Monday, December 9, 2013

National Pension System (NPS) - Abbreviations and Definitions

National Pension System (NPS) - Abbreviations and Definitions

Abbreviations and Definitions of National Pension System compiled here under for your information. The key words are frequently used among the employees working in Central and State Governments...

The following words and expressions shall have the meaning specified below, unless the context otherwise requires:

ASPAnnuity Service Provider
CGMSCentralised Grievance Management System
CRACentral Recordkeeping Agency
DCDefined Contribution
GRCGrievance Redressal Cell
GRMGrievance Redressal Mechanism
IMAInvestment Management Agreement
IPOInitial Public Offer
KYCKnow your Customer
NPSNational Pension System
NRANormal Retirement Age
PFs/PFMsPension Funds/Pension Fund Managers
PFRDAPension Fund Regulatory and Development Authority
POPPoint of Presence
POP-SPPoint of Presence – Service Provider (Authorized branches of POP for NPS)
PRAPermanent Retirement Account
PRANPermanent Retirement Account Number
TBTrustee Bank
FEMAForeign Exchange Management Act

Applicable NAVUnless stated otherwise in the Offer Document, 'Applicable NAV' is the Net Asset Value at the close of a Working Day.
ApplicantAn individual who has expressed interest in joining NPS and has duly completed all formalities.
CustodianAgency responsible for holding assets of the NPS Trust. Refers to the Stockholding Corporation of India Limited (SHCIL)
IMAInvestment Management Agreement, entered into between NPS Trust and the Pension Funds.
Offer DocumentThis document, issued by PFRDA, making an offer to potential applicants to subscribe to NPS.
RBIReserve Bank of India, established under the Reserve Bank of India Act, 1934.
SubscriberAn individual who has become a member of the NPS
Unit holderSubscriber is also referred to as unit holder with respect to the units he/she owns.
Trust DeedThe Trust Deed entered into between the NPS Trust and PFRDA, as amended up to date, or as may be amended from time to time.
Trust FundThe corpus of the Trust and all property belonging to and/or vested in the Trustees.
Working DayA day other than any of the following (i) Saturday or Sunday; (ii) a day on which banks including the Reserve Bank of India are closed for business or clearing and (iii) a day on which the Purchase and Redemption of Units is suspended.



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