The National Pension System (NPS) has, over the years, emerged as a superior retirement planning product. While the awareness around its benefits, tax breaks, lock-in period and limitations is growing, its grievance redressal mechanism has not received enough attention.
The Pension Fund Regulatory and Development Authority (PFRDA) has put in place a structured process to file and escalate subscribers’ complaints. The complaint resolution process is governed by the PFRDA (Redressal of subscriber Grievance) Regulations, 2015.
As per the guidelines, your complaint could be about the failure of any NPS ecosystem entity - points of service, pension fund managers, annuity service providers and so on - to provide service. Deficiency in services is also a ground for complaints.
However, complaints that are not complete or specific will not be entertained. Likewise, any letters or messages seeking guidance or explanation from the NPS entities will not be treated as complaints.
Also read: NPS vs OPS: How they stack up
While the PFRDA has proposed changes to these rules to boost the effectiveness of its complaint resolution mechanism, and enhance the role and accountability of NPS Trust, here’s a guide to filing your grievances under the current redressal framework:
First stop: File a complaint through CGMS
As an NPS subscriber, you can raise your complaints online through the Central Grievance Management System (CGMS) of your central record-keeping agency – Protean, CAMS-NPS or Kfintech – through which you opened your NPS account. You can also lodge your complaint through the ‘Lodge your grievance’ link on the NPS Trust website.
Your grievance will be directed to the intermediary, pension fund manager or other entities. You will receive updates on action taken by these entities on your registered email ID. You can also view the status on your CRA’s CGMS portal using the token number generated at the time of registering the complaint.
No resolution? Escalate to NPS Trust
If you are unhappy with the response of the pension fund managers, points of presence or other intermediaries, you can approach the NPS Trust. You can escalate the complaint through your CRA’s CGMS portal. The turnaround time mentioned in the regulations for resolving the grievances is 30 days from the date of escalation to the NPS Trust.
In fact, you can also directly reach out to the NPS Trust by sending an email to grievances@npstrust.org.in. You can also contact the grievance redressal officers concerned at the NPS Trust and escalate it to chief grievance redressal officers if you feel you have not been adequately heard.
Your complaint letter or online grievance registration must contain your name, address, contact details, Permanent Retirement Account Number (PRAN), application number and any supporting documents to buttress your case.
NPS Ombudsman, the next stop
If you are not satisfied with the NPS Trust’s resolution either or do not receive a response within 30 days from the date of escalation, you can knock on the doors of the Ombudsman appointed by PFRDA. You will have to file a representation against the entity whose action (or lack of it) has triggered your complaint.
You can write to the PFRDA Ombudsman’s office in Delhi or email your complaint to ombudsman@pfrda.org.in.
Finally, if all else fails, all subscribers can approach the consumer courts for resolution of their complaints. The proposed grievance redressal regulations also contain a provision for escalating such matters to the Securities Appellate Tribunal (SAT), but customers will have to wait for the final rules to take this route.
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