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New Pension Scheme


New Pension Scheme                                                                            FAQ

 

All employees who have joined Railways on or after 1.1.2004 come under the purview of the New Pension scheme. This scheme is segregated into Tier I and Tier II.

 

Under Tier I, 10 % of the employees (Basic Pay plus Grade Pay plus DA) is recovered under employee subscription and an equal amount is contributed by the government towards the employees PF subscription each month.

 

The details of the employee and government contribution is uploaded each month to NSDL (National Securities Depositories Limited) which is the Central Record Keeping Agency appointed by PFDRA (Pension Fund Regulatory and Development Authority) .Theemployee and government contribution is remitted every month to Bank of India which is the Trustee bank. These amounts will be invested under various schemes as decided by PFDRA (Pension Fund Regulatory and Development Authority). Presently no amount can be withdrawn by the employee under Tier I.

 

On superannuation 60% of the amount will be provided as lump sum benefit and 40% will be invested as per the option exercised by the employee. The details of the Options are as under

 

ØOption A, major amount is invested under Government securities and a part is invested in equity.

ØOption B, major amount is invested in equity market and a small part is invested in Government securities.

ØOption C, this is a balanced scheme, under which the amount under NPS account is invested equally between Government andEquity market

ØOption D-Default Scheme: In case of employees who are unable to choose from the above three options, Government offers a default scheme in which the standing amount is invested only in Government securities, which would fetch a stable rate of return.

 

The employee under the New Pension Scheme is allotted a Permanent Retirement Account Number (PRAN) .This is a unique number, by which the amount invested by the employee can be identified.

 

Tier II: Tier II is a pension saving account with a facility for withdrawal to meet financial contingencies .It is a voluntary saving scheme and can be participated by an employee who has been allotted PRAN.This facility can be availed through the various banks and financial institutes appointed as Points of Presence appointed by PFDRA. The list of POP’s are available on https://www.npscra.nsdl.co.in/ subscriber can make unlimited withdrawals subject to maintaining a minimum balance of Rs 2000/-The minimum contribution which can be made is Rs 250/- and minimum 4 contributions to be made in a financial year.


 

 

Sr No

DIV/UNIT

NUMBER OF

EMPPLOYEES

*FORMS SUBMITTED TO NSDL

FORMS PENDING

1

FA&CAO HQ

185

185

0

2

SR.DFM BB

8132

7783

349

3

SR.DFM BSL

2204

2164

40

4

SR.DFM NGP

2246

2189

57

5

SR.DFM SUR

1788

1751

37

6

SR.DFM PA

1592

1592

0

7

WAO PR

216

214

2

8

WAO MTN

470

464

6

9

WAO BSL

124

118

6

10

WAAO NKRD

104

104

0

11

WAAO MMR

164

160

1

12

FA&CAO ©HQ

1

1

0

13

SAO © DADAR

11

11

0

14

SAO © BSL

0

0

0

15

SAO © NGP

4

4

0

16

SAO © SUR

16

16

0

17

SAO © PA

8

8

0

18

SAO © JNJ

1

1

0

18

DY.(CONV.)

29

29

0

 

TOTAL

17295

16794

498

*PRAN KIT allotted approx within one month of submission of employee subscription form to NSDL.

 




Source : Central Railway / Indian Railways Portal CMS Team Last Reviewed on: 18-04-2012  


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