About NPS Trust
The NPS Trust has been set up and constituted to manage the assets and funds under the National Pension System (NPS) in the interest of the beneficiaries (subscribers). NPS Trust is the registered owner of all assets under the NPS architecture, and pension funds purchase the securities on behalf of the NPS Trust.
Established by PFRDA: The NPS Trust was set up by the Pension Fund Regulatory and Development Authority (PFRDA) on 27th February 2008.
Legal Foundation: It was established in accordance with the Indian Trusts Act of 1882.
Purpose: The NPS Trust manages the assets and funds under the National Pension System (NPS) for the benefit of subscribers.
Ownership: NPS Trust is the registered owner of all assets under the NPS architecture.
Beneficial Ownership: Subscribers remain the beneficial owners of the securities, assets, and funds under NPS.
Security Purchases: Pension funds purchase securities on behalf of the NPS Trust.
NPS Board
The NPS Trust is managed by a Board of Trustees, consisting of a minimum of five trustees and not more than eleven trustees, appointed by PFRDA (settler of NPS Trust) from time to time. One of the Trustees from the Board is designated by PFRDA as the Chairperson of the Board.
PFRDA appoints a suitable person as Chief Executive Officer (CEO) of the Trust, who is responsible for the day-to-day administration and management of the Trust, subject to the superintendence, control, and direction of the Board of NPS Trust. Ms. Suparna Tandon has been appointed as the CEO of NPS Trust effective from 22nd July 2024.
The Board meets once every three calendar months.
Current Board of Trustees
- Ms. Chitra Jayasimha - Chairperson
- Shri Masil Jeya Mohan - Trustee
- Dr. Prasenjit Mukherjee - Trustee
- Shri Debasish Mallick - Trustee
- Dr. Santosh Kumar Mohanty - Trustee
- Ms. Sunita Gupta - Trustee
- Dr. Pramod Kumar - Trustee (Nominated by DoPPW, Ministry of Personnel, Public Grievance and Pension, Govt. of India)
Highlights
- Board Composition: Minimum of five and a maximum of eleven trustees.
- Chairperson: One trustee designated as Chairperson by PFRDA.
- CEO Appointment: PFRDA appoints the CEO responsible for daily management.
- Regular Meetings: The Board meets every three months.
- Current Leadership: Ms. Chitra Jayasimha as Chairperson and Ms. Suparna Tandon as CEO.
Functions of NPS
As per the PFRDA Act 2013, the NPS Trust refers to the ""Board of Trustees"" who hold the assets of the subscribers for their benefit. The NPS Trust is one of the intermediaries mandated to ensure oversight and monitoring of all operational and service level or investment management activities of Pension Funds, Custodian, Trustee Bank, and Central Recordkeeping Agency (for activities related to exits and withdrawals under NPS and APY) and redressal of subscriber grievances. The NPS Trust ensures that all regulations and directives, such as circulars and guidelines issued by PFRDA, are adhered to by the aforementioned intermediaries.
In exercise of the powers conferred by sub-section (1) of Section 52 read with clause (v) and clause (w) of sub-section (2) of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority has notified the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015.