National Pension System: Making changes in PF, scheme setup? CRAs change statement of transaction

Latest NPS changes. Representative image

National Pension System (NPS): The Pension Fund Regulatory and Development Authority (PFRDA) has notified new NPS functionalities released by Central Record Keeping Agencies (CRAs) during the fourth quarter of FY 2020-21. The PFRDA has appointed CRAs to provide system-level functionalities as per the evolving needs of NPS stakeholders.

According to a PFRDA circular dated May 27, 2021, CRAs are responsible for developing “new functionalities, utilities, establish new processes, and offer multiple models of interface for the uploading offices in order to provide
maximum flexibility in terms of operation for the benefit of the subscribers as an ongoing exercise to fulfill their obligations.”

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What’s new for subscribers?

In order to reduce the grievances of subscribers, CRAs have made some changes in the transaction statement under NPS. These changes are:

a) Changes in Contribution/Redemption Block

  • Change in block header to ‘Contribution/Redemption Details during the selected period’

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b) Changes in Investment Details – Scheme wise Summary Block

  • Removal of Scheme wise contribution and unrealised gain/loss fields

c) Changes in the Transaction Details block

  • “As per the revised format, Opening unit balance in transaction details will be displayed only in the first block and Closing unit balance in transaction details will be displayed only in the last block,” the circular said.
  • “Earlier, if subscriber made changes in PF and/or scheme setup then multiple transaction details blocks are displayed where the first block is the PF-scheme details as on statement opening period and last is the PF-scheme details as on statement closing period,” it added.
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d) Changes in Footnotes

  • Addition of footnotes related to “Cost of withdrawal/one way switch/GPF Withdrawal”, system-generated statement and signature not required etc ii. Modification in note related to tax benefit.

NPS subscriber registration

Due to the bifurcation of Ladakh from Jammu and Kashmir and merging of Union Territories Daman & Diu and Dadra & Nagar Haveli, a new code in the CRA system has been created to map the existing PRANs and offices to Ladakh Union Territory.

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Changes in contribution have been made to allow governments of both UTs to make a contribution in PRANs of the subscribers.

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