The National Pension Scheme (NPS) has undergone notable transformation in recent times. The major changes cover nominee selection, restrictions in credit card payment, e-verification of life certificates, payment of trail commission through Points of Presence (POPs), changes in the e-nomination process and onboarding and address change using DigiLocker.
Payment of Trail Commission: The Pension Fund Regulatory and Development Authority (PFRDA) has allowed trail commission payment through POPs. But, trailing commissions made through D-Remit will be in a similar nature as eNPS who availed NPS through the respective POPs.
Nominee Selection: The PFRDA has restricted the change/addition of nominees using login details to the time of death of the pensioner. According to the circular issues, the modifications made using the login details of the deceased will be invalid.
In the case of a Public Sector Subscriber, if a nominee of the employee is found in the employer’s record, then he will be considered a nominee and be entitled to the nominee’s benefits.
Life Certificate Verification: The PFRDA has instructed the insurance providers to ease the process of submission of life certificates and to verify or authenticate the life certificates of pensioners using Aadhaar-based authentication mechanisms.
Credit Card Payments: PFRDA has decided to cease the payment facility of Tier-2 subscribers through Credit Card Payments.
E-nomination Process: As per the modified e-nomination process, nodal offices will have an option to either accept or reject the e-nomination request of the NPS account holder. In case, the nodal office does not initiate any action against the request within 30 days of its allotment, the e-nomination request will be accepted in the Central Recordkeeping Agencies (CRA) system.
Opening of Account using DigiLocker: New users can now open a new NPS account using the Driver’s License stored in the DigiLocker. Old users can also change the address using their Driver’s License.
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