Nodal Implementation Agency

1. (1) Subject to the provisions of this Act

and any other law for the time being in force, the Nodal Implementation Agency shall administer, promote and ensure orderly function and growth of the pension scheme to which this Act applies and to frame guidelines for implementing the scheme.

1. (2) Without prejudice to the provisions contained in sub-section (1), the powers and functions of the Nodal Implementation Agency shall include,-
   • (a) protecting the interests of subscribers;
   • (b) laying down norms for collection and accounting of contributions and their transfer to pension funds;
   • (c) standardising dissemination of information about the scheme and performance of pension funds and returns on investment there from;
   • (d) appointment of Life Insurance Corporation of India or any other Public sector undertaking regulated by the authority, as the pension fund manager;
   • (e) enter into a Memorandum of Understanding (MOU) with the pension fund managers for fund management, management of individual pension accounts;
   • (f) appointing the implementation support agency/ agencies, banks and any other such person or entity responsible for enrolling subscribers, collecting and recording contributions and information from subscribers, transmitting information and fund to pension fund manager, and discharging such other duties and functions, as may be assigned to it by the Government from time to time.