New NPS guideline: Process NPS pension plan like OPS, pension plan bookkeeping body informs authorities – vital information

The Central Pension Accounting Office (CPAO) on March 12 released guidelines to all appropriate authorities to adhere to its brand-new standards of refining NPS pension plan instances similarly as the Old Pension Scheme (OPS).

Earlier, on December 18, 2023, the CPAO had actually released standards to carry out the technique in order to make sure prompt pension plan disbursal to retired workers under the National Pension System (NPS). The March 12 Office Memorandum (OM) advises Pay and Accounts Offices (PAOs) to comply with the order.

What CPAO has actually claimed

The CPAO kept in mind that particularly sometimes, PAOs are sending 3 duplicates of provisionary PPOs while sending NPS instances. The brand-new guidelines mandates them to send 2 duplicates of PPO brochures, which are the pensioner part and the disburser part. This is triggering unneeded hold-ups in dispensation of pension plan quantities.

“It has been observed that while submitting such cases to CPAO, few PAOs have not followed the guidelines in submission of NPS cases as OPS cases. To be more specific, it has been noticed that three (03) copies of Provisional PPOs (used earlier for submission of NPS cases to CPAO) have been submitted by PAOs, while submitting NPS cases as OPS cases whereas only two (02) copies of PPO Booklets (Pensioner Portion & Disburser Portion) should be submitted along with cases to CPAO,” the CPAO claimed in its memorandum.

The authority has actually prompted CCAs and CAs to purely abide by the upgraded standards.

“In view of the above, all the Pr. CCAs/CCAs/CAs (with independent charge)/AGs are requested to instruct the PAOs under their control to strictly adhere to the guidelines issued in the previous OM dated 18.12.2023 by CPAO. Similarly, all the CPPCs of the authorised Banks are also requested to go through the OMs issued by this office and subsequent orders in this regard and act accordingly,” it claimed.

CPAO brand-new pension plan guideline

Under the brand-new guidelines of the CPAO, the handling of pension plans of of workers retiring under NPS will certainly be made comparable to the procedure of OPS. This is intended to make the pension plan dispensation much faster and clear. It will certainly likewise assist NPS recipients obtain their pension plan promptly in an easy way.