Government of India have come with a scheme called as New Pension Scheme. Being UTI ITSL as the Point of Presence/Point of Presence-Service Provider (POP/POP-SP) to provide various services with regards to New Pension Scheme, UTI ITSL developing a application as PFRDA NPS System which will facilitate the digitization and consolidation of the pension contribution details of the Subscribers.
PFRDA NPS System will be responsible for storing all the service information requested by the subscriber to POP/POP-SP. For the registration and contribution related services it will generate an upload file in a specific format for timely Uploading accumulated application data on NSDL's web-portal. With regards to other services PFRDA NPS System will only maintain the service information that will be manually updated at NSDL's web-portal on timely basis.
The new pension system would be based on defined contributions. It will use the existing network of bank branches and post offices etc. to collect contributions. There will be seamless transfer of accumulations in case of change of employment and/or location. It will also offer a basket of investment choices and Fund managers. The new pension system will be voluntary.