Speeding Up the Pension Fund Process: New T+2 Timelines

The Pension Fund Regulatory and Development Authority (PFRDA) has issued a circular to inform all stakeholders of the National Pension System (NPS) of the reduction in the turn around time (T+2) for various activities. The intermediaries of PFRDA, such as the Central Recordkeeping Agencies (CRAs), Pension Funds (PFs), and Custodian, have improved their IT capabilities to provide a better subscriber experience. The timeline for processing Partial Withdrawal requests has also been reduced to T+2 across all CRAs. The reduced timelines will be introduced in a phased manner for more activities in the future for the benefit of subscribers. The updated list of CRA-wise activities processed on T+2 basis is provided in the annexure.

Minimum Timelines for Maximum Subscribers’ benefits – Reduction in Turn Around Time to perform various activities from T+4 to T+2 – reg

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

Circular No: PFRDA/2023/06/SUP-CRA/03

7th Feb 2023

CIRCULAR

To,
All Stakeholders under NPS

Subject: Minimum Timelines for Maximum Subscribers’ benefits – Reduction in Turn Around Time to perform various activities from T+4 to T+2 – reg

The intermediaries of PFRDA viz Central Recordkeeping Agencies (CRAs), Pension Funds (PFs) and Custodian have significantly enhanced the system interface and IT capabilities to reduce the timelines of various transactions for providing better subscriber experience to fulfill their evolving needs, as communicated vide Circular No PFRDA/2022/23/SUP-CRA/08 dated 19th Sep 2022.

  1. PFRDA is pleased to inform about the addition of more services in the bouquet under T+2 timelines. Timeline for processing Partial Withdrawal requests has also been reduced to T+2 across all CRAs now. For instance, those partial withdrawal requests authorized on Monday till specified timelines shall be processed such that the Subscribers’ Bank Account is credited on Wednesday, considering those 3 days are settlement days.
  2. The updated list of CRA-wise activities which are processed on T+2 basis is provided in the Annexure for ready reference.
  3. The reduced timelines will be introduced in a phased manner in the future for many more activities in the interest of Subscribers.

Yours sincerely,
Digitally signed by K
MOHAN GANDHI
Chief General Manager

Source: www.npstrust.org.in

Speeding Up the Pension Fund Process

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