

You will specify the PFM and scheme to your DDO. The DDO will arrange for transfer of your contributions to the PFM(s) and scheme(s) that you have selected.

30. What rate of return will my contributions earn?

Your contributions will not earn any specified rate of return. The PFM will invest your savings in a scheme of your choice.The returns earned by the PFM on the scheme selected by you will be credited to your account.

31. Will I have to pay any fees or charges under NPS?

You will have to pay a fee to the Central Recordkeeping Agency (CRA) which will maintain your accounts and also to the PFM(s) which manage your savings. These charges will be deducted from your savings on a periodic basis. The fees and charges by the CRA and PFMs will be regulated by the PFRDA.

32. Can I contribute more than the 10 of basic+DA+DP into my TierI account at the moment?

No. You will be allowed to do so only when the PFRDA, CRA and PFMs are appointed.

33. What will happen to my contributions and earnings in my Tier-I account when the PFRDA CRA and PFMs etc. are appointed?

Your full contributions, matching contributions by the Government, and the interest earned on the same will be transferred in your name to the PFM and scheme selected by you.

34. Will I have the option of continuing with the current 8 percent rate of return?

No. Once your savings are transferred to the PFM, your savings will enjoy only the rate of return earned by the PFM on scheme you have selected.

35. When will I be permitted to withdraw from my Tier-I account?

You will be able to withdraw your savings in your Tier-I account at age 60.

36. What will happen to my savings in the Tier-I account when I retire?

You will be able to withdraw 60% of your savings as a lumpsum when you retire. You will be required to use the balance 40% of your savings to purchase an annuity scheme from a life insurance company of your choice. The life insurance company will pay you a monthly pension for the rest of your life.

37. Can I use more than 40 of my savings to purchase the annuity?

Yes.

38. What will happen to my savings if I decide to retire before age 60?

You will be required to use 80% of your savings in your Tier-I account to purchase the annuity. You will be able to withdraw the balance 20% of your savings as a lumpsum.

39. Will the annuity also provide a family (survivor) pension?

Yes. You will have an option of selecting an annuity which will pay a survivor pension to your spouse.

40. What will happen to my savings if I decide to retire before age 60?

You will be required to use 80% of your savings in your Tier-I account to purchase the annuity. You will be able to withdraw the balance 20% of your savings as a lumpsum.

41. What will happen to my savings in the Tier-I account when I retire?

You will be able to withdraw 60% of your savings as a lumpsum when you retire. You will be required to use the balance 40% of your savings to purchase an annuity scheme from a life insurance company of your choice. The life insurance company will pay you a monthly pension for the rest of your life.

42. What if I die or become permanently disabled during my service?

The Government is yet to issue any guidelines on this.

43. Will I have to pay any fees or charges under NPS?

You will have to pay a fee to the Central Recordkeeping Agency (CRA) which will maintain your accounts and also to the PFM(s) which manage your savings. These charges will be deducted from your savings on a periodic basis. The fees and charges by the CRA and PFMs will be regulated by the PFRDA.

44. What will happen to my contributions to my Tier-I account?

Your monthly contributions, and the matching contributions by the Government into your Tier-I account, will be transferred by the Government in your name to a Pension Fund Manager (PFM). The PFM will invest your contributions on your behalf. In this way, your savings will earn an interest and grow over time.

DEFEAT THE NEW PENSION BILL

The UPA-II Government has presented the New Pension Bill in the Parliament. CPI (M) Lok Sabha Leader, Com. Basudev Acharya, MP demanded voting. Both UPA and NDA MPs Voted in favour of introduction of the bill in Parliament. Only left party MPs opposed. Thus it is once again made clear that when it comes to economic policies there is no difference between NDA and UPA.

Even before passing the bill in Parliament the New Pension Scheme called “Contributory Pension Scheme” has already been made applicable to those employees who joined Central Govt. Services on or after 01.01.2004, through an executive order by the NDA Government. 10% of the pay and DA is being recovered from every employee who joined service on or after 01.01.2004, in each month towards Contributory Pension Scheme. On passing the bill by Parliament Pension Fund Managers will be appointed. Multi –national Corporate houses are waiting for their chance to become Fund Managers so that the accumulated huge amount in the Pension Scheme is share market oriented the Pension Fund will flow to the share market. If share market booms, the Pension Fund Managers can accumulate huge profit. If share market crashes, the Pension Fund will collapsed and the entire savings of the employees will be lost. The recent world economic crises has witnessed many such Pension Fund collapses and lacs and lacs of workers are deprived of their Social Security at old age.

The New Pension Scheme is a product of the globalization policy pursued by both NDA and UPA Government. UPA-I Government could not pass the bill as the Supporting left parties had made it clear that they will withdraw support to the Government and vote against the bill. Government tried to make consensus by convening a meeting of all Chief Ministers. Out of 22 Chief Ministers only three Left Front Chief Ministers viz. West Bengal, Kerala and Tripura, opposed the New Pension Scheme. Now as UPA and NDA have joined together, the bill is likely to be passed in this Session of the Parliament. The New Pension Scheme can be made applicable to all including public and private sector employees.

There is a perception that the New Pension Scheme can be made applicable to the new entrants only. This is not correct. The Work Study Group appointed by Sixth Central Pay Commission has been asked to examine and submit report on the following terms of reference:

(i) to workout the existing and future pension liability of the Central Govt. Employees who are in service prior to 1.1.2004.

(ii) to work out the pension liability of those Central Government Employees appointed prior 1.1.2004 and whose age profile is between 30 years and 40 years.

(iii) to examine the feasibility of establishing a self –reliant Pension Fund with initial corpus fund provided by Government for the employees who are in service prior to 1.1.2004 and thus reduce the expenditure on pension.

The Sixth CPC has already made some observations regarding introduction of Contributory Pension Scheme to the employees who are in service prior to 1.1.2004.

Thus a serious threat looms large over the head of the entire Central and State Government Employees and section of the workers. Nationwide sustained campaign and united action by the entire working class is the need of the hour. The Confederation of Central Government Employees & Workers and the All India State Government Employees Federations has already given a call for nationwide campaign and protest demonstration. The question of organizing higher forum of trade union action including strike in under serious considerations.

NFPE calls upon the entirety of the Postal and RMS Employeesto organize effective campaign against the ill effects of the New Pension Bill and be ready for direct action if situation warrants.

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