UPS Regulations 2025: PFRDA ने जारी किया Unified Pension Scheme का Final Regulation

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

NOTIFICATION

New Delhi, the 19th March,2025

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

OPERATIONALISATION OF UNIFIED PENSION SCHEME UNDER NATIONAL PENSION SYSTEM) REGULATIONS, 2025

F.No. PFRDA-12/01/0001/2023-LEGAL.-

In exercise of the powers conferred by sub-section (1) of Section 52 read with clauses (f)and (w) of sub-section (2) thereof, of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to

operationalise the Unified Pension Scheme (UPS) introduced by the Central Government as an option under the National Pension System (NPS) for the employees of the Central Government who are covered under NPS, namely:

CHAPTER I: PRELIMINARY

1. Short Title and Commencement. -(1) These regulations may be called the Pension Fund Regulatory and Development

Authority (Operationalisation of Unified Pension Scheme under National Pension System) Regulations, 2025.

(2) The objective of these regulations is to lay down the framework to operationalise the UPS notified by the Central

Government in the Ministry of Finance vide notification number F. No. FX-1/3/2024-PR, dated the 24th January 2025,

and to define the obligations, roles and responsibilities of intermediaries and such Central Government offices as are

involved with implementation thereof, and for matters connected therewith or incidental thereto.

(3) These regulations shall come into effect from 1st April 2025.

2. Definitions. (1) In these regulations, unless the context otherwise requires,-

(a) "Act" means the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013);

(b) "Authority" means the Pension Fund Regulatory and Development Authority established under sub-section (1)

of section 3 of the Pension Fund Regulatory and Development Authority Act, 2013;

(c) "Admissible Payout" means the amount payable to a UPS subscriber for life, in such proportion and in such

manner as specified under these regulations;

(d) "Benchmark Corpus" means a corpus as specified under regulation 12;

(e) "Default pattern" means such choice of pension fund(s) and of investment pattern(s), as may be determined by

the Authority in respect of individual corpus under UPS, from time to time;

(f) "Family Payout" means the monthly amount payable to the legally wedded spouse of a deceased subscriber;

(g) "Head of Office" means a Gazetted Officer as defined under the Delegation of Financial Powers Rules, 2024,

issued by the Central Government, and includes such other authority or person whom the Central Government

may, by order, specify as Head of Office;

(h) "Individual Corpus" means the net asset value of units outstanding in the individual Permanent Retirement

Account Number (PRAN) of a subscriber;

(i) "Legally wedded spouse" means the spouse of a subscriber whose name appears as such in the service records

as on the date of superannuation or voluntary retirement or retirement under Fundamental Rules 56(j) (which is

not treated as penalty under Central Civil Services (Classification, Control and Appeal) Rules, 1965), as may be

applicable, and who is surviving the deceased subscriber;

(j) "Pool Corpus" means the fund specified under regulation 7;

(k) "Qualifying Service" means the period of service in respect of a UPS subscriber, as determined in the manner

specified under regulation 13;

(1) "Schedule" means the schedules appended to these regulations;......