No.NAF/2014-16/63 Dated :3-11-2015 To Shri. Arun Jaitley, Honorable Minister for Finance, Government of India. Sub: Introduction of fee/charge @0.01% of AUM from NPS – request to set aside the decision. Sir, The National Pension System Trust (NPS Trust) vide its letter dated 19-10-2015 has intimated its members that it will start recovering fee/charge @0.01% of the Asset Under Management (AUM) on daily accrual basis to meet its expenditure with effect from 1st November, 2015 which has been approved by the Pension Fund Regulatory and Development Authority. National Audit Federation, the apex body of field level recognized association of audit employees under the C&AG of India, is hereby record our strong protest on the unwanted recovery of fee/charge from the Asset Under Management in respect of the employees under NPS scheme. We believe that the decision to recover fee/charge from AUM as appalling and inhuman. National Pension System Trust is a body formed under the Government of India; as such its expenditure should be borne by the Government and not by its subscribers. Hence, I request the Government of India and PFRDA to direct the NPS Trust to set aside the decision to recover such fee/charge from the AUM which is brutal and plundering the assets of the already pension less government employees. Yours faithfully, (L.S. Sujith Kumar) Secretary General Copy forwarded for information and necessary action to: 1. Honorable Chairman, Pension Fund Regulatory and Development Authority, 1st Floor, ICADR Building, Plot NO. 6, Vasant Kunj Institutional Area, Vasant Kunj, New Delhi, Delhi 110070. 2. The Secretary General, Confederation of Audit & Accounts Employees and Officers Organisations, 15/1093, Vasundhara, P.O. Vasundhara - 201012 with the request to take up the matter at the appropriate level.
Copy of the letter sent by NAF
ReplyDeleteNo.NAF/2014-16/63 Dated :3-11-2015
To
Shri. Arun Jaitley,
Honorable Minister for Finance,
Government of India.
Sub: Introduction of fee/charge @0.01% of AUM from NPS – request to set aside the decision.
Sir,
The National Pension System Trust (NPS Trust) vide its letter dated 19-10-2015 has intimated its members that it will start recovering fee/charge @0.01% of the Asset Under Management (AUM) on daily accrual basis to meet its expenditure with effect from 1st November, 2015 which has been approved by the Pension Fund Regulatory and Development Authority.
National Audit Federation, the apex body of field level recognized association of audit employees under the C&AG of India, is hereby record our strong protest on the unwanted recovery of fee/charge from the Asset Under Management in respect of the employees under NPS scheme. We believe that the decision to recover fee/charge from AUM as appalling and inhuman.
National Pension System Trust is a body formed under the Government of India; as such its expenditure should be borne by the Government and not by its subscribers. Hence, I request the Government of India and PFRDA to direct the NPS Trust to set aside the decision to recover such fee/charge from the AUM which is brutal and plundering the assets of the already pension less government employees.
Yours faithfully,
(L.S. Sujith Kumar)
Secretary General
Copy forwarded for information and necessary action to:
1. Honorable Chairman, Pension Fund Regulatory and Development Authority, 1st Floor, ICADR Building, Plot NO. 6, Vasant Kunj Institutional Area, Vasant Kunj, New Delhi, Delhi 110070.
2. The Secretary General, Confederation of Audit & Accounts Employees and Officers Organisations, 15/1093, Vasundhara, P.O. Vasundhara - 201012 with the request to take up the matter at the appropriate level.