Competition for managing India’s 1.61 trillion central government pension pool is expected to rise, after the pension regulator Monday allowed subscribers to switch their corpus to any pension fund manager (PFM) of their choice. Last year, the Pension Fund Regulatory and Development Authority (PFRDA) allowed employees to change pension fund managers as well as plans for fresh contributions from 1 April 2019. India has eight pension fund managers, who manage three plans—conservative life cycle fund with equity capped at 25%, moderate life cycle fund with equity capped at 50%, or 100% allocation to government bonds. Monday’s circular builds on last year’s changes and, coupled with an expected hike in fee cap for pension fund managers in December, may attract new entities to a low-margin segment of India’s financial services market. “Less than 1,000 existing central government subscribers have exercised this choice to switch. This has allayed concerns among the regulatory officials t...

  NPS to OPS National Council (Staff Side) 13-C, Ferozshah Road, New Delhi – 110001 E Mail : nc.jom.np@gmail.com Shiva Gopal Mishra Secretary No. NC/AICM/CS/NPS September 28, 2020 Smit. Nirmala Sitharaman Ji, Hon’ble Finance Minister, Govt. of India, North Block. New Delhi. Sub: Scrapping of National Pension System and extending coverage of the Old Pension scheme under CCS (Pension) Rules – 1972 for appointees on or after 01/01/2004. Respected Madam, In response to the representation dated 07/03/2020, submitted to your honour on behalf of the Staff side of the National Council JCM, the Ministry of Finance vide its letter dated 15/09/2020 have forwarded a reply to this office. It is unfortunate that the issues raised by us in our letter dated 07/03/2020 was not addressed rather the Ministry of Finance has simply reiterated its earlier position of continuing the NPS. You will appreciate that when the NPS was introduced by the Government during...

  Central Government Employees News RESERVE BANK OF INDIA www.rbi.org.in CO.HRMD.No.2002 /21.01.00/2020-21 Dated: September 25, 2020 The Regional Director / Principal Chief General Manager/ Chief General Manager-in-Charge/ Chief General Manager/ General Manager-in-Charge/ Principal (Training Establishments) Reserve Bank of India Dear Sir / Madam, RBI Pension Regulations, 1990 – Submission of Life Certificate/ Declaration of marital status – Extension of time thereof Please refer to paras 6.8 to 6.11 of the Master Circular on pension, wherein every pensioner, family pensioner and ex-gratia recipient has to submit life certificate /declaration of marital status in the month of November each year. In case of non-receipt of life certificate/ declaration by November end, monthly payment of pensions stopped from the month of December and pension payment restarts only after receipt of the life certificate from the pensioners. 2. Taking into accoun...

  DoE – Development of electronic system for processing and authorizing the pension through Bhavishya and PFMS GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF EXPENDITURE CENTRAL PENSION ACCOUNTING OFFICE TRIKOOT-II, BHIKAJI CAMA PLACE, NEW DELHI- 110066 CPAO/IT& Tech/Master Data/ 14.Vol-III (A)/2020-21/38 Dated 21.09.2020 CIRCULAR Subject: Development of electronic system for processing and authorizing the pension In the Central Civil Ministries two systems namely Bhavishya system developed by Department of Pension and Pensioners’ Welfare (DP&PW) and Public Financial Management System (PFMS) developed by O/o the Controller General of Accounts are being used for Sanction of pension cases by the Heads of offices (HoOs) and Authorization of pension cases by the Pay and Accounts Offices (PAOs) respectively towards reaching the end goal of end to end digitization of pension. 2. The pension forms are filled by the pensioners electronically...

General Provident Fund (GPF) to be introduced to willing National Pension System (NPS) employees- AIDEF Circular ALL INDIA DEFENCE EMPLOYEES’ FEDERATION Special Circular No.72 Date : 13.04.2019 As already informed to you the meeting of the National Council (JCM) was held on 13/04/2019 under the Chairmanship of the Cabinet Secretary. AIDEF was represented by Comrades C. Srikumar, K.Balakrishnan and R.S.Reddy. After the introductory remark by the Cabinet Secretary the Staff Side raised the following issues: The 47th Meeting of the National Council (ICM) is being Called by the Chairman after a period of 9 years. The last i. e. the 46th meeting of the National Council (JCM) was held on 15 May 2010. Under the JCM Scheme the Ordinary meetings of the National Council shall be held as often as necessary, and not less than once in four months. Special meetings can also be called by the Chairman or on a request from the Staff Side. Unfortunately between 1999 and as on date only 7 meet...

Voluntary exit under Atal Pension Yojana (APY) – PFRDA PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY CIRCULAR CIR No.: PFRDA/2019/10/APY/1 Date: April 8, 2019 To, POPs under Atal Pension Yojana (APY) Subject:   Voluntary exit under Atal Pension Yojana (APY) The functionality of online voluntary exit was released in the month of August 2017 by Central Record Keeping Agency (CRA) – NSDL e-Governance Infrastructure Limited to smoothen the process of Voluntary Exit under Atal Pension Yojana (APY). However, it has been observed that some POPs and branches of POPs are sending physical exit forms to PFRDA instead of processing through their APY module. This causes delay in execution of voluntary exit, which in turn increases grievances from the subscribers. In view of the same, POPs are advised – (i) to process voluntary exit request only through their APY module (ii) to sensitize all their branches which are performing Atal Pension Yojana related activities to proc...

Revision of Pension/ family pension of Pre-01.01.2016 and Post 01.01.2016 retired employees of the Indian Council of Philosophical Research (ICPR), New Delhi F.NO.4-1/2019-U.3 Government of India Ministry of Human Resource Development Department of Higher Education U.3 Section Room No. 519, ‘C’ – Wing Shastri Bhawan, New Delhi Dated: April 05, 2019 To, The Member Secretary, Indian Council of Philosophical Research, 36, Tughlakabad Institutional Area, Mehrauli Badarpur Road, New Delhi Subject:   Revision of Pension/ family pension of Pre-01.01.2016 and Post 01.01.2016 retired employees of the Indian Council of Philosophical Research (ICPR), New Delhi – reg Sir, I am directed to refer to the Government’s decision regarding provisions regulating pension including the revision of pension/ family pension of Pre-01.01.2016 retired employees of the Indian Council of Philosophical Research (ICPR), New Delhi on the recommendations of 7th Central pay Commission issued vide Depar...

CPAO CPAO/ IT&Tech/ 11(Vol-VI)/ Simplification/ 2018-19/ 01 01.04.2019 OFFICE MEMORANDUM Subject: Simplification of pension procedure-submission of undertaking by retiring Government servant along with pension papers & Handing over of PPO booklet to Pensioners by Head of Office – reg. The Scheme for Payment of pensions to Central Government Civil Pensioners through Authorized Banks’, issued by the Central Pension Accounting Office provides for an undertaking to be submitted by the retiring Government servant/pensioner to the pension disbursing bank before commencement of pension. The pensioner undertakes to refund or make good any amount to which he is not entitled. 2. In view of the above Department of Pension & Pensioners’ Welfare issued instructions vide its O.M. No. 1/27/2011-P&PW(E) dated 07.05.2014 which were also communicated through this office O.M. No. CPAO/Tech/ Simplification /2014-15/53 dated 28.05.2014. These provisions are reiterated below: ...

Steps to complete the pension case as prescribed in in CCS (Pension) Rules, 1972 (Annexure-1 of CPAO letter Simplification of pension procedure-submission of undertaking by retiring Government servant and Handing over of PPO booklet by HOO) Annexure-1 Timeline of finalizing the pension cases Rule-58 of CCS (Pension) Rules, 1972   Undertake the work of preparation of pension paper by the HOO. One year before the date of retirement on superannuation or on the date on which he proceeds on leave preparatory to retirement. Rule-59 of CCS Pension Rules, 1972 Timelines for completion of two stages of preparation of paper.   Not later than eight months prior to the date of retirement 3 Rule-59 of CCS (Pension) Rules, 1972   Forwarding Form-5 to retiring govt. servant of superannuation advising him to submit the form duly completed in all respect.   Not later than six months prior to the date of his retirement 4 Rule-59 (A) of CCS (Pension) Rules, 197...

7th CPC Stagnation increment – Revision of pension of pre-2016 pensioners Pc -VII No. 130/2019 RBE No. 36/2019 GOVERNMENT OF INDIA (BHARAT SARKAR)   MINISTRY OF RAILWAYS (RAIL MANTRALAYA) (RAILWAY BOARD) No. 2016/F(E)III/1(1)/7   New Delhi,Dated : 26.02.2019 The GMs/Principal Financial Advisors, All Zonal Railways/Production .Units, (As per mailing list) Subject:   Revision of pension of pre-2016 pensioners – Stagnation increment – regarding. A copy of Department of Pension and Pensioners’ Welfare (DOP&PW’s) O.M. No. 38/37/2016-P&PW(A) dated 2151 December, 2018 on the above subject is enclosed for information and compliance. These instructions shall apply mutatis mutandis on the Railways also. The Ministry of Finance, Department of Expenditure’s O.M No. 1-6/2016-IC dated 07.09.2016, mentioned in the DOP&PW’s O.M. dated 21.12.2018 , has been adopted on Railways vide this office’s letter No. PC-VII/2016/RSRP/4 dated 22.09.2016 . The Railway Board’...