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May 3, 2010

Department of posts to distribute new pension system

   The Department of Posts, Government of India, has been enlisted
as a Point of Presence (PoP) for distribution of the New Pension System (NPS) by
Pension Fund Regulatory & Development Authority (PFRDA). The Department of Posts
(DOP) would, to start with, make the NPS available at over 800 of its branches
all over the country, and expand the distribution network to more branches in a
phased manner in its endeavour to make NPS available to all citizens in all
parts of the country. Both PFRDA and the Department of Posts see significant
potential and synergy in this partnership for the development of the NPS and
believe that it will significantly further and promote the Government’s
initiative to provide old age income security to all citizens of India.

   NPS is currently being distributed by 21 entities through nearly
800 branches spread all over the country. PFRDA is working with these
institutions to bring all their branches under NPS in a time-bound manner. NPS
will now be sold through over 1600 outlets of DOP and other entities.

   PFRDA is also considering proposals from other entities seeking
authorization to act as a PoP. PFRDA has accorded over-riding priority to
expansion of NPS distribution network in its effort to make NPS available within
the easy reach of all citizens.


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