ASP: Annuity Service Provider
Pension Fund Regulatory and Development Authority (PFRDA) has empaneled the following six IRDA approved life insurance companies for providing annuity services to the subscribers of National Pension System (NPS).
1. Life Insurance Corporation of India
2. SBI Life Insurance Co. Ltd.
3. ICICI Prudential Life Insurance Co. Ltd.
4. Bajaj Allianz Life Insurance Co. Ltd.
5. Star Union Dai-ichi Life Insurance Co. Ltd.
6. Reliance Life Insurance Co. Ltd.
Central Recordkeeping Agency (CRA): National Securities Depository Limited (NSDL) and The Pension Fund Regulatory and Development Authority (PFRDA) have set up Central Recordkeeping Agency (CRA) for the National Pension System (NPS). CRA maintain database of all PRANs and record the transactions related to each subscriber’s PRAN.
NRA: Normal Retirement Age
NPS: New Pension Scheme
NPS TRUST: It’s a trust, set up under the Indian Trusts Act, that is responsible for taking care of the funds under the New Pension Scheme (NPS) and protect subscriber interests
PENSION FUND MANAGERS (PFMs): To invest and manage funds –
1. ICICI Prudential Pension Funds Management Co. Limited
2. SBI Pension Fund Pvt. Limited
3. UTI Retirement Solutions Limited
4. IDFC Pension Fund Management Co. Limited
5. Kotak Mahindra Pension Fund Limited
6. Reliance Capital Pension Fund Limited
7. LIC Pension Fund Limited,
Permanent Retirement Account Number (PRAN): PRANs will issued by CRA to each subscriber. It’s an unique number.
PFRDA (Regulator): Pension Fund Regulatory & Development Authority
POINTS OF PRESENCE(PoPs): PFRDA has appointed Point Of Presence (POP) to provided various facilities (like opening Permanent Retirement Account, contributing to NPS etc).
POP Service Providers (POP-SP): POPs’ shall provide the services under NPS through their network of branches called POP Service Providers (POP-SP).
PRA: Permanent Retirement Account
Trustee Bank: Bank of India is the designated agency to facilitate fund transfers across various entities such as subscribers, the fund managers and the annuity service providers.