NPS Trust is an intermediary under NPS architecture.
The PFRDA in its capacity as a settlor, established the National Pension System Trust (NPS Trust) being the board of trustees who are the legal owner of the funds of the subscribers under NPS and certain other pension schemes.
The pension fund regulator said the trustees are eligible to receive sitting fees and such other expenses towards travelling, lodging and boarding among others as determined by the Authority from time to time.
The maximum age limit, beyond which a trustee shall not work, is 70 years, the PFRDA said.
As per the regulations, there is a provision for the appointment of a maximum of 11 trustees, suitably qualified with sufficient education in law or finance or economics or accountancy or social welfare or administration with proven management skill, experience, capacity, integrity and reputation.
The assets under management in the name of the Trust as of March 31, 2022, are Rs 7.36 lakh crore with a 5.20 crore subscriber base.
The PFRDA has two flagship pension schemes– NPS and Atal Pension Yojana (APY). NPS mainly caters to the organised sector employees, including the central and state governments.
APY is meant to provide social security benefits in old age to those who are employed in the unorganised sector.