Review of Functioning of National Pension System Oversight Mechanism

Key Points:

• The National Pension System Oversight Mechanism was established in 2019 for each Ministry/Department to ensure timely crediting of contributions to the National Pension Scheme.
• The Central Civil Services (Implementation of National Pension System) Rules 2021 have been notified.
• A review meeting on the operationalization of the Oversight Mechanism and the CCS (NPS) Rules 2021 was chaired by Shri V. Srinivas, Secretary (Pension) on 21.02.2024.
• The Oversight Mechanism focuses on overseeing NPS implementation and ensuring timely remittance of contributions and grievance redressal.
• Ministries/Departments need to submit six-monthly reports on NPS implementation and ensure timely generation of PRAN, contribution remittance, and implementation of specified rules.

The review meeting was held on 21.02.2024.

• When was the National Pension System Oversight Mechanism established and what is its purpose?
• Explain the key highlights of the Central Civil Services (Implementation of National Pension System) Rules 2021.
• What are the responsibilities of Ministries/Departments as outlined in the review meeting chaired by Shri V. Srinivas?

Strategies & Methodologies:

Ministries/Departments should proactively adhere to the guidelines set by the Oversight Mechanism to ensure smooth implementation of the National Pension System. Regular reviews and timely submission of reports are crucial for effective oversight.

Theme of Government Accountability and Pension Management

Summary:

The National Pension System Oversight Mechanism, established in 2019, aims to ensure the efficient operation of the National Pension Scheme. Ministries/Departments need to adhere to guidelines, submit regular reports, and oversee timely contribution remittance for effective implementation of the system.