Section 26 of The Unified Pension Scheme: Central Recordkeeping Agency
Central Recordkeeping Agency Unified Pension Scheme
26. Central Recordkeeping Agency. – (1) The CRA undertaking the activities under UPS shall comply with the terms
and conditions of registration as provided under the Pension Fund Regulatory and Development Authority (Central
Recordkeeping Agency) Regulations, 2015, including the code of conduct and fit and proper criteria.
(2) The CRA shall perform its roles and responsibilities as provided under Chapter III of Pension Fund Regulatory and
Development Authority (Central Recordkeeping Agency) 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 CRA shall develop appropriate, adequate and dynamic technology, infrastructure, systems, procedures and
processes for facilitating the activities under UPS by the concerned intermediaries and subscribers, including:
(i) enrolment and identifiable UPS account to UPS Subscribers;
(ii) enabling permissible choices to UPS Subscribers;
(iii) providing systems and forms to intermediaries and entities to implement UPS;
(iv) designing and providing UPS calculator;
(v) disseminating information to UPS Subscriber, intermediaries and other entities involved in implementation of UPS;
(vi) enabling National Pension System Trust to compute and authorise release of UPS benefits in terms of UPS Payout
Order;
(vii) undertaking activities for assured payout;
(viii) obtaining valid life certificate of the payee on an annual basis and report the same to NPS Trust;
(ix) periodic reporting to National Pension System Trust and Authority;
(x) comparison of individual corpus with benchmark corpus;
(xi) reconciliation of Pool Corpus;
(xii) recordkeeping of UPS Payout Order;
(xiii) recordkeeping of dearness relief and its application on assured payout;
(xiv) providing UPS Subscribers’ data on an aggregate basis to pension fund for managing Asset-Liability Management; (xv) authenticating partial withdrawals in accordance with regulation 18; and
(xvi) any other functions and activities instructed by the Authority.
(4) The CRA shall develop necessary system design and functionalities in its system and maintain adequate technological
platform for operationalising the UPS, end to end, within the timelines laid down by the Authority.
(5) The obligations of the management of CRA, Compliance Officer and Principal Officer, appointed by CRA, arising
under Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015 shall
ipso facto extend to activities under UPS, as provided under these regulations.
(6) The CRA shall abide by the provisions of Schedule III of the Pension Fund Regulatory and Development Authority
(Central Recordkeeping Agency) Regulations, 2015, pertaining to infrastructure requirements with such modifications as
are required to undertake its activities under UPS.