CONTRIBUTORY PENSION SCHEME (CPS). Employees (Teachers) who got recruitment on or after 01.09.2004 have to come under the New Contributory Pension Scheme CPS in both Telangana and Andhra Pradesh States. In this CPS Scheme employees have to deduct 10% of their Basic Pay & D.A towards their contribution and Government will add the same amount to their Contributory Pension Scheme Accounts (CPS acounts called PRAN). The Complete details of the CPS Scheme and the investment strategy is presented by apteachers.in is as follows::
The employees of Andhra Pradesh and Telangana who have joined on or after 1.9.2004 comes under the Contributory Pension Scheme (CPS). The retirement benefits of the Employees are changed, who comes under CPS Scheme. There will not be any Pension to the Employees, But instead there is NEW Pension Scheme implemented which is proposed by Central Government and adopted in the State as Contributory Pension Scheme.
Contributory Pension Scheme-AP CPS and PRAN Complete Details
Brief Details of CPS Scheme (Contributory Pension Scheme)The employees of Andhra Pradesh and Telangana who have joined on or after 1.9.2004 comes under the Contributory Pension Scheme (CPS). The retirement benefits of the Employees are changed, who comes under CPS Scheme. There will not be any Pension to the Employees, But instead there is NEW Pension Scheme implemented which is proposed by Central Government and adopted in the State as Contributory Pension Scheme.
How to Invest in CPS - Pension Procedure in CPS Pension Scheme
- The CPS employees have to contribute 10% of their Basic Pay and DA as subscription to their CPS Pension Fund.
- Means 10% of Basic+DA will be deducted from the Salary of the CPS employees monthly as CPS subscription.
- Government contributes 10% matching grant to the CPS Subscription.
- The total amount is then deposited in CPS PRAN ACCOUNT of the CPS Employees.
- The CPS PRAN (NPS PRAN) is monitored by PFRDA and NSDL. There are 3 PFM (Pension Fund Managers) allotted to Maintain the CPS Pension Fund. (LIC, SBI, UTI)
- They investment the CPS Pension Funds in various Stocks, Debt Funds and Govt Securities, Market Instruments.
- At the time of Retirement upon superannuation of CPS Employee, The accumulated pension fund of CPS PRAN of the employee is then calculated for pension fund. On attaining the age of superannuation, at least 40% of the accumulated pension wealth should be utilized for purchase of an annuity providing for monthly pension in the PFRDA empanelled Annuity Service Provider. Max of 60% of accumulated pension wealth can be taken by the CPS Employee
- The INTEREST on the 40% of the Accumulated CPS Pension wealth is given as pension.
CPS Subscription INVESTMENT by Pension Fund Managers
These CRA FC Centers will accept the New CPS PRAN APPLICATIONS.
- At present, there is only one default scheme for Tier I for Government employees. In the default scheme, the contribution is allocated to three PFMs, viz. SBI Pension Funds Private Limited, UTI Retirement Solutions Limited and LIC Pension Fund Limited in a predefined proportion. At present the allocation of funds to three PFMs is as follows: LIC Pension Fund 33%, SBI Pension Funds Pvt Ltd 33%, UTI Retirement Solutions 34%.
- Previousely On May 15, 2013, Government has revised the allocation ratio of funds (Contribution remitted by the DTA/ DTOs) from 35:31:34 to 33:34:33 for the three PFMs - SBI, UTI and LIC respectively. On May 25, 2012, Government has revised the allocation ratio of funds (contribution remitted by the DTA/DTOs) from 31:35.5:33.5 to 35:31:34 for the three PFMs - SBI, UTI and LIC respectively.
- Each of the PFMs will invest the funds in the proportion of upto 55% in Government securities, upto 40% in Debt securities, upto 15% in Equity and upto 5% in Money Market instruments.
Contributory Pension Scheme-CPS and PRAN APPLICATION Submission Centers
The New CPS PRAN APPLICATIONS can be submitted in hand to the following facilitation centres consituted by PFRDA. Currently there are three centers in Telugu states. The Address are given below.
CPS PRAN APPLICATION Submission Office Address
There are Four CRA Fecilitation Centers in Telugu States. Two are in Andhra Pradesh, Two are in Telangana.These CRA FC Centers will accept the New CPS PRAN APPLICATIONS.
| CPS PRAN APPLICATION SUBMISSION CENTERS IN Andhra Pradesh | CPS PRAN APPLICATION Submission Centers TELANGANA |
|---|---|
|
Center-1 AP VISAKHAPATNAM CRA PRAN APPLICATION CENTER Vishakhapatnam 52025 KARVY DATA MANAGEMENT SERVICES LTD 48-8-7, GROUND FLOOR, DWARAKA DIAMONDS SRINAGAR, VISHAKHAPATNAM, ANDHRA PRADESH, PIN-530016, Contact Name:M SUDHAKAR, Alternate Officer Name:SHIVA, Mobile No:9989704059, 7382411982, Alt Mobile No:9849444535, Email ID:TINVIZAG@KARVY.COM Center-2 AP VIJAYAWADA PRAN APPLLICATION CENTER Vijayawada 56022 INTEGRATED ENTERPRISES (INDIA) PVT LTD DOOR NO.29-13-29, 1ST FLOOR, KAESWARA RAO ROAD, SURYARAOPETA, VIJAYAWADA, ANDHRA PRADESH, PIN-520002, Contact Name:ANITHA DEVI, Alternate Officer Name:SRUMGARAM MANOHAR, Mobile No:9849912524, Email ID:VIJAYAWADA@INTEGRATEDINDIA.IN |
Center-1 Telangana Hyderabad 56007 INTEGRATED ENTERPRISES (INDIA) PVT LTD 5-10-193, GROUND FLOOR, EXT TO HACA CONSUMERS STORES, HACA BHAVAN, ILL FORT ROAD, HYDERABAD, Telangana,IN-500004, Contact Name:MR.SALMON RAJU M, Alternate Officer Name:R RAJITHA, Mobile No:9849912522, Alt Mobile No:9059024011, Email ID:APETDS@INTEGRATEDINDIA.IN Center-2 Telangana Hyderabad 52026 KARVY DATA MANAGEMENT SERVICES LTD KARVY HOUSE,46 AVENUE 4,STREET NO. 1, BANJARA HILLS,HYDERABAD,TELANGANA, PIN-500034, Contact Name:SATISH, Alternate Officer Name:SATISH, Mobile No:8919428732, Alt Mobile No:7207204880, Email ID:TINHYD@KARVY.COM |
CPS Useful Detailed Information:
- GO.62-CPS-CPS Pension Procedure - CPS Withdrawal Procedure and process for State Govt CPS Employees (New)
- What is New Pension Scheme : Tier-1 Account and Benefits of CPS
- CPS Withdrawal Forms and Documents-Click Here
- New Proposed Withdrawal Process in New Pension Scheme (CPS)
- PFRDA Act 2013 -Pension Fund Regulatory and Development Authority Act
- ALL DDO's Registration Numbers working under a STO
CPS and "PRAN Number" Allotment Forms (Forms for New CPS Subcribers):
- S-1 Application for Allotment of PRAN -Click Here
- S-5 DDO Covering Letter for PRAN Application -Click Here
- S-6- Treasury Officer (STO) Covering Letter- Click Here
- N-3 New DDO Registration Form- Click Here
CPS PRAN Modification Forms (For Already Registered Subscribers)
- S-2 PRAN Subscribers Details Changing Form -Click Here
- S-7 Subscribers Photo and Signature Changing Form-Click Here
- S8 - DDO Covering Letter for CPS Changing (Modification) Forms-Click Here
Online Links Useful for CPS/PRAN
- CPS Subscribers Login Using their User ID and Password-Click Here
- New Pension Scheme (NPS) Official Website-Click Here
- Have you applied for PRAN Number-Then Track the Status of PRAN Allotment Using your Acknowledge Number given at the time of Registration-Click Here
- Track the IRA Status of PRAN Using Your Treasury ID Click Here
- Latest Fund Values of CPS-Click Here
