NLCIL’s Transition to the National Pension System: Overview and Implementation
NLCIL has been managing Superannuation Funds since January 1, 2007, aimed at providing pension and superannuation benefits to its employees. These funds are designated as the “NLC Employees’ (Executives and Non-Unionized Supervisors) Superannuation Fund” and the “NLCIL Employees’ (Non-Executives & Workmen) Superannuation Fund.” Following the directive from the Department of Public Enterprises (DPE) for voluntary adoption of the New Pension Scheme (NPS), employees were given the option to transition to the NPS administered by the Pension Fund Regulatory and Development Authority (PFRDA).
To facilitate this transition, NLCIL appointed ICICI Bank Limited as a Point of Presence (POP) through an open tender process. As a recognized POP of PFRDA, ICICI Bank will assist in creating and migrating individual Permanent Retirement Account Numbers (PRAN) for NPS subscribers while also providing customer services.
As per the willingness expressed by NLCIL employees, funds from the existing Superannuation Fund are being transferred to the National Pension System. Furthermore, on April 26, 2024, the DPE issued an Office Memorandum urging all Administrative Ministries to disseminate information about the NPS to Central Public Sector Enterprises (CPSEs) for its effective implementation. The NPS, introduced by the Central Government, operates under stringent supervision by the PFRDA.
GOVERNMENT OF INDIA
MINISTRY OF COAL
LOK SABHA
UNSTARRED QUESTION NO. 3049
TO BE ANSWERED ON 19.03.2025
Transfer of Pension Fund of Employees
3049. Dr. M K Vishnu Prasad:
Will the Minister of COAL be pleased to state:
(a) the reasons for transferring the pension fund of nearly 360 crores of the Neyveli Lignite Corporation Limited (NLC) employees from the Government undertaking Life Insurance Corporation (LIC) of India to the private entity ICICI bank;
(b) whether such proposals/decisions are brought to the notice of the Ministry and if so, the details thereof; and
(c) the advantages of depositing pension fund in a private entity over Government run LIC?
ANSWER
MINISTER OF COAL AND MINES
(SHRI G. KISHAN REDDY)
(a): NLCIL is operating Superannuation Funds under the names “NLC Employees’ (Executives and Non-Unionized Supervisors) Superannuation Fund” and “NLCIL Employees’ (Non-Executives & Workmen) Superannuation Fund” for providing pension /superannuation benefits to its employees with effect from 1st January, 2007 through the respective Trusts. On receipt of Department of Public Enterprises (DPE) OM for voluntary adoption of New Pension Scheme administered by Pension Fund Regulatory and Development Authority (PFRDA), option was given to the members of both the Funds for switch over to National Pension System (NPS). In order to implement National Pension System (NPS), NLCIL was required to appoint a Point of Presence (POP) and accordingly M/s ICICI Bank Limited (M/s ICICI) has been engaged as POP through open tendering procedure. M/s ICICI is a recognized POP of PFRDA. POPs are the Service providers appointed by PFRDA and its functions include assisting in the creation/migration of individual PRAN (Permanent Retirement Account Number) and extending customer services to NPS subscribers. Based on the willingness received from members (NLCIL employees), Corpus Fund from NLCIL Superannuation Fund is being transferred to National Pension System (NPS).
(b): Department of Public Enterprises requested all the Administrative Ministries by its Office Memorandum dated 26th April, 2024 to bring to the notice the details of NPS to the CPSEs for its implementation.
(c): The pension fund will be under National Pension Fund System (NPS) introduced by the Central Government and NPS is operated under strict supervision of PFRDA.
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