Kangra: To create awareness on Annuity among Government subscribers attaining the age of superannuation in the next two years under the National Pension System (NPS), Pension Fund Regulatory and Development Authority (PFRDA), the regulator of NPS, has organized two days Annuity Literacy Programme at Hotel Utsav Palace in Kangra.
Annuity Literacy Programme started on 28th June and was aimed to inform the subscribers about the process of initiating exit, withdrawal requests in time so that their retirement benefits under NPS are settled and regular income in the form of annuity starts soon after their superannuation.
In addition, the programme was also emphasized upon the Annuity Service Providers (ASPs) appointed under NPS and the schemes offered by them.
National Pension System Trust was established by PFRDA as per the provisions of the Indian Trusts Act of 1882 for taking care of the assets and funds under the NPS in the best interest of the subscribers.
NPS Trust is the registered owner of all assets under the NPS architecture which is held for the benefit of the subscribers under NPS. The securities are purchased by Pension Funds on behalf of, and in the name of the Trustees, however individual NPS subscriber remain beneficial owner of the securities, assets and funds.
NPS Trust, under the NPS Trust regulations, is also responsible for monitoring the operational and functional activities of NPS intermediaries’ viz. custodian, Pension Funds, Trustee Bank, Central Recordkeeping Agency, Point of Presence, Aggregators and that of IRDAI registered Annuity Service Providers (empanelled with PFRDA) and also for providing directions/advisory to PF(s) for protecting the interest of subscribers, ensuring compliance through audit by Independent Auditors, and Performance review of Pension Funds etc.