Functions of Nodal Offices in NPS Swavalamban

Subscribers of NPS Lite in the age group of 18 to 60 can join NPS Lite through Aggregators and contribute till the age of 60. These pension contributions will be invested in various schemes of different Pension Funds appointed by PFRDA. The Subscriber’s contributions will be invested as per the scheme preference opted by the respective Aggregators. The Subscribers shall submit their contributions towards NPS through the Collection Offices (NLCC) of the Aggregators. NPS Lite Oversight Office(NL-OO)/ NPS Lite Accounts Office (NL-AO) shall upload the details of NPS contributions of the Subscribers to the NPS-Lite system. Simultaneously, NL-OO/NL-AO shall transfer the funds to NPS account maintained with Trustee bank. On the basis of contribution details uploaded by NL-OO/NL-AO, CRA will provide fund transfer instructions to the Trustee Bank as a part of settlement process. Trustee bank will transfer the funds received from NL-OO/NL-AO to different PFMs as per the details provided by CRA.

NL-OO/NL-AO shall prepare Subscribers’ Contribution File (SCF) for the pension funds and upload it to NPS-Lite system. SCF will contain details such as NL-OO/NL-AO Registration number, PRAN of the Subscriber, amount of the Subscriber contribution, etc. NL-OO/NL-AO shall prepare the SCF only for the Subscribers who are registered in the NPS-Lite system.

Hierarchy of Aggragtors under NPS Swavalamban

 Aggre Hierachy

Major Functions of Aggregator

Aggregator with the Subscribers Aggregator shall be the primary point of interaction between the subscriber and the NPS - Swavalamban architecture. 

 The Aggregator shall perform the following activities for the subscriber. 

1. NPS - Swavalamban Awareness: The Aggregator has an important role to play in creating awareness on the following points:

  • Need for pension/old age income security.
  • NPS is the ideal product to meet the need for old age income security.
  • Government support to NPS - Swavalamban for small and regular investors

2. Subscriber Registration: Helping subscriber to register into NPS -Swavalamban. 

  • Receiving and Verifying duly filled forms from subscribers.
  • Checking of KYC documents and eligibility of subscribers.
  • Ensuring the first contribution of a minimum of Rs 100 and collecting subsequent contributions.
  • Processing of forms.
  • Collection of subscriber’s regular contribution and uploading it into the system.
  • Transferring  funds into the system 

3. Subscriber Servicing:  The Aggregator is the nodal point for servicing the customer. It is responsible for processing of subscriber requests for carrying out changes in the following cases:

  • Name
  • Address
  • Phone/Mobile Number/Email ID
  • Subscriber Bank Details
  • Change in nomination details
  • Request for re issue of PRAN card
  • Provide information on Statement Of  Transactions
  • Process withdrawal requests
  • Any other requests by subscriber 

The Aggregator must ensure that in all cases the request for change should be supported with prescribed documents 

4. Grievance Handling: Receiving of grievances submitted by the subscriber against any NPS Intermediary including aggregator:

  • Uploading all grievances in the Central Grievance Management System (CGMS) of CRA on a daily basis.
  • The CGMS system of CRA would route the grievances to respective NPS intermediaries for resolution. 

Any other task assigned by PFRDA from time to time.

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