Operationalisation Of Unified Pension Scheme Under National Pension System

PFRDA has issued Gazette Notification dated 19.3.2025 for Operationalisation Of Unified Pension Scheme Under National Pension System

Operationalisation Of Unified Pension Scheme Under National Pension System

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 19th March ,2025

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (OPERATIONALISATION OF UNIFIED PENSION SCHEME UNDER NATIONAL PENSION SYSTEM) REGULATIONS, 2025

F. No. PFRDA-12/01/0001/2023-LEGAL.—In exercise of the powers conferred by sub-section (1) of Section 52 read with clauses (f)and (w) of sub-section (2) thereof, of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to operationalise the Unified Pension Scheme(UPS) introduced by the Central Government as an option under the National Pension System (NPS) for the employees of the Central Government who are covered under NPS, namely:

CHAPTER I
PRELIMINARY

1.Short Title and Commencement. -(1) These regulations may be called the Pension Fund Regulatory and Development Authority (Operationalisation of Unified Pension Scheme under National Pension System) Regulations, 2025.

(2) The objective of these regulations is to lay down the framework to operationalise the UPS notified by the Central Government in the Ministry of Finance vide notification number F. No. FX-1/3/2024-PR, dated the 24th January 2025, and to define the obligations, roles and responsibilities of intermediaries and such Central Government offices as are involved with implementation thereof, and for matters connected therewith or incidental thereto.

(3) These regulations shall come into effect from 1st April 2025.

2.Definitions. – (1) In these regulations, unless the context otherwise requires,-

(a) “Act” means the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013);
(b) “Authority” means the Pension Fund Regulatory and Development Authority established under sub-section (1) of section 3 of the Pension Fund Regulatory and Development Authority Act, 2013;
(c) “Admissible Payout” means the amount payable to a UPS subscriber for life, in such proportion and in such manner as specified under these regulations;
(d) “Benchmark Corpus” means a corpus as specified under regulation 12;
(e) “Default pattern” means such choice of pension fund(s) and of investment pattern(s), as may be determined by the Authority in respect of individual corpus under UPS, from time to time;
(f) “Family Payout” means the monthly amount payable to the legally wedded spouse of a deceased subscriber;
(g) “Head of Office” means a Gazetted Officer as defined under the Delegation of Financial Powers Rules,2024, issued by the Central Government, and includes such other authority or person whom the Central Government may, by order, specify as Head of Office;
(h) “Individual Corpus” means the net asset value of units outstanding in the individual Permanent Retirement Account Number (PRAN)of a subscriber;
(i) “Legally wedded spouse” means the spouse of a subscriber whose name appears as such in the service records as on the date of superannuation or voluntary retirement or retirement under Fundamental Rules 56(j) (which is not treated as penalty under Central Civil Services (Classification, Control and Appeal) Rules, 1965), as may be applicable, and who is surviving the deceased subscriber;
(j) “Pool Corpus” means the fund specified under regulation 7;
(k) “Qualifying Service” means the period of service in respect of a UPS subscriber, as determined in the manner specified under regulation 13;
(l) “Schedule” means the schedules appended to these regulations;
(m) “Unified Pension Scheme (UPS)” means an option available to employees of Central Government, who are covered under the NPS, in terms of the UPS Notification;
(n) “UPS Notification” means the notification bearing number F. No. FX-1/3/2024-PR, dated the 24th January 2025,issued by the Department of Financial Services, Ministry of Finance;
(o) “UPS Payout Order” means authorisation issued by the Pay and Accounts Officer (PAO) to National Pension System Trust containing such details as provided under regulation 20;
(p) “UPS Subscriber” for the purpose of these regulations shall mean a Central Government employee who opts for and is enrolled under UPS in accordance with these regulations.

(2) Words and expressions used herein and not defined under these regulations, shall have the same meaning as defined under the Act and the existing regulations made thereunder.