News : National Pension Scheme Grievance Redressal Mechanism
June 25, 2012 -- The National Pension Scheme (NPS) has a redressal mechanism to handle grievances of the subscribers. At the first level, the complaints are handled through the Central Grievance Management System provided by the National Securities Depository Limited, which is the central recordkeeping agency (CRA) of the NPS.
The complaints of the subscribers could be regarding the CRA itself or the point of presence (PoP), and include various issues like incorrect account details and the contribution amount not reflecting in the account. If the complaint is not resolved at this level, it is escalated to the Pension Fund Regulatory and Development Authority (PFRDA).
A complaint can be registered online or through the CRA call centre by dialling the toll-free number and using the T-Pin (telephone PIN). It can also be submitted in form G1 to the PoP .
When a complaint is registered, the system generates an alert which goes to the entity against which the grievance is raised. The respective entity then resolves the grievance and posts the resolution details in the CRA system.
An NPS subscriber can check the status of his grievance on the CRA's website at or through the call centre by mentioning the token number. A reminder can also be raised specifying the original token number issued.
Points to note
Grievance Redressal Cell of the PFRDA entertains only those grievances that are directly received from the subscribers. It may not entertain any complaints written on behalf of the subscribers by advocates, agents or third parties unless formally authorised by the subscriber.
It is important to keep the T-Pin and I-Pin (Internet PIN) secure to carry out NPS account-related transactions as well as lodge complaints.
Posted by Veronica Silva Cusi, news correspondent
Published: Tuesday, June 26, 2012
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