contributory pension scheme, Instructions to CPS holders for updating personal details, Download S-II form(for CPS Holders), Instructions for Submission, Change/Correction in Subscriber Master details, Permanent Retirement Account Number (PRAN), Point of Presence – Service Providers (POP-SP), Central Recordkeeping Agency (CRA), National Pension System(NPS), Pension Fund Regulatory and Development Authority (PFRDA), Internet Personal Identification Number (I-PIN) and Tele-query Personal Identification Number (T-PIN) How to Update CPS Holders Personal Details NATIONAL PENSION SYSTEM
Pension Fund Regulatory and Development Authority (PFRDA) is an Authority to promote old age income security by establishing, regulating and developing pension funds to protect the interest of subscribers in schemes of pension funds and for matters connected therewith or incidental thereto.
National Pension System (NPS) means the contributory pension system whereby contributions from subscribers along with matching contributions from respective governments as an employer, are collected and accumulated in an individual pension account.
NPS uses a system of Government/ Autonomous Bodies’
a Central Recordkeeping Agency (CRA) and designated Pension Funds (PFs), as specified by the respective regulations from time to time to achieve synergy and maximum efficiency in operations.
NPS is mandatory to all employees joining services of Central Government (except Armed Forces) and Central Autonomous Bodies on or after tat January 2004. Almost all State Governments have adopted NPS architecture and have implemented NPS mandatorily through Gazette Notifications for the State Government/ Autonomous body employees joining on or after their respective cut-off dates.
As a subscriber under NPS you are provided with an individual pension account identified by Permanent Retirement Account Number (PRAN) which is unique & portable across locations and employments.
The Card provided to you contains your PRAN, Father’s name,
Photograph and Signature/ Thumb impression.
Along with your PRAN card, you are also provided with Internet Personal Identification Number (I-PIN) and Tele-query Personal Identification Number (T-PIN) through which you can access your pension account via the internet (through CRA website www.npscra.nsdl.cain) or telephonically at CRA Helpline (1800222080), respectively. Benefits of NPS
- The dual benefit of Low Cost & Power of Compounding: The pension wealth accumulates over a period of time till retirement; grows with a. compounding effect and the account maintenance charges being low, larger would be the eventual benefit of the accumulated pension wealth
- Tax Benefits: Benefits available under Section 80 CCD(1) and 80 CCD(2) as per relevant sections of Income Tax Act 1961, as amended from time to time.
- Safety: Regulated by the Pension Fund Regulatory & Development Authority (PFRDA) and introduced by the Government of India
Transparency: Through online access to your pension account.
- Portability: Across all geographical locations and employments across India
Under NPS, two types of accounts are available to you i.e., Tier I & Tier II
- A. Tier I account – where you and the Government contribute funds into your individual account. As a subscriber, you contribute 10% of your Basic Pay and DA into your Tier-I account on a mandatory basis every month, which is invested along with the matching contribution from the employer. The regular NPS contributions and the accumulated amounts are reflected in your PRAN while you are in service and shall be used at retirement for procurement of your pension.
- B. Tier II account – a voluntary savings account from which you are free to withdraw the savings at your own choice. An active Tier I account along with PRAN is a prerequisite for opening of Tier II. You can approach any Point of Presence- Service Provider (POP-SP- list available at CRA website) for activation of Tier II account along with a copy of PRAN card and PAN card. Furthermore, since Tier II is a voluntary saving account, the government does not contribute any amount into your Tier II account and no tax benefits are available for the contributions made.
NSDL and Central Recordkeeping Agency (CRA)
NSDL(National Securities Depository Limited) e-Governance Infrastructure Limited and The Pension Fund Regulatory and Development Authority (PFRDA) have entered into an agreement relating to the setting up of a Central Recordkeeping Agency (CRA) for the National Pension System (NPS). The NPS was introduced by the Government of India for its new recruits (except the Armed Forces) joining w.e.f. January 1, 2004.CRA is the core infrastructure for the National Pension System and is critical for its successful operationalization. The main functions and responsibilities of the CRA include Recordkeeping, Administration and customer service functions for all subscribers of the NPS.
Issuing of unique Permanent Retirement Account Number (PRAN) to each subscriber, maintaining a database of all PRANs issued and recording transactions relating to each subscriber’s PRAN.
Acting as an operational interface between PFRDA and other NPS intermediaries such as Pension Funds, Trustee Bank, Annuity Service Providers, etc., CRA will monitor member contributions and instructions and transmit the information to the relevant Pension Fund and schemes on a daily basis. CRA will provide periodically, consolidated PRAN statements to each member and discharge such other duties and functions as may be determined by the guidelines, directions and regulations issued by the PFRDA from time to time. How to fill S2 Form /How to Update Subscriber Master Details
All Contributory Pension Scheme(CPS) holders have to update your address, Mobile no.& email ID in National Pension System(NPS) account by submitting S2 Form to the Nodal Officer. S2 form has two sections. first one is for update personal details of CPS Holders and the second one is for subscriber’ nominee details
Instructions for filling S2 form:-
- This form is to be used for the purpose of change/correction in (Subscriber Master-Details) subscriber personal details, nominee details, a reissue of I-Pin /T-Pin or reissue of PRAN card.
- The form is to be submitted at the Nodal office for carrying out the necessary changes
- Please tick the box on the left margin of the appropriate row where change/correction is required’ and provide the details in the
corresponding row. Please strike off the remaining blank rows for which no change is requested.
- Form to be filled legibly in BLOCK LETTERS and in BLACK INK only.
- Details Marked with (*) are the mandatory fields.
- Mention 12 digits PRAN correctly.
- All Dates Should be in “DDMMYYYY” Format
- If permanent address & present address is different, all future communications will be sent to the present address.
a. The subscriber can nominate maximum of three nominees.
b. The subscriber can not fill the same nominee details more than once.
c. Percentage share value for all the nominees must be an integer. The fractional value will not be accepted.
d. Sum of percentage share across all the nominees must be equal to 100. If the sum of percentage is not equal to 100, the nomination will be rejected.
- Reissue of T-Pin, I-Pin and reissue of PRAN card will be chargeable by the CRA.