Question

State the functions of Pension Aggregators.

Answer 1

1. Subscriber Interface:
   • Facilitating the opening of NPS Lite accounts for potential subscribers.
   • Acting as the main point of contact between subscribers and the NPS Lite scheme.
   • Assisting in filling out registration forms and handling enrolment or updates to subscriber details.
   • Addressing and resolving subscriber grievances.
2. Managing Contributions and Investments:
   • Collecting pension contributions from subscribers through various modes like cash and cheque.
   • Aggregating contributions and related information for further processing.
   • Depositing the collected contributions into designated accounts on a T + 1 basis (next working day).
   • Maintaining complete records of all transactions and subscriber information.
3. Ensuring Compliance and Providing Support:
   • Ensuring all activities adhere to the regulations set by PFRDA (Pension Fund Regulatory and Development Authority).
   • Offering customer support services to subscribers regarding their accounts and pension-related queries.
   • Assisting subscribers with withdrawals and the disbursement of pension benefits.
   • Reporting all transactions and necessary information to the concerned regulatory authorities.