41633395 Term Paper RM Abhinav

8/3/2019 41633395 Term Paper RM Abhinav

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Brief ContentsNo. Topic Name Page No.

Topic 1 Introduction (NPS) 4

Topic 2 Benefits Of NPS 7

Topic 3 Literature Review 8

Topic 4 Country-wise comparison ofpension systems for select SouthAsian countries

12

Topic 5 Hypotheses 16

Topic 8 Research methodology 17

Topic 9 Conclusion, limitations and

recommendations

18

Topic 10 References 19


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NEW PENSION SYSTEM (NPS)

The New Pension System is a defined contribution based Pension system, launchedby government of India with effect from January 1, 2004.It is based on a unique individual Permanent Retirement Account Number (PRAN)created for individual subscribers between 18-60 years of age.


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Apart from offering wide range or scope of investment options to employees, thisscheme would help Government of India to reduce its pension liabilities. Unlikeexisting pension fund of Government of India that offered assured benefits, NPS hasdefined contribution and individuals can decide where to invest their money.

This scheme is structured into two tiers:

Tier-I account:

This NPS account doesnt allow premature withdrawal and is available from

1 May, 2009.

Tier-II account:

The tier-II NPS account permits withdrawal

REGULATOR

Pension Fund Regulatory and Development Authority (PFRDA) is the prudential

regulator for the NPS. PFRDA was established by the Government of India on 23

August 2003 to promote old age income security by establishing, developing and

regulating pension funds. PFRDA has set up a Trust under the Indian Trusts Act,

1882 to oversee the functions of the PFMs. The NPS Trust is composed of members

representing diverse fields and brings wide range of talent to the regulatory

framework.

COVERAGE AND ELIGIBILITY

NPS would be available to all citizens of India on voluntary basis and mandatory for

employees of central government (except armed forces) appointed on or after 1

January 2004. All Indian citizens between the age of 18 and 55 can join the NPS.

Tier-I is mandatory for all Govt. servants joining Govt. service on or after 1.1.2004. In

Tier I, Govt. servants will have to make a contribution of 10% of his Basic Pay, DP

and DA which will be deducted from his salary bill every month. In addition to the

above pension account, each individual can have a voluntary tier-II withdraw able

account at his option. Government will make no contribution into this account. These

assets would be managed in the same manner as the pension.

OPERATIONAL STRUCTURE

NPS is designed to leverage existing network of bank branches and post offices to

collect contributions and ensure that there is seamless transfer of accumulations incase of change of employment and/or location of the subscriber. It offers a basket of


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investment choices and Fund managers. The key terms to understand the working of

NPS are as follows:

Central Record Keeping Agency

It would maintain records of all contributions and transaction details of

subscribers. It will also have the mandate to effect client instructions regarding

switching from one fund to another or from one scheme to another of the same

fund.

Permanent Pension Account Number (PPAN)

A unique 16 digit Permanent Pension Account Number would be allocated toeach new subscriber for the Permanent Pension Account (PRA). Subscribers

can retain their PRAs when they change jobs or residence, and even change

their fund managers and the allocation of investments among the different

asset classes.

Pension Fund Managers (PFM): PFRDA has appointed PFMs to manage the

savings corpus under NPS.

Contribution Guidelines

The following contribution guidelines have been set by the PFRDA:

Minimum amount per contribution: Rs. 500 per month

Minimum number of contributions: 4 in a year (at least 1 in each

quarter)

Minimum annual contribution: Rs 6,000 in each subscriber account. If

the subscriber is unable to contribute the minimum annual contribution,a default penalty of Rs.100 per year of default would be levied and the

account would become dormant. In order to re-activate the account,

subscriber will have to pay the minimum contributions, along with

penalty due. A dormant account will be closed when the account value

falls to zero.

Investment Options


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Under the investment guidelines finalized for the NPS, pension fund managers

will manage three separate schemes, each investing in a different asset class.

The subscriber will have the option to actively decide as to how the NPS pension

wealth is to be invested in three asset classes:

1. E Class: Investment would primarily in Equity market instruments. It would investin Index funds that replicate the portfolio of either BSE Sensitive index or NSE Nifty

50 index.

2. G Class: Investment would be in Government securities like GOI bonds and State

Govt. bonds

3. C Class: Investment would be in fixed income securities other than Government

Securities.

Investment Charges

NPS levies extremely low Investment management charge of 0.00009% on

Asset under management. This is extremely low as compared to charges

levied by mutual funds or other investment products. Initial charge of opening

the account would be Rs. 470. From second year onwards the minimum

charge would be Rs. 350 a year.

Withdrawal Norms

If subscriber exits before 60 years of age, he/she has to invest 80% of

accumulated saving to purchase a life annuity from IRDA regulate life insurer.

The remaining 20% may be withdrawn as lump sum. On exit after age 60 years

from the pension system, the subscriber would be required to invest at least

40% of pension wealth to purchase an annuity.

Tax Treatment

The offer document of NPS does not specify the tax benefits in elaborate

manner. It specifies Tax benefits would be applicable as per Income Tax Act,

1961 as amended from time to time. As per current provisions, withdrawals

under the NPS attract tax under the EET (exempt-exempt-taxable) system,

which means that while contributions and returns to the NPS are exempt up to

a limit, withdrawals would be taxed as normal income (EET).

Past Investment Returns


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The NPS architecture has been managing money since April 2008. Rs.2100

crore is invested as corpus of Central Government employees. In 2008-09, as

per unaudited results of the Pension Funds, the average weighted return on the

corpus have been over 14.5% with the individual returns of three Pension

Funds varying from 12% to 16% on the NPS corpus during the year 2008-09,weighted average return being over 14.5 per cent.

BENEFITS OF NEW PENSION SYSTEM

1. There is immense scope to widen the pension-net, based on the life-cycle ofthe subscriber as the average age of Indians is currently 26 years.

2. The present coverage rate is also lower. The formal pension system

covers only 11% of workers, while 89% workers still remainuncovered.

3. The current defined benefit (DB) pension system for civil servicehas become financially unviable for the central and stategovernments. As against this, the NPS is a funded definedcontribution (DC) pension system with greater possibilities, toexpand pension coverage.

4. Moreover, pension fund as an institutional investor, supports the

financial intermediation, facilitates resource transfer, providebetter trade-off between risk and return. It also supplies resourcesto various segments of the market through strategy of diversifiedinvestment process, manages uncertainty and gives priceinformation.

5. As pension funds will invest mostly in long-term asset classes; itwill give a fillip to development of bond market and help financinginfrastructure needs.

6. The non-banking financial sector, deprived of deposit sources,will find an alternate route for raising resources through bonds.


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LITERATURE REVIEW

Research makes a man forward in search of truth. Every research begins from

where the previous researches have left it and goes forward. Therefore everyresearch it is essential to acquire him with what has already been thought expressed

and done about the problems under investigation. This is possible only if he studies

review surveys, books, journals, newspapers, documentary. These abstracts and

other sources of information directly or indirectly connected with this problem of

investigation. For this research researcher has gone through different journals and

other research works. The related studies are presented below:

Joseph Mariathasan (2006) has told that India is starting a new pension systemwhich is used as a social security as all the people will be benefitted by this new

pension system. Its growth and development is set to have a profound impact

on India'scapital markets as well as providing security in old age to a population

seeing unprecedented changes in social structures as economic growth takes off.

Benjamin and Sachi (2006) discuss about new pension which consist of two tier

account. They have forced savings advocated by World Bank by allowing cross

subsidies. The Swiss and Australian retirement system is also based on the pensionsystem of the India.

ARTICLE REVIEW

1. Eves (2010) has discussed that the worldwide demographic problems ofincreasing longevity have made many state-sponsored schemes

increasingly untenable on grounds of cost. This has been exacerbated by

the effects of the worldwide economic crisis. In this article different issues,

and different innovative approaches of countries such as Australia, India,

Chile, and New Zealand are seen and different solutions are offered to

these problems. Changes in pension age are the most common feature of

reform packages. Recent reforms have reversed the trend to lower

pension eligibility ages, with 10 countries introducing gradual increases in

pension ages for both men and women. When studying pension systems,

it is important to have knowledge of consumer attitudes -- particularly theirattitudes toward taking on risks. It is particularly important that insurers


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continue to invest in skills to assess the future, identifying new and

emerging risks. Consumers expect risk managers to understand what

future risks look like and advise customers accordingly on what they need

to do to prepare for it.

2. Miksa (2008) says that a crucial development in Asian pensions has beenthe rise of DC plans. Since 2000, new DC schemes have been introducedfor various target groups in China, Hong Kong, India, Japan, South Koreaand Taiwan; Thailand also plans to launch a DC systemin 2008. In Australia and Singapore, DC schemes have been in place forlonger. In Thailand and India, reforms were introduced to replacefinancially unsustainable schemes for civil servants with a more calculableDC system. In Japan and Korea, the newly introduced DC schemes aimedto increase employer choice and modernise the company pension system.

The rise of funded pensions of the DC type has fuelled asset growth. AllianzGlobal Investors/Allianz Dresdner Economic Research projections foreseethat in coming years, pension assets in Asia- Pacific as a whole will seeannual growth of 9.2 per cent, from Euros 1,407.5bn to Euros3,116bn in 2015.

3. Bonin (2009) discussed that the state of the German pension system after

a sequence of reforms aimed at achieving long-term sustainability. Theyargue that the latest reforms have moved pension provision in Germany inprinciple from a defined benefit to a defined contribution scheme, and thatthis move has stabilised pension finances to a large extent. Theyfurthermore argue that the real economy consequences of the globalfinancial crisis create threats to the core success factors of the reforms cutting pension levels and raising mandatory pension age. Finallythe article discusses further possible reform measures, including the optionto install a fourth pillar, providing income in retirement through workingafter pension age.

4. Lindquist and Wadenjso (2009) say that most countries including Swedenhave an ageing population. The costs of the welfare state increase with theold age share, leading to problems for public finances. If the number ofhours worked increases, tax revenues increase and less income transfersare paid out. A higher retirement age is one way to increase the numbersof hours worked in the economy. The age when people leave the labourmarket has already increased in Sweden. The new pensions system ispart of the explanation but improved health and changes in the educational

level of the cohorts close to retirement are also important. The problem offinancing the welfare state is however not solved by that development. The


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article is concluded by discussing changes in laws and collectiveagreements which may contribute to further increases in the actualretirement age.

5. Goswami (2002) discussed the current state of the Indian pension system.

The Indian experience could potentially influence policy decisions in other

developing countries, especially those with similar reliance on the national

provident fund system. Institutional features of various retirement benefit

schemes are highlighted and their deficiencies are discussed. It is argued

that low coverage level, underperformance of provident fund schemes due

to investment restrictions, and financial difficulties in administering

unfunded public pension programmes have rendered the current system

ineffective and unsustainable. The failed experiments with ad hoc reforminitiatives in the recent past further emphasize the need for a structural and

lasting change. The paper concludes with some policy directions for

reforming the Indian pension system.

6. Shao (2010) says about the challenges facing the New Public ServicePension Fund System in Taiwan, China. After less than two decades ofoperation, this young system is facing financial imbalance and is embroiled

in controversy regarding the generosity of its benefits provisions. Thearticle first introduces Taiwan's different systems for old-age security, witha focus on that for general public-sector employees. It then addresses thefinancial challenges facing the general public-sector pension system,including the rising cost of its benefits for all taxpayers. Finally, a numberof possible reform directions are suggested, including lowering benefitlevels, making qualifying criteria more stringent, or establishing a newsystem. With regards to the latter, any proposed new system must seek tosatisfy the goal of longer-term financial soundness while realizing optimalfairness among all stakeholders including taxpayers.

7. Blake and Turner (2007) discussed a Social Security reform approach that

creates substantially new structures such as voluntary carve-out accounts,

it is important to apply what we already know about the functioning

of pension systems and their effects on workers rather than analyzing an

idealized form of the proposed system. This article describes the United

Kingdom's experience with voluntary carve-out accounts, including

the system's numerous difficulties. Among the many problems are "mis-

selling," high administrative costs and fundamental difficulty determining


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the appropriate offset between the reduction in the worker's payment to

Social Security and the reduction in that person's Social Security benefits

8. Culter (2003) discussed that one of the most detailed continuing surveys ofthe financial behaviour of American consumers is the Survey of ConsumerFinances (SCF) sponsored by the Board of Governors of the FederalReserve System. The survey is designed to provide detailedinformation on U.S. families' balance sheets and their use of financialservices as well as on their pensions, labour force participation anddemographic characteristics at the time of the interview. This article is

based on the elaborate analysis of the SCF done by Craig Copeland,senior analyst at the Employee Benefit Research Institute. Tablesconstructed from EBRI's analysis of the 2001 SCF aptly demonstrate theneed for more, and more literate, financial planning. The financialcomplexities faced by today's middle class families, and their ownresponsibility for the future value of IRA and similar personal pension accounts, suggests that the involvement of financialprofessionals is not simply a matter of "having enough money to invest."

9. Eeckhaut (2005) says that in Belgium, as in many other Europeancountries, declining birth rates and ageing populations are making thefinancing of pensions one of the most critical economic and politicalchallenges for the coming decades. In order to cope with this financialburden, the Belgian government has recently introduced measures, andwill introduce further measures, to widen the scope of pension financinginstruments. This article provides a general overview of the most importantchanges to the Belgian social and tax law aspects of supplementary pensions as introduced by the Law of 28 April2003 on supplementary pensions.

10. Doman and Freeman (2006) discussed that in Britain, pension reform hasbeen a long-running political saga. In America, reform of social securityhas been on and off the political agenda. Increasing longevity has featuredin the debate just about everywhere. Unfortunately, most headlines have

been negative. Pensions systems are seen to be in crisis. People are livinglonger but are also running out of savings and so cannot afford health


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care. Companies are scrapping defined-benefit pensions and putting moreonus on individuals to provide for their own income in retirement.Governments are rolling back old-age welfare systems that have becomemore expensive as populations in the developed world have failed toreproduce. Responsibility for the financial risk of the lifecycle is being

transferred back to the individual. It is a thoroughly gloomy picture andtempting to imagine there are no positives for financial companies.This article discusses several product and services strategies that are welladapted to the new retirement market and look set to alter companies'behaviour.

COUNTRY-WISE COMPARISON OF PENSION SYSTEMS FOR SELECT SOUTHASIAN COUNTRIES

India Pakistan Sri Lanka Bangladesh

Scheme for

Private Sector

Workers

Two schemes,

namely the

Employees' Pension

Scheme and the

Employees'

Provident Fund

scheme cater to this

group.

Currently three

schemes exist

catering to the

group. The

Employee Old AgeBenefit Institution

(EOBI) scheme

applies to

companies

employing more

than 10 workers.

The two other

schemes are

Pension and

provident fund

benefits for othercompanies and

Voluntary pension

scheme.

In the formal private

sector schemes like

Employee PrivateFund, Employee

Trust Fund and

Approved Private

Sector Provident

Fund exist. The self

employed workers

have Farmer's

Pension Scheme,

Fisherman's Pension

Scheme and Pension

Schemes for SelfEmployed Workers

No uniform

retirement benefit

scheme

Indexation

Formal pensions are

inflation indexed in

the form of

Dearness Allowance

and/or Dearness

Pay.

Discretionary rules

applyNot applicable Not applicable


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Average

Earnings in the

Economy

Rs.41811 (PCI in

2004-05 prices)

($1=47 Indian Rs.

approx)

Rs. 43748 (PCI in

market prices)

($1=60 Pakistan Rs.

approx.)

USD 3141 (PCI in

2002 prices)

USD 363 (PCI in

2002 prices)

Qualifying

Conditions

For the Civil Service

Pension Scheme

and the Public

Sector Bank

Pension Schemes

the normal age for

retirement is 60

years. In

comparison, the

qualifying age for

the Employees'

Pension Scheme isa little lower at 58

years and higher

under the National

Old Age Pension

scheme at 65 years.

The normal pension

age for civil service

pension and EOBI is

60 years.

Retirement age is

voluntary for the

other two schemes.

For all schemes the

the normal pension

age stands at 60

years. However, the

earlier Public sector

pension scheme has

been replaced with

Contributory Pension

Fund(CPF) for publicsector employees

joining after January

2003

The scheme

caters only to civil

servants and

railway

employees. A

government

employee retires

at 57 or voluntarily

after the

completion of 25years of service,

whichever comes

first.

First Tier

Schemes

1) BasicPension

N.A. N.A. N.A. N.A.

2) Minimum

Pension

The minimum levels

of pension per

month are Rs. 1275

under the Civil

Service pension

scheme. For other

schemes either no

minimum level

exists or is entirelybased on the date of

retirement.

Under the EOBI a

minimum of Rs.

1000 a month is

paid

A minimum pension

level of 40% of last

salary exists for

government

employees who have

served for more than

10 years.

N.A.

3)Targeted

schemes/

social

assistance

The National Old

Age Pension

Scheme pays

Rs.200 to the

poorest 30% of the

BPL aged poor.

N.A. N.A.

Old age allowance

pension is paid to

10 oldest and

poorest members

of each ward of

the country.


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2nd Tier

Scheme

1)Defined

benefit

The Civil Service

Pensions,

Employees' Pension

Scheme and the

Public Sector

Pension Scheme

falls under this

group

Prevailing defined

benefit schemes are

Civil service

pension, Private

sector pension and

EOBI. The accrual

rate of benefits

depends upon age,

years of service and

average monthlywages earned in the

last 12 months of

service.

The prevailing

schemes of this

nature are Public

Sector pension

scheme, Farmer's

pension scheme,

Fisherman's pension

scheme and pension

scheme for the self

employed workers.

The number of years

served and the salary

at at retirement form

the basis on whichpublic sector

pensions are given.

Pensions for the self

employed are, on the

other hand, based on

the age at enrolment.

The scheme

applies only to

government civil

servants. The

accrual rate for

pension benefits

depend primarily

on the number ofyears served.

2) Point

schemeN.A. N.A. N.A. N.A.

3) Notional

account

The General

Provident Fund and

the Contributory

Provident Fund

belong to this

scheme type.

General provident

fund for civil service

employees (federal

government and

provincial

government) exists.

N.A.

There are two

types of notional

accounts, namely,

General Provident

Fund and

Contributory

Provident Fund

4) Defined

contribution

plans

The Employees'

Provident Fund

(12%), the New

pension scheme

(10%) and various

occupational

pension schemes

are of the nature of

defined contribution.

The Contributory

provident fund

scheme run byprivate companies

are of this nature.

Employees are

required to

contribute 5% to

10% of their basic

salary.

Prevailing plans of

this nature are

Employee Providentfund (8%), Employee

Trust Fund,

Approved Private

Provident Fund (8%)

and Contributory

Pension scheme

(8%)

No mandated

contribution plan

Early and Late

Retirement

For the Employees'

Pension scheme the

age for earlyretirement is 50

The eligibility age for

early retirement is

55 for men and 50

N.A. Early Retirement

criterion requires

25 years of


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years. Other

schemes are not

age specific.

for women. service

Personal

Income Taxes

and Pension

Contributions

Taxes on Pension

Funds are of the

nature of EET i.e.,

all contributions and

investment incomes

are exempted and

all fund withdrawals

are taxed.

Certain tax creditsare given in respect

of contributions or

premium paid

towards an

approved pension

fund under the

Voluntary Pension

System Rules,

2005.

While employees

contribution to

Provident funds is

deductible up to a

maximum limit of

25000 p.a., the

employer's

contribution is

exempted up to a

maximum of 25% of

taxable wages.

Pension Income

fully exempted

from taxes.

Additional

standard reliefs

are given for older

people.

According to the above articles it has been shown that in different countries thereare different pension systems. Like in different countries longevity has increasedmeans age of both men and women have increased for the retirement.

In Germany, pension plan is shifted from defined benefit to defined contributionscheme.

In Sweden, as financial position is not good so they cant pay their employeespension. So they have increased the age of retirement of the employees.

In Taiwan, there are different systems for old-age security, with a focus on thatfor general public-sector employees and it has financial challenges facing thegeneral public sector pension system, including rising cost of its benefits for alltaxpayers.

In Belgium, there is also financial burden. They are taking steps and wideningtheir pension instruments such that employees can be paid relevant pension.

In Britain, there is no better pension system that of India. Pension system is incrisis. People have to put their own income for the time of retirement as there isless finance.

In Pakistan there are three schemes for private sector workers and in India thereare only two schemes.


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HYPOTHESES

With the help of above discussion it can be said that India has the best pensionsystem in comparison with other countrys pension system as in other countriesthere is the lack of finance. Finance is also lacking also in India but then also

employees are paid pension, so that they can also survive after finishing off theirjobs. It can also be seen that still is importance is given to the employees whogot retire.

RESEARCH METHODOLOGY


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Research is an indispensable and innovative tool in leading society to progress and

advancement without a systematic research, there would have been no or little

progress. No progress can be made by trial and error method. But a systematic

research and only those who are equipped with the related knowledge can conduct

research. Research is valuable only when it brings an improvement of human spirit,intellectual force and moral fibre of those who search for advantages of knowledge. It

is necessary to adopt and evaluate a systematic plan and procedure to collect

essential data. Plan and procedure is very essential to collect factual material

relevant, data, unknown and untapped so far, adequate in quantity and quality to

save it from becoming heap of jumbled ideas gathered from here and there. It is the

path which is followed by researcher to research the target.

The scope of my study restricts itself to the new pension system of different

countries. This study tells about the pension system of different countries and how

Indias pension system is better than the pension system of other countries.

TIME PERIOD OF STUDY

The present study was undertaken during the month of April, 2010.

RESEARCH TYPE

This research is a descriptive one. As in this research it has been described about

the new pension system of India and how this is helpful as the social security of India

as in India there is not a better security system. Pension system of other countries

has also been described with the help of some articles. Benefits and disadvantages

have also been given.

DATA COLLECTION

The data which is collected for the study is SECONDARY DATA. The data has been

collected from different journals and from different sites like PROQUEST and SSRN

(Social Science Research Network).

CONCLUSION


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1. Joseph, M. (2009) Indias Pension Fund Roadmap. London, Global Investor.

2. Avanzi, B., & Purcal, S. (2006) Forced Savings and Annuitisation With Cross

Subsidies: A Mutation of the Beast. Australia. New South Wales.

3. Eves, B. (2010) Reforming Pensions Worldwide: A Task Not Insuperable?

LIMRA International Winter 2010, 29 (1), 90. Available from:

http://proquest.umi.com/ (Accessed 3rd April 2010).

4. Miksa, B. (2008) Pension Reform Good News for Asia-Pacific. London (UK):

Financial Times.

5. Bonin, H. (2009) 15 Years of Pension reform in Germany: Old Successes and

New Threats. Geneva Papers on Risk & Insurance, 34 (4), 548-561. Available

from: http://proquest.umi.com/ (Accessed 5th April 2010).

6. Lindquist, G.S. & Wadensjo, E. (2009) Retirement, Pensions and Work in

Sweden. Geneva Papers on Risk & Insurance, 34 (4), 578-593. Available

from: http://proquest.umi.com/ (Accessed 5th April 2010).

7. Goswami, R. (2002) Old Age Protection in India: Problems and Prognosis.

International Social Security Review, 55, 95-121. Available from:

http://www.ssrn.com/ (Accessed on 10th April 2010).

8. Shao, A.J. (2010) The Public Pension System in Taiwan: Equity Issues Within

and Between Systems. International Social Security Review, 63 (1), 21.

Available from: Available from: http://www.ssrn.com/ (Accessed on 10th April

2010).

9. Blake, D. & Turner, J. (2007) Individual Accounts for Social Security Reform:

Lessons from the United Kingdom. Benefits Quarterly, 23 (3), 56-62. Availablefrom: Available from: http://www.ssrn.com/ (Accessed on 10th April 2010).
http://proquest.umi.com/http://proquest.umi.com/http://proquest.umi.com/http://www.ssrn.com/http://www.ssrn.com/http://www.ssrn.com/http://proquest.umi.com/http://proquest.umi.com/http://proquest.umi.com/http://www.ssrn.com/http://www.ssrn.com/http://www.ssrn.com/


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10. Culter (2003) Pension Complexity, the Middle Class, and Financial

Professionals: New Evidence from the 2001 Survey of Consumer Finances.

Journal of Financial Service Professionals, 57 (6), 24. Available from:

Available from: http://www.ssrn.com/ (Accessed on 15th April 2010).

11.Eeckhaut, R.V.D. (2005) Supplementary Pensions in Belgium: The New

System. European Taxation, 45 (6), 243. Available from: Available from:

http://www.ssrn.com/ (Accessed on 15th April 2010).

12. Doman, A. & Freeman, A. (2006) Tapping Retirement. Financial World.

Canterbury.
http://www.ssrn.com/http://www.ssrn.com/http://www.ssrn.com/http://www.ssrn.com/

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