PFRDA integrates NPS statement with CAS

Move could potentially benefit over 1.3 crore NPS subscribers; facility to be available only on consent basis

This latest move of PFRDA to integrate the NPS Statement of Transaction with CAS is in sync with the Centre’s vision to create a comprehensive record of every individual’s financial assets

Pension regulator PFRDA in coordination with capital market regulator SEBI has enabled the NPS subscribers to view their pension fund corpus along with their demat securities and MF holdings under a single consolidated account statement (CAS). This functionality that will benefit over 1.35 crore NPS subscribers, is expected to provide a simplified and secured way to stay informed on NPS investments through CAS.

Also Read: PFRDA expects pension assets to surpass ₹11-lakh crore by March next

Currently, CAS, which is provided by National Securities Depository Ltd and Central Depository Services Ltd, offers a consolidated view of personal investments in the securities market with updated mark-to-market values.

Till date, nearly 50,000 NPS subscribers have already evinced interest and provided their consent to avail the facility of viewing their NPS corpus under CAS, sources said.

Comprehensive record

This latest move of PFRDA to integrate the NPS Statement of Transaction (SoT) with CAS is in sync with the Centre’s vision to create a comprehensive record of every individual’s financial assets.

Currently, the NPS SoT is shared on an annual basis either physically or through email and it can also be viewed online in the Central Record Keeping Agency (CRA) login.

Also Read: NPS assets grow by 27% to ₹9.92-lakh crore in one year

Now, PFRDA has enabled CRAs to integrate with depositories, registered with SEBI to provide NPS subscribers with the option to include NPS transactions in CAS.

Consent basis

The facility to include NPS SoT in CAS will be available to NPS subscribers on consent basis, said a PFRDA circular.

If the subscriber wishes to opt for the inclusion, the consent can be provided on the respective website of CRAs, it added.

Pension assets have been growing at robust pace in recent years with Compounded Annual Growth Rate (CAGR) of over 20 per cent. The assets under management of NPS and APY in aggregate have now touched ₹ 9.92-lakh crore.

Also Read: Shift to Old Pension Scheme by 5 States is a fiscally regressive step: ICRA

Benefits

Having a CAS has several benefits including simplified record keeping, enhanced safety and timely information.

CAS eliminates the need to maintain separate statements for different investments by summarising the details into one comprehensive statement.

This reduces paperwork and provides a consolidated view of all investments at one one place, making it easier to manage and track the same.

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PFRDA integrates NPS statement with CAS