Functions of NPS Trust
Board of Trustees of the National Pension System Trust have the legal ownership of the trust and the funds.
The Trust is responsible for the monitoring of the operational and service level functions under the National Pension System or any other pension scheme regulated under the PFRDA Act, 2013, if it is so directed by PFRDA.
Broadly, the following are the obligations / responsibilities and liabilities of the Board of Trustees:
- Execute the individual pension account in its name with the subscriber.
- Approving audited scheme financials, internal audit reports, inspection, compliance reports and any other reports, as specified by the Authority, which are to be submitted by the intermediaries to the National Pension System Trust.
- Monitoring and evaluation of all operational and service level activities of all intermediaries including government nodal offices and such other entity or person connected with collection, management and recordkeeping and distribution of accumulations, under the National Pension System, in accordance with the provisions of the Act or the regulations made or guidelines or circulars issued by the Authority
- Monitor and audit, the operational activities of and call for any information or reports from all intermediaries and issue instructions for protecting the interests of the beneficiaries;
- Take the custody or keep under its control, all the property of the Trust, held by intermediaries, in Trust for the beneficiaries.
- protect the properties of the National Pension System Trust and safeguard the interests of the National Pension System Trust and its beneficiaries;
- Supervise the collection of any income due on assets held in the name of the National Pension System Trust and for claiming any repayment of tax and holding any income received in trust for the beneficiaries in accordance with the Trust Deed and, the regulations, guidelines or directions issued by the Authority
- Taking of action on reports submitted by the intermediaries in order to ensure compliance with the regulations applicable to them under the National Pension System
- Exit of the subscriber from the National Pension System
- Redressal of subscriber grievances in accordance with the Pension Fund Regulatory and Development Authority (Redressal of Subscriber Grievance) Regulations, 2015.