Review of Functioning of National Pension System Oversight Mechanism
Government has established the National Pension System Oversight Mechanism in 2019 for each Ministry/ Department under the chairmanship of the Financial Advisor of the Ministry/ Department for ensuring that the contribution of employees and Government are credited without delay to the National Pension Scheme.
Government has also notified the Central Civil Services (Implementation of National Pension System) Rules 2021. A review meeting on the status of operationalization of the National Pension System (NPS) Oversight Mechanism and the CCS (NPS) Rules 2021 was held under the Chairmanship of Shri V. Srinivas, Secretary (Pension) on 21.02.2024 at 3.00 P.M. with the Financial Advisors and the representatives of all Ministries / Departments.
The deliberations focused on the status of operationalization of the Oversight Mechanism in Ministries/ Departments to oversee the implementation of NPS in their Ministry. As per extant guidelines, the Oversight Mechanism Committee has to meet once in 3 months to review the progress.
Also Read: Scrapping of NPS and Restoration of Old Pension Scheme: Rajya Sabha QA – 12.12.2023
The Oversight Mechanism also has to ensure timely remittance of monthly contribution into NPS and redressal of grievances of employees covered under NPS. Ministries/ Departments have to formulate six monthly reports on the status of implementation of NPS in prescribed formats. Ministries / Department were asked to ensure timely generation of PRAN, remittance of monthly contribution, and implementation of Rule 10 of the CCS (Implementation of NPS) Rules, 2021 for taking option form and family details. It is expected that the periodic reviews of the implementation of NPS by the Oversight Mechanism would result in timely generation of PRAN of new appointees, ensure that contribution of employees and Government are credited without delay to the NPS and all accounts have nomination and contact details.
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