National Pension System (NPS) - Abbreviations and Definitions

National Pension System (NPS) - Abbreviations and Definitions 

Abbreviations and Definitions of National Pension System compiled here under for your information. The key words are frequently used among the employees working in Central and State Governments...

The following words and expressions shall have the meaning specified below, unless the context otherwise requires: 

 

Abbreviations
ASP	Annuity Service Provider
CGMS	Centralised Grievance Management System
CRA	Central Recordkeeping Agency
DC	Defined Contribution
GRC	Grievance Redressal Cell
GRM	Grievance Redressal Mechanism
IMA	Investment Management Agreement
IPO	Initial Public Offer
KYC	Know your Customer
NPS	National Pension System
NRA	Normal Retirement Age
PFs/PFMs	Pension Funds/Pension Fund Managers
PFRDA	Pension Fund Regulatory and Development Authority
POP	Point of Presence
POP-SP	Point of Presence – Service Provider (Authorized branches of POP for NPS)
PRA	Permanent Retirement Account
PRAN	Permanent Retirement Account Number
TB	Trustee Bank
FEMA	Foreign Exchange Management Act

Definitions
Applicable NAV	Unless stated otherwise in the Offer Document, 'Applicable NAV' is the Net Asset Value at the close of a Working Day.
Applicant	An individual who has expressed interest in joining NPS and has duly completed all formalities.
Custodian	Agency responsible for holding assets of the NPS Trust. Refers to the Stockholding Corporation of India Limited (SHCIL)
IMA	Investment Management Agreement, entered into between NPS Trust and the Pension Funds.
Offer Document	This document, issued by PFRDA, making an offer to potential applicants to subscribe to NPS.
RBI	Reserve Bank of India, established under the Reserve Bank of India Act, 1934.
Subscriber	An individual who has become a member of the NPS
Unit holder	Subscriber is also referred to as unit holder with respect to the units he/she owns.
Trust Deed	The Trust Deed entered into between the NPS Trust and PFRDA, as amended up to date, or as may be amended from time to time.
Trust Fund	The corpus of the Trust and all property belonging to and/or vested in the Trustees.
Working Day	A day other than any of the following (i) Saturday or Sunday; (ii) a day on which banks including the Reserve Bank of India are closed for business or clearing and (iii) a day on which the Purchase and Redemption of Units is suspended.

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