Para 12 — NPS

12. The Ministry of Finance, Department of Financial Services, is centrally responsible for the NPS. PFRDA as a regulatory body is mainly responsible to oversee the functioning of the whole NPS set up. There is National Securities and Depository Limited(NSDL), the Central Recordkeeping Agency (CRA) which inter alia maintains records, issues PRAN to subscribers and entertain request for change in nominations. Funds from PAO is transferred to a Trustee Bank from where it is distributed to three Pension Fund Managers (PFM) which are subsidiaries of SBI, UTI and LIC in a designated ratio. In the default scheme the PFMs invest 85% in fixed income instruments and 15% in equity or equity related instruments. At the time of retirement, while 60% of the value is returned to the subscribed, 40% is mandatorily required to be invested in Annuity Plan which ensures monthly pension to the subscriber.