Section 25 of The Unified Pension Scheme: National Pension System Trust
National Pension System Trust Unified Pension Scheme
25. National Pension System Trust. – (1) The National Pension System Trust undertaking the activities under UPS shall
act in accordance with the trust deed and the Pension Fund Regulatory and Development Authority (National Pension
System Trust) Regulations, 2015, including the code of conduct.
(2) The National Pension System Trust shall perform its roles and responsibilities as provided under Chapter III of Pension
Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015 as if the reference to
“National Pension System” in such regulations shall extend to “Unified Pension Scheme” option under NPS, as well.
(3) The power, functions and obligations of the Board of Trustees and Chief Executive Officer of the National Pension
System Trust, arising under Pension Fund Regulatory and Development Authority (National Pension System Trust)
Regulations, 2015 shall extend to activities under UPS, as provided under these regulations. The Chief Executive Officer
and the Board of Trustees shall have the overall responsibility of discharging obligation of the National Pension System
Trust under these regulations.
(4) The National Pension System Trust shall undertake activities for implementation of UPS in accordance with these
regulations, including: (i) authorise release of UPS benefits, after due verification of UPS Payout Order issued by the PAO of the Central
Government;
(ii) authorise release of monthly payout from the Pool Corpus to the bank account of the UPS Subscriber or the legally
wedded spouse, as the case may be, and periodic release of applicable dearness relief;
(iii) periodic instructions to CRA to release applicable Dearness Relief;
(iv) checking availability of valid life certificate in CRA system for release of monthly payouts;
(v) authorizing transition of assured payout to legally wedded spouse, upon demise of the UPS subscriber;
(vi) segregation of UPS scheme accounting;
(vii) concurrent audits of assured pay out from pool corpus and its monitoring for Asset-Liability Management;
(viii) ensure coordination among intermediaries and other entities implementing UPS and monitoring such activities;
(ix) ensure adequate and timely reporting to the Authority and the Central Government as may be required; and
(x) any other functions and activities instructed by the Authority.