Bank of Baroda allows Staff to Choose Pension Fund of their Choice

Bank of Baroda has allowed staff to choose Pension fund of their choice.

As per the extant guidelines, employees who have joined the Bank’s services on or after 01-04-2010 are mandatorily covered under Corporate Sector Model of National Pension System (NPS).

The NPS contributions of both the Employee and Employer in respect of all the staff subscribers under NPS (Tier-I) are being remitted to their respective PRAN accounts maintained by Central Record-keeping Agency (CRA) i.e. Protean eGov Technologies Ltd and invested in “Corporate-CG Scheme” through SBI Pension Fund Pvt Ltd chosen by the Bank as Pension Fund Manager, which is presently operating.

Now, pursuant to the directives of the Pension Fund Regulatory and Development Authority (PFRDA) and Indian Banks’ Association (IBA), the Competent Authority has granted approval to introduce the facility of option to Choose Pension Fund Manager (PFM) and Modification of Investment Pattern / Asset Allocation for NPS (Tier-I) Staff Subscribers at their individual level, which is currently at the Corporate Level.

Accordingly, the NPS (Tier-I) Staff Subscribers may change their Pension Fund Manager (PFM) once in a financial year and change the investment choice / asset allocation four times in a financial year as per their risk appetite. Such decision may be necessitated due to personal or market circumstances, performance of current scheme or fund manager does not meet expectations, change in financial goals etc., as deemed fit by the individual employee.

How to change Pension Fund?

The NPS Staff Subscribers can make changes through the “Make Transaction -> Change PFM- Asset Class” in CRA portal (https://cra-nsdl.com/CRA/) or “Scheme Change” section in NPS Mobile App by self-login using PRAN and password.

The Standard Operating Procedure (SOP) in this regard, is available on the CRA portal at https://www.npscra.nsdl.co.in/pop.php