The Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations were notified in the year 2016. The objective of the Regulations is to provide a framework for eligibility of Retirement Advisers, their registration process, fees etc. of Retirement Advisers (RA) and to define the scope of work and responsibility of the Retirement Advisers to ensure orderly growth of pension sector
In order to expand the National Pension System (NPS) to NRIs, PFRDA has decided to amend the PFRDA (Retirement Adviser) Regulations, 2016 in order to facilitate RA to provide onboarding and advisory services to the NRIs.
Non Resident Indians (NRIs) between the ages of 18-60 years are eligible to join NPS on voluntary basis. NRIs have also been provided the online facility to open account under NPS besides the conventional mode of account opening through the Points-of-Presence (PoPs).
As on 30.03.2017, 2611 NRIs have subscribed to NPS, out of which 1401 NRIs have joined NPS during the financial year 2016-17.
This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.
NPS access for non-resident Indians expands as retirement adviser rules amended to enable onboarding and advisory services. Amendment to the
Retirement Adviser Regulations permits Retirement Advisers to provide onboarding and advisory services to NRIs, who are eligible to join the National Pension System on a voluntary basis between ages 18-60. The amendment enables facilitation of NPS account opening for NRIs through authorised Retirement Advisers, complements Points-of-Presence account opening, and supports an online facility to expand NPS participation and orderly pension sector growth.
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