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Friday, June 16, 2017

Changing the scheme preference in NPS


The NPS allows subscribers to choose the pension fund schemes in which they would like their contributions to be invested, as well as the pension fund manager who will manage their money. Subscribers can indicate their preference by mentioning the ratio in which their contribution will be invested in equity, corporate bonds and government bonds. They can also change this preference if they wish to do so. Here's how to go about it.

Active vs auto

As an alternative to choosing fund schemes, the NPS offers an auto choice where the proportions are pre-decided based on the age of the subscriber. The ratios cannot be modified in the auto choice, without changing the mode to active.

Corporate

If the subscriber is investing in the NPS through his corporate employer, the employer should offer all the options that the subscribers can choose from to change their preference.

Physical form

A form, UOS-S3CS-S3, has to be filled in and submitted to the PoP-SP through which the NPS account was opened. A 17-digit acknowledgement number will then be issued by the PoP.

Charges

The CRA providers charge for this transaction at standard rates approved by the PFRDA.

Confirmation

The changes in the scheme preferences will be reflected in the account, which can be verified by logging into the NPS account with the CRA using the I-PIN. An email confirming the change is also sent to the registered email address.


Scheme preferences can be changed only once a year.

Forms for Tier 1 and Tier 2 accounts should be submitted separately.







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