The Pension Fund Regulatory and Development Authority (PFRDA) on April 25, 2024, issued Master Circular - Service Charges for POPs under NPS (All Citizen and Corporate)/ NPS Lite.
The following has been stated: -
•This Master Circular consolidates the existing instructions on the subject “Service Charges for POPs under NPS (All Citizens and Corporate/NPS-Lite)”. A list of underlying circulars on the subject is annexed below.
• To encourage Point of Presence (“POPs”) to actively promote and distribute NPS and provide better service to customers, the charges applicable to POPs, for various services provided by them, have, from time to time, been amended through various circulars issued by the Authority. The effective date of their applicability, as mentioned in the respective circulars, will remain unchanged.
•The compliance obligations of the POP will not be limited to the Master Circular but will also be related to the applicable laws and regulations.
•The master circular will continue to apply to achieve all the objectives and goals that are given below. Also list of circulars canceled and archived from time to time is given in Annexure II.
•Notwithstanding such repeal of any circular, whether on its merger with the master circular or otherwise, the matters done or raised or purported to be done or raised under the now repealed circulars any action taken or to be taken or hereafter taken shall be deemed to have been validly taken as if the said circulars were in full force and effect and shall be unaffected by their repeal in any way.
The detailed circular is given in the document attached below.
[Circular No. PFRDA/Master Circular/2024/05/POP-03]
