In this topic we will clear our concepts word Expressions of National Pension Scheme. In short postalnps provide the preliminary definitions of National Pension Schemes.
Authority - Pension Fund Regulatory and Development Authority established sub section 1 of section 3 of National Pension Scheme act.
CRA- Central Record keeping Agency means an agency registered under section 27 to perform the functions of record keeping, Accounting, Administration, and customer service for the subscribers of National Pension scheme.
Chairperson - means Chairman or chairperson of the Authority.
Document - it includes any matter written, expressed, described upon any substance by means of letter ,figures or marks or by more than one of those means in printing or in electronic version which is intended to be used or which may be used by the interim Pension fund Regulatory and Development Authority or Authority or intermediary or any other entity connected with National Pension system.
Individual Pension Account - An account of the subscriber, executed by contract setting out of the terms and conditions of the National Pension System.
Interim Pension Fund Regulatory and Development Authority - set up by central government through resolution No.F.No.5/7/2003-ECB & PR dated 10th October 2003.
Intermediary - includes Pension Funds, CRA, NPS trust , Pension fund advisor, retirement advisor, point of presence, a d such other persons or entities connected with collections management, record keeping, distribution and accumulation.
Members - members of Authority and includes its chairperson or chairman.
National Pension system - means contributory Pension system whereby contributions from Subscribers are collected, accumulated in individual Pension account using a system point of presence, a central record keeping agency and Pension funds as may be specified by regulations.
National Pension system trust - Board of the trustees who hold the assets of Subscribers for their benefit.
Notification - means notification published in official Gazette.
Pension Funds - means an intermediary which has been granted a certificate of registration by the Authority as a Pension fund for receiving contributions , accumulateing them and making payments to Subscribers in the manner specified by regulations.
Point of presence - an intermediary registered with Authority as point of presence and capable of electronic connectivity with CRA for the purpose of receiving and transmitting funds and instruction and pay out of fund.
Regulated assets - the assets and properties both tangible and intangible owned, leased or developed by and other rights belonging to the central Record keeping agency.
Securities Appellate Tribunal - established under sub section 1 of section 15-k of the securities and exchange board of India act 1992.
Subscriber - means a person who Subscribes to a Scheme of the Pension fund.
Trustee Bank - banking company defined in banking regulations act , bank which transfers fund , and contribution to the Pension fund Manager.
All these words expressions are important in National Pension system to learn empanalment of NPS and working processes of National Pension schemes.
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