Central Record Keeping Agency (CRA): Under the new pension system, Central Record Keeping Agency (CRA) will be required to maintain subscriber accounts and issue a unique Permanent Retirement Account Number (PRAN) to each subscriber. CRA undertakes Record Keeping, Administration and Customers service. National Securities Depository Ltd (NSDL) has been appointed as the CRA for the NPS.In this system, deductions towards NPS will be made from subscriber’s salary on monthly basis and equal amount of contribution will be made by the Government. The accumulated amount will be reflected in subscriber Permanent Retirement Account while the subscriber is working and shall use the accumulations at retirement to procure a pension for the rest of his/her life.
Pension Funds Managers (PFMs): Manage Investment of Retirement Savings of NPS. PFRDA has appointed three pension fund managers, namely LIC Pension Fund Ltd., SBI Pension Fund (Pvt.) Ltd. and UTI Retirement Solutions Ltd. for managing pension funds of Central and State Government, and Seven fund managers for managing the funds of unorganized sector.
Trustee Bank: Axis Bank Ltd has been appointed by PFRDA as the Trustee Bank for National Pension System (NPS) effective from 1st July, 2013. Trustee Bank as an intermediary is responsible for the day-to-day flow of funds and banking facilities in accordance with the guidelines/ directions issued by the Authority under NPS. It receives NPS funds from all Nodal Offices and transfers the same to the Pension Funds / Annuity Service Providers/other intermediaries as per the operational guidelines.
NPS Custodian: Custodian Agency is responsible for holdings of the NPS Trust. NPS Trust has appointed Stock Holding Corporation of India Ltd as the custodian for the new pension system.
Annuity Service Providers (ASP): ASP will offer Annuity schemes to the Subscribers. Receive Funds from CRA & Pay Regular Monthly Annuity at the time of exit at retirement or earlier. The member has to purchase an annuity from one of the Life Insurance Companies regulated by IRDA.
Points of Presence (PoPs): PoP performs the functions relating to registration of subscribers, undertaking Know Your Customer (KYC) verification, receiving contributions and instructions from subscribers and transmission of the same to designated NPS intermediaries.