Regular and timely NPS Contribution – Advisory by PFRDA Circular dated 10-10-2022
Office of the Principal Controller of Defence Accounts
No. 107, Lower Agram Road, Agram Post, Bangalore – 560 007
N0. Fund Cell/Circulars
(Through PCDA Bangalore website only).
Sub:- Advisory on Regular and timely NPS Contribution.
Pension Fund Regulatory and Development Authority letter No. PFRDA/17/07/11/0004/2020-SUP-CG dated 16-09-2022 on the above subject is circulated herewith for information of all the DDOs/PAOs under this Office. Action may be taken to upload the subscription contribution file as stated in the above PFRDA letter.
Encl: As above.
SAO (Fund Cell)
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Assistant Controller of Defence Accounts
107 Lower Agram Road,
Agram Post, Bangalore- 560007
Subject: Advisory on Regular and timely NPS Contribution
As you are aware, NPS is a market linked contributory pension scheme. Hence, delays in’ preparation of salary — bills, upload/remittance of both employer and employee NPS contribution may cause a monetary loss to the subscriber, which has a snowballing effect on the pension wealth accumulation and as a consequence reduced pension pay-out to the concerned employee/subscribers covered under NPS.
2. In this regard, we draw your attention to O.M. Ref. No. 1(7)(2003/TA/Part -file/279 dated 02.09.2008 issued by Dept of Expenditure, Ministry of Finance and Rule 6 of Central Civil Services (Implementation of National Pension System) Rules, 2021; notified on 30/03/2021 issued by department of Pension and Pensioners’ Welfare, Ministry of Personnel, Public Grievances and Pensions, GOI, (enclosed) which inter-alia stipulates the following timelines for Central Government nodal officers:-
A. The DDO shall deduct the contribution from the salary of the Government servant and send the bill to the PAO/CDDO, along with details of contributions deducted in respect of each Subscriber on or before Twentieth day of each month.
B. The PAO/CDDO based on the details of contributions in respect of each Subscriber sent by the DDO to PAO/CDDO shall prepare and upload a Subscription Contribution File and generate a Transaction ID by Twenty- fifth day of each month.
C. The PAO/CDDO shall remit the contribution to the Trustee Bank through the Accredited Bank by the last working day of each month.
3. It may be accentuated that strict implementation of stipulated timelines for various NPS activities would be instrumental in inculcating discipline among the nodal officers, thereby improving the efficiency of the system. Accordingly, all the Central Government offices and Central Autonomous Bodies must ensure strict compliance as per extant guidelines/rules of DoE and Central Civil Services (Implementation of National Pension System) Rules, 2021, in order to protect the interest of their employee-subscribers.
4. For any further clarification, your office may contact Mr. Manoj Tiwari (Asst. General Manager) at manoj.tiwari[at]pfrda.org.in.
(विकास कुमार सिंह)