Lawgist12Extent and application
(1) This Act shall apply to--
(a) the National Pension System;
(b) any other pension scheme not regulated by any other enactment.
(2) Every pension scheme referred to in clause (b) shall conform to the regulations made by the Authority within such time as may be specified in the regulations.
(3) Notwithstanding anything contained in sub-section (1), the provisions of this Act shall not apply to--
(a) the schemes or funds under--
(i) the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948 (46 of 1948);
(ii) the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952);
(iii) the Seamen's Provident Fund Act, 1966 (4 of 1966);
(iv) the Assam Tea Plantations Provident Fund and Pension Fund Scheme Act, 1955 (Assam Act X of 1955); and
(v) the Jammu and Kashmir Employees' Provident Funds Act, 1961 (Jammu and Kashmir Act XV of 1961);
(b) contracts referred to in sub-section (11) of section 2 of the Insurance Act, 1938 (4 of 1938);
(c) any other pension scheme, which the Central Government may, by notification, exempt from the application of this Act;
(d) persons appointed before the 1st day of January, 2004 to public services in connection with the affairs of the Union, or to All-India Services constituted under section 2A of the All-India Services Act, 1951 (61 of 1951);
(e) persons appointed to public services in connection with the affairs of any State, or such Union territories as may be specified by notification by the Central Government.
(4) Notwithstanding anything contained in sub-section (3), any State Government or administrator of a Union territory may, by notification, extend the National Pension System to its employees.
(5) Notwithstanding anything contained in clause (c) of sub-section (3), the Central Government may, by notification, extend the application of this Act to any other pension scheme including any other pension scheme exempted and notified under clause (c) of sub-section (3).
(6) Any person governed under any of the schemes or funds referred to in sub-section (3) may, at his option, also join the National Pension System.
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- 1 Short title, extent and commencement
- 2 Definitions
- 3 Establishment and incorporation of Authority
- 4 Composition of Authority
- 5 Term of office and conditions of service of Chairperson and members of Authority
- 6 Removal of members from office
- 7 Restriction on future employment of members
- 8 Administrative powers of Chairperson
- 9 Meetings of Authority
- 10 Vacancies, etc., not to invalidate proceedings of Authority
- 11 Officers and employees of Authority
- 12 Extent and application
- 13 Transfer of assets, liabilities, etc., of Interim Pension Fund Regulatory and Development Authority
- 14 Duties, powers and functions of Authority
- 15 Power to issue directions
- 16 Power of investigation
- 17 Search and seizure
- 18 Power of Authority to ensure compliance
- 19 Management by Administrator
- 20 National Pension System
- 21 Central Recordkeeping Agency
- 22 Point of presence
- 23 Pension funds
- 24 Certain restrictions on foreign companies or individual or association of persons
- 25 Prohibition of investment of funds of subscribers outside India
- 26 Eligibility norms of the central recordkeeping agency, etc
- 27 Registration of central recordkeeping agency, pension fund, point of presence, etc
- 28 Penalty for failure by an intermediary or any other person to comply with provisions of this Act, rules, regulations and directions
- 29 Crediting sums realised by way of penalties to Subscriber Education and Protection Fund
- 30 Power to adjudicate
- 31 Attachment of assets and supersession of management of intermediary
- 32 Offences
- 33 Power to grant immunity
- 34 Exemption from tax on wealth, income, profits and gains
- 35 Cognizance of offences by court
- 36 Appeal to Securities Appellate Tribunal
- 37 Civil Court not to have jurisdiction
- 38 Appeal to Supreme Court
- 39 Grants by Central Government
- 40 Constitution of Pension Regulatory and Development Fund
- 41 Constitution of Subscriber Education and Protection Fund
- 42 Accounts and audit
- 43 Power of Central Government to issue directions
- 44 Power of Central Government to supersede Authority
- 45 Establishment of Pension Advisory Committee
- 46 Furnishing of returns, etc., to Central Government
- 47 Members, officers and employees of Authority to be public servants
- 48 Protection of action taken in good faith
- 49 Delegation of powers
- 50 Offences by companies
- 50A Powers of Authority not to apply to International Financial Services Centre
- 51 Power to make rules
- 52 Power to make regulations
- 53 Rules and regulations to be laid before Parliament
- 54 Power to remove difficulties
- 55 Application of other laws not barred
- 56 Savings
