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PFRDA hikes incentives for Points of Presence for NPS

By TIOL News Service

NEW DELHI, OCT 27, 2017: PENSION Fund Regulatory and Development Authority (PFRDA) has taken several initiatives in the past few years to increase pension coverage in the country, notably introducing e-NPS, reducing minimum contribution levels, new investment instruments and aggressive life cycle funds etc.

PFRDA has now taken a further step in this direction by increasing the incentives payable to Points of Presence (POPs), the principal distributive points for National Pension System (NPS).

The following Table gives the details of increase in incentives:

Principal Distribution Point

Services offered

Current Charge

New Charge

POP

Initial Subscriber Registration*

Rs. 125/-

Rs. 200/-

Initial Contribution

0.25% of the contribution Min: Rs. 20/- & Max : Rs.25,000/-

0.25% of the contribution Min: Rs. 20/- & Max : Rs.25,000/-

All Subsequent Contribution

All Non-Financial Transaction

Rs. 20/-

Rs. 20/-

Persistency*

-----

Rs. 50/- per annum (only for NPS-All Citizen)

e-NPS* (for subsequent contributions)

0.05% of the contribution Min Rs 5/- & Max Rs 5000/- (Only for NPS- All Citizen and Tier-II Accounts)

0.10% of the contribution Min Rs 10/- & Max Rs 10000/- (Only for NPS- All Citizen and Tier-II Accounts)

*Changes effected

A new incentive towards increasing persistency has been introduced under which POPs will receive an incentive of Rs. 50/- per account per annum for every account which continues to contribute a minimum of Rs 1000/- in a financial year.

PFRDA believes that the renewed incentive will help in increasing the reach of pensions in India, through the efforts of Points of presence (POPs).


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