Relaxation of Timelines for Activities under National Pension System (NPS) & NPS Lite – View of Covid-19 Pandemic
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
CIRCULAR
CIR No: PFRDA/2021/19/SUP-POP/3
15th June 2021
To,
All Points of Presence (‘PoPs’)
Dear Sir/Madam,
Subject: Relaxation of timelines for activities under National Pension System (NPS) & NPS Lite- Swavalamban Scheme in view of Covid-19 Pandemic – reg.
Point of Presence (POPs) are advised to undertake NPS related activities within prescribed Turn Around Time (TAT) under the Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 and guidelines /circulars issued there-under, in order to ensure timely and efficient service to subscribers.
2. PFRDA, however, has decided to provide the following relaxation in the timelines on the request of the PoPs, in view of the lockdown and other preventive measures undertaken by the Government during Covid-19 pandemic:
i. As a digital initiative, PoPs shall submit the scanned copies of all the compliance reports including Internal Audit Report (IAR) as prescribed in circulars / guidelines to PFRDA at reports-pop@pfrda.org.in w.e.f 1st April 2021 from the e-mail id of the compliance officer.
ii. PoPs shall ensure that IAR is duly certified by the external auditor and the compliance officer shall forward the same e-mail received from the external auditor enclosing the IAR to PFRDA.
iii. Reports for earlier period already submitted through email/physical copy to PFRDA/NPS Trust to be considered complied. However, henceforth, PoPs shall ensure the submission of the reports to PFRDA instead of NPS Trust as per the mode and manner prescribed.
iv. PoPs shall submit the compliance reports including IAR due between 1st April 2021 and 30th June 2021, within 30 days from the normal due date to PFRDA.
v. Compensation to be paid to subscribers due to delays in prescribed TAT under the guidelines is waived off for the period from 1st April 2021 to 30th June 2021.
3. PoPs are advised to duly report any delay in activities prescribed under guidelines in exception report to be submitted to PFRDA.
4. This Circular is issued in exercise of the powers conferred under Section 14 of Pension Fund Regulatory and Development Authority Act, 2013 to protect the interests
of subscribers and to regulate, promote and ensure orderly growth of the National Pension System and pension schemes to which the Act applies.
5. A copy of this Circular is available on the website of PFRDA at www.pfrda.org.in.
Yours faithfully,
(Sumeet Kaur Kapoor)
Chief General Manager
sumeet.kapoor@pfrda.org.in