IMPLEMENTING A GUARANTEED PENSION SYSTEM (GPS)

By teacherbook - Friday 20 October 2023 - No Comments

GPS GAZETTE

The following Act of the Andhra Pradesh Legislature received the assent of the Governor on the 18" October, 2023 and the said assent is hereby first published on the 20" October, 2023 in the Andhra Pradesh Gazette for general information:

ACT No. 31 of 2023.

AN ACT TO ENSURE FINANCIAL SECURITY AND WELFARE OF THE GOVERNMENT EMPLOYEES SUBSCRIBED TO THE NATIONAL PENSION SYSTEM BY IMPLEMENTING A GUARANTEED PENSION SYSTEM, WHILE ALSO ENSURING FISCAL SUSTAINABILITY AND INTER- GENERATIONAL EQUITY AND FOR MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO.

Be it enacted by the Legislature of the State of Andhra Pradesh in the Seventy-fourth year of the Republic of India as follows

the Rural and Urban Local Bodies, Universities etc., and have opted to subscribe to theAndhra Pradesh Guaranteed Pension System.

(3) It shall come into force on such date as the State Government may, by notification, appoint In this Act, unless the context otherwise requires.,

(1) "Andhra Pradesh Guaranteed Pension System (APGPS) means the pension system that offers the benefits referred to in Chapter-II of this Act

(2) "Accumulated Pension Corpus" means the monetary value of the pension investments accumulated in the individual pension account of a subscriber under the National Pension System;

(3) "Annuity Service Provider (ASP)" means an IRDA registered insurance company empanelled by PFRDA for providing annuity services to NPS subscribers upon their exit from the system;

(4) "Annuity Component" means the amount of monthly annuity payable under NPS by the Annuity Service Provider, to the APGPS subscriber upon retirement;

(5) "Annuity Plan" means the annuity product purchased by the APGPS subscriber upon retirement as specified in the rules framed under this Act;

(6) "APGPS Subscriber" means the employee, who registers to avail the benefits defined under the Andhra Pradesh Guaranteed Pension System;

(7) "Health Care Scheme" means the scheme implemented by the Government ofAndhra Pradesh as defined in the relevant orders for retired APGPS subscribers;

(8) "Government" means the Government ofAndhra Pradesh;

(9) "Guaranteed Pension" means the amount of total monthly pension receivable by theAPGPS subscriber upon retirement and which comprises of the Annuity Component and the Top-up Component as specified under this Act

(10) "Individual Pension Account" means the account of an NPS subscriber, executed by a contract setting out the terms and conditions under the National Pension System;

(11) "Last Pay Drawn" means the monthly basic pay drawn by the employee at the time of retirement from service;

(12) "Medical Invalidation" means the physical or mental infirmity due to which a Government employee is declared by a competent authority as permanently incapacitated for continuing in public service, as defined in the relevant orders;

(13) "Minimum Pension" means the minimum monthly pension amount specified under this Act;

(14) "National Pension System (NPS)" means the contributory pension system referred to in section 20 of the Pension Fund Regulatory and Development Authority Act, 2013, whereby contributions from a subscriber are collected and accumulated in an individual pension account using a system of points of presence, a Central RecordkeepingAgency and pension funds as may be specified by regulations by Pension Fund Regulatory and Development Authority;

(15) "NPS Subscriber" means the employee who joins service with the Government on or after 1-9- 2004 and who subscribes to a scheme of a Pension fund under National Pension System;

(16) "Pension Fund Regulatory and Development Authority (PFRDA)" means the Pension Fund Regulatory and Development Authority established under the Pension Fund Regulatory and Development Authority Act, 2013;

(17) "Prescribed" means prescribed by the rules made by the Government under this Act;

(18) "Qualifying Service" means the service rendered by an employee, which commences from the date he/she takes charge of the post to which he/she is first appointed substantively and which concludes upon his/her retirement, subject to conditions prescribed in this Act and the rules to be framed from time to time

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