Contribution Pension Scheme New Pension Scheme Details

Contribution Pension Scheme New Pension Scheme Details 

CRA NSDL CPS Contribution Pension Scheme New Pension Scheme Details in AP Telangana State Complete Guide information National Pension Scheme New Pension Fund System started in 2004 PFRDA CRA what is new pension scheme NPS National Pension System Contributory Pension Scheme NPS Andhra Pradesh Telangana State Government Contribution Pension Scheme New Pension Scheme CPS CRA NPS NSDL Website National New Pension Plan CPS :Login Contribution Pension Scheme New Pension Scheme Details CRANSDL

Contribution Pension Scheme New Pension Scheme Details


As per Pension Regulatory and Development Authority bill (PFRDA) ,the New Pension Scheme was started by the Central Government from 1-1-2004 and by the A.P & Teangana State Government from 1-9-2004 and it is called as CPS (Contributory Pension Scheme) to govt employees 

CPS Introduction :


CPS Scheme introduced in Telangana & AP State Vide G.O.Ms.No.653 Finance (Pen-I) Dept. Dt:22.09.2004, State Government have introduced CPS to all the employees recruited on or after 01.09.2004 on the same lines of Government of India’s New Pension System. The scheme is applicable to all the organizations covered under A.P. Revised Pension Rules, 1980. Accordingly, each employee who is recruited on or after 01.09.2004 shall pay a monthly contribution of 10% of the basic pay and DA from the salary and State Government will make a matching contribution for each employee who contributes to the scheme.

PFRDA


The Central Government has constituted the Pension Fund Regulatory and Development Authority (PFRDA) to act as regulator for the pension sector of the entire Nation and also to protect the interest of the subscribers of pension fund and for matters connected herewith or incidental thereto.

NSDL (CRA) :


The PFRDA has appointed the National Securities Depository Limited (NSDL), Mumbai as the Central Record Keeping Agency (CRA) to maintain the records of Contribution and its deployment in various pension fund schemes for the employees.


Read More about CPS :

PENSION FUND MANAGERS (PFMs):


 The SBI, LIC and UTI have been selected as Pension Fund Managers (PFMs)for investing the CPS funds at the rates of 40%,31% and 29% respectively. NPS Trust has been set up as Trustee for CPS funds and the Bank of India has been appointed as Trustee Bank.

FINAL PAYMENT PROCEDURE


At the time of retirement, the employee would be required to invest 40% of the pension wealth to purchase an annuity which will provide pension for life time to the employees and in the event of his death to his dependent parents/spouse. The remaining 60% pension wealth would be paid to the employee at the time of his retirement to utilize in any manner.



CLARIFICATION REGARDING PAYMENT OF FAMILY PENSION TO THE SPOUSE OF CPS EMPLOYEE WHILE IN SERVICE  



Family pension under New Pension Scheme shall be paid in death cases provisionally pending framing of rules regulating such cases and the payment made on such a provisional basis shall be adjusted against the payment to be made in accordance with the new rules to be framed. Thus, the adjustment of the payment arises only after Government announces the Rules regulating such cases under New Pension Scheme.



ROLE OF DTA :



The DTA, AP, Hyderabad on behalf of Govt. of A.P. entered into an agreement with the CRA i.e. NSDL on 21.11.2008 and NPS Trust on 15.09.2009. Nodal officers such as DDOs have to deduct CPS contribution from the monthly pay bills of employees. The treasuty Officer have to upload the CPS contributions to the CRA i.e. NSDL and the corresponding amounts have to be transferred to Trustee bank i.e Bank of India. From the Pension Trust, the funds transferred to the Pension Fund Managers for investing the funds in various schemes.


Read More about CPS :




REGISTRATION PROCEDURE :



As per NSDL norms, the employees and the nodal officers of the state who have to make transactions of CPS are necessarily be registered with NSDL by submitting relevant forms. Initially, DTA by submitting N1 form has got registered with NSDL and subsequently registered all the DTOs/PAOs with NSDL by submitting N2 forms. Subsequently, DDOs were registered with NSDL by submitting N3 forms. For employees registration with NSDL, each employee has to submit S1 form to NSDL.



CPS APPLICABILITY TO STATE AUTONOMOUS BODIES :


Government vide Circular Memo No.41/01/A2/Pen.I/2012 Dt:18.06.2012 have issued operational guidelines for implementation of CPS for the State Autonomous bodies and all other institutions whose pay and allowances were drawn form Consolidated fund of the State or not but covered under A.P.R.P.Rules, 1980. The DTA will function as facilitator and the organizations have to be registered with NSDL through DTA by forwarding N2 and N3 forms. After this each DDO under the treasury has to be registered with NSDL by submitting N5 and N6 forms. For subscribers registration S1 form has to be submitted for allotment of Permanent Retirement Account Number (PRAN).

Tire-I: 

The Tire-I account is the basic NPS account that is non -withdraw able till retirement on in the case of death of the subscriber. In this type of account, the total corpus at the retirement age is split, whereby a minimum of 40 percent of the final corpus has to be compulsorily used to buy an annuity while the subscriber is free to withdraw the remaining 60 percent as a lum sum or in installments .

Tire-II: 

The tire-II accounts available only for existing subscriber of Tire-I account. The money contributed into this account can be freely withdrawn when the subscriber wishes by maintaining minimum balance that need to maintained at the end of the financial year.
  1. Those who appointed in the job after 1-9-2004 are must join in the New Pension Scheme.(GO Ms No:653 Fin (Pen.I) Dept , Dt.22.9.2004)
  2. 10%of basic pay and DA is treated as contributory pension and rounded to nearest rupee.
  3. The deduction of 10% contribution from salary of an employee is purely responsible of Drawing and Disbursing Officer(HM’s/MEO).
  4. 10% amount deducted from the salary(B.Pay+DA), and the same amount contributed by the State Government for this NPS.
  5. Drawing Officer should annexure the schedule to the salary bill which is submitted to the treasury.
  6. The number which is allotted by the CRA should be enter in the SR of the individual.
  7. Concerned DTOs would give the annual slips of CPS .
  8. The employees who are eligible to this scheme , should not apply for ZPPF/GPF.
CPS Contribution Pension Scheme New Pension Scheme Details in AP Telangana State Complete Guide information National Pension Scheme New Pension Fund System started in 2004 PFRDA CRA what is new pension scheme NPS National Pension System Contributory Pension Scheme NPS Andhra Pradesh Telangana State Government Contribution Pension Scheme New Pension Scheme CPS CRA NPS NSDL Website National New Pension Plan CPS :Login
Contribution Pension Scheme New Pension Scheme Details 

0 comments:

Post a Comment

TS Updates

AP/TS Admissions & Results

AP Teachers Transfers

Pensioners Complete Information

Pension Portal
AP
TS
Pension Amount
AP
TS
Health Cards
AP
TS
Pension Pay Info
AP
TS
Pension Problem
AP
TS
Search PPO No
AP
TS
Life Certificate
AP
TS
PPO Arrival Status
AP
TS
Pension Status
AP
TS

Account & Pay Slips

Treasury Pay Slips
AP
TS
AG GPF Slips
AP
TS
Class IV GPF Slips
AP
TS
ZP GPF Slips
AP
TS
Pension Amount
AP
TS
CPS Statement
AP
TS
Treasury DDO Req
AP
TS
APGLI/TSGLI
AP
TS
Application Forms
AP
TS
Top