Aggregator under National Pension Scheme

National Pension System

NPS is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account. Under the NPS, the individual contributes to his retirement account and also his employer can co-contribute for the social security/welfare of the individual. NPS is designed on a defined contribution basis wherein the subscriber contributes to his account, there is no defined benefit that would be available at the time of exit from the system and the accumulated wealth depends on the contributions made and the income generated from investment of such wealth.

NPS Lite

NPS Lite is a model of NPS which is low-cost, feature optimized model, aimed at economically disadvantaged sections of the society. The NPS Lite model has been developed by PFRDA to provide a uniform platform for old age income security to all sections of society and facilitate economically weaker sections of the society to join the NPS platform. NPS Lite is intended to reach its target population through specific entities identified by PFRDA, termed as Aggregators, explained in further detail below.

Aggregators

Aggregators are entities identified by PFRDA for making NPS available to their constituent subscriber base and maintain them into NPS Lite system. Thus, Aggregators shall be the main interface between the NPS Lite subscriber and NPS architecture. The Regulations for Aggregators under NPS Lite-2010 (hereinafter referred to as “Regulation”) is the regulatory framework that governs the NPS Lite model and the functioning of Aggregators.

For further details w.r.t. role and registration of Aggregator, please click on the link below:

http://equicorplegal.com/Pdfs/ECA-Aggregator%20under%20NPS-PFRDA.pdf

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