About PoPs

A Point of Presence (POP) is an intermediary registered with the Authority under sub-section (3) of section 27 of the PFRDA Act, 2013. POPs are capable of electronic connectivity with the central recordkeeping agency to receive, transmit, and pay out funds and instructions.

Role of POPs in NPS Architecture

POPs serve as the primary interaction point between subscribers and the National Pension System (NPS) architecture.

They perform essential functions such as:

• Subscriber Registration: Facilitating the registration process for new subscribers.
• KYC Verification: Conducting Know Your Customer (KYC) verification to ensure compliance.
• Contribution Management: Receiving contributions and instructions from subscribers and transmitting them within the NPS framework.  

Compliance with PML Act

POPs and their authorized branches (POP-SPs) must comply with the Prevention of Money Laundering (PML) Act, 2002, and its rules, ensuring adherence to legal and regulatory standards.

Functions

The Point of Presence (POP) is responsible for the following functions in accordance with the PFRDA Act, rules, regulations, guidelines, circulars, directions, and instructions issued by the Authority:

A. Interacting with Potential Subscribers:

1. Address queries regarding pension schemes covered under the Act.
2. Provide and display information as per the provisions of the pension schemes.

B. Registration of Subscribers:

1. Receive subscriber registration requests along with Know Your Customer (KYC) records.
2. Conduct customer due diligence procedures.
3. Process the request in the central recordkeeping agency system or as directed by the Authority.

C. Processing of Contributions:

1. Open and maintain a collection account for each pension scheme.
2. Receive contributions from subscribers or their employers.
3. Upload contribution details and generate subscriber contribution files from the central recordkeeping agency.
4. Remit contributions to the National Pension System Trust account maintained with the Trustee Bank.

D. Servicing of Subscriber Requests:

1. Receive, process, and approve requests or instructions.

E. Redressal of Subscriber Grievances:

1. Receive and redress grievances in accordance with Regulations.

F. Processing of Exits and Withdrawals Requests:

1. Receive requests for withdrawal and exit from pension schemes along with stipulated documents and KYC records.
2. Conduct due diligence procedures for subscribers, nominees, or legal heirs.
3. Process and approve exit and withdrawal requests in the central recordkeeping agency.

G. Maintenance and Transfer of Documents to Central Recordkeeping Agency:

1. Maintain and transfer forms along with stipulated documents and KYC records to the central recordkeeping agency as determined by the Authority.

H. Submission of Compliance Reports and Certificates:

1. Submit compliance reports and certificates as per circulars, guidelines, directions, and instructions issued by the Authority.

Registration Process

Applicants interested in becoming a Point of Presence (POP) can seek registration under the PFRDA (Point of Presence) Regulations, 2018, as amended on 10.01.2024. Registration can be sought for the following pension schemes:

1. National Pension System (NPS)
2. Atal Pension Yojana (APY)
3. Applicants are requested to refer to the below mentioned regulations for complete information:

*Note - Applicants are requested to refer to notified regulations for complete information on the subject matter.

Annual Compliance Certificate

Format of Annual Compliance Certificate (ACC) for Point of Presence as per PFRDA (Point of Presence) Regulations, 2018 as amended.

Process of Refund for SPCPA (PoP-NPS)

Learn about the detailed process for obtaining a refund from the Subscriber Pension Contribution Processing Agency (SPCPA) under the National Pension System (NPS).

For more information, please visit the dedicated Refund Page on our website.