Sunday, December 8, 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:

ASP Annuity Service Provider
CGMS Centralised Grievance Management System
CRA Central Recordkeeping Agency
DC Defined Contribution
GRCGrievance Redressal Cell
GRM Grievance Redressal Mechanism
IMAInvestment Management Agreement
IPO Initial Public Offer
KYC Know your Customer
NPS National Pension System
NRA Normal Retirement Age
PFs/PFMs Pension Funds/Pension Fund Managers
PFRDAPension Fund Regulatory and Development Authority
POP Point of Presence
POP-SP Point of Presence – Service Provider (Authorized branches of POP for NPS)
PRA Permanent Retirement Account
PRANPermanent Retirement Account Number
TB Trustee Bank
FEMAForeign Exchange Management Act

Applicable NAV Unless stated otherwise in the Offer Document, 'Applicable NAV' is the Net Asset Value at the close of a Working Day.
Applicant An individual who has expressed interest in joining NPS and has duly completed all formalities.
Custodian Agency responsible for holding assets of the NPS Trust. Refers to the Stockholding Corporation of India Limited (SHCIL)
IMA Investment Management Agreement, entered into between NPS Trust and the Pension Funds.
Offer Document This document, issued by PFRDA, making an offer to potential applicants to subscribe to NPS.
RBI Reserve Bank of India, established under the Reserve Bank of India Act, 1934.
SubscriberAn individual who has become a member of the NPS
Unit holder Subscriber is also referred to as unit holder with respect to the units he/she owns.
Trust Deed The 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 Fund The 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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