CPS

CONTRIBUTORY PENSION SCHEME

1. About CPS

Employees (Teachers) who have recruited on or after 01.09.2004 have to come under the New Contributory Pension Scheme
                10% of Basic Pay and DA of an employee contribution and the same amount of Contribution by the State Government adjusted to this fund. The total amount adjusted to the Pension Fund. Now the government has been giving 8% of interest as per GO. Ms.No.226 Fin Dept Dated:29-09-2011
Now our State Government has entered into an agreement with N S D L (National Security Depositories Limited), Bombay to maintain PRAN accounts as Central Record Keeping Agendy ( C R A). Now, all the employees coming under the C P S have to apply for  P R A N (Permanent Retirement Account Number) alloted & maintained by N S D L, Bombay. For this, N S D L has appointed KARVY Consultants as Facility Centre, and there are one Facility Centres  at Hyderabad.

2.Structure(CPS)

Under NPS, each subscriber would be allotted a unique 16 digit Permanent Retirement Account Number (PRAN). This number would be portable. The records of transactions and investor would be maintained by central record Keeping agency (CRA). At present NSDL is the CRA and in future the number of CRA would be increased. The subscriber has an option to invest with seven Pension Fund Manager (PFM). He also has the option to choose any one or multiple PFM to manage his contribution. these PFM will have 3 Kind of funds categorized as E for Equity fund, G for fund investing in Government Securities and C for Fixed income securities other than Government Securities.

Tire-I: The Tire-I account is the basic NPS account that is non -withdrawable till retirement on in the case of death of the subscriber. In this type of account, the total corpus at the retirement age is split, whereby a minimum of 40 percent of the final corpus has to be compulsorily used to buy an annuity while the subscriber is free to withdraw the remaining 60 percent as a lum sum or in installments .

Tire-II: The tire-II accounts available only for existing subscriber of Tire-I account. The money contributed into this account can be freely withdrawn when the subscriber wishes by maintaining minimum balance that need to maintained at the end of the financial year.

3. Imp Links

Subscriber Login

NPS Official Website

Subscriber Registration request Status

Tracking of IRA status of PRAN

4. CPS Related Forms

5. Related GO's

1. Contributory Pension Scheme – DA arrears credited to CSS – Clearing of DA arrears of CPS employees, which were hitherto credited to CSS – Orders – Issued
2. Contributory Pension Scheme instruction to the DTA/PAO/DWA PRC Arrears credited to the css account
3. Contributions deducted under New Pension System for the Employees governed by AP Revised Pension Rules 1980 – Transfer to GPF Accounts/Refund of deductions - Orders
4. New Pension Scheme (Contributory Pension Scheme) - Payment of interest @ 8% per annum on the CPS contributions of the employees and matching contributions of the Government for the legacy period from 01-09-2004 to 31-03-2011 – Orders – Issued.
5. New Pension Scheme (Contributory Pension Scheme) - Payment of interest @ 8% per annum on the CPS contributions of the employees and matching contributions of the Government for the legacy period from 01-04-2011 upto the period of the legacy data is uploaded – Orders – Issued
6. Contributory Pension Scheme – Subscriber’s Registration – Instructions to Drawing & Disbursing Officers
7. Contributory Pension Scheme (NPS) – Subscribers Registration – Instructions to all Drawing and Disbursing Officers
8. Treasuries and Accounts - Pensions -CPS-(NPS) - Subsribers Registration- Instructions – to all DDOs

      How to check your Financial Year Contribution in cra-nsdl

1. Go to  https://cra-nsdl.com/

2.     User ID        :     Is your pran no
        Password   :      Enter your Password   
   
                              SUBMIT

3. In Transaction Statement    you can find two options
                                                               1. Holding  Statement
                                                               2. Transaction Statement 

                                    Click on Transaction Statements

4.   Select Financial Year

      Click on Genarate Statament

5.  To download your statement in PDF click on  Export To PDF

                        Why should we oppose  cps

The new pension scheme which came into existence  after the passage of pension fund regulatory development authority act in the parliament, had several lacunae in that the employees apponted to government services after January 2004.

1.the NPS envisages contribution from the employees, whereas  there was no need of contribution in  the old pension scheme.

2. Pension to employees are not linked with inflation or pay revision commission and the payment would entirely depend on the market fluctuations, as the funds mobilised in the NPS would be invested in the share markets.

3. While the maturity amount in the old pension scheme is entirely tax free, whereas in the NPS. system envisages 60 % of the total amount is taxable, even the remaining 40 % also comes under thr provisions of  income tax act.

4. There was no mention of commutation and gratutity in the NPS.

5. There is no provision for cost of living adjustments dased DA to employees in the NPS

So briefly these are the drawbacks in the NPS.

So we must protest agaist such an arbitrary,draconian act tooth and nail