Circular on the e-Nomination facility for NPS subscribers 03-09-2020
1. Pension Fund Regulatory and Development Authority (PFRDA) has been established inter-a/ia to protect the interests of subscribers of NPS and other pension schemes regulated by it. PFRDA has allowed comprehensive and digitally enabled solutions for subscribers' varied needs from onboarding to the process of exit.
2. Currently, the existing subscribers of NPS, who wish to change their nomination in their Permanent Retirement Account Number (PRAN), are required to submit the S2 form (Request for change of Subscriber Master details) physically to the associated Nodal officers, corporates or Points of Presence (POPs) for updation.
3. In order to enable NPS Subscribers with ease of changing the nomination, PFRDA has allowed the 'e sign based online facility' to change of nomination through the Subscribers' login credentials, as per the process flow is given in Annexure-A. Central Record Keeping Agencies (CRAs) have been advised to introduce this feature in their system at the earliest.
4. The detailed provisions regarding 'Nominations' under NPS are specified under regulation-32 of PFRDA (Exits and Withdrawal) Regulations 2015. The relevant extracts of the regulations are provided under Annexure B for ready reference.
5. This circular is issued under Section 14 of the PFRDA Act 2013 and is available at PFRDA's website (www.pfrda.org.in) under the Regulatory framework and in the "Circular" section of CRA under intermediaries.
K Mohan Gandhi
Download Circular on e-Nomination facility for NPS subscribers 03-09-2020
