Section 15 in Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016
15. Fees to be charged by the Retirement Adviser.
- [(1) Fee to be charged by the Retirement Adviser- A Retirement adviser shall provide retirement advice and shall facilitate on-boarding to National Pension System and assist the subscriber in getting the subsequent services under National Pension System. The fees for retirement advice, on-boarding and subsequent services or transaction, may be charged by the Retirement Adviser from the subscriber, subject to the maximum of charges that may be determined by the Authority in this behalf.The upper ceiling of fee payable for on-boarding of a prospect under National Pension System shall be as determined by the Authority through issuance of appropriate notification/circular/ guidelines/directions, in that behalf. Payment of on-boarding fee by such subscriber will be applicable only upon completion of the registration process/on-boarding of the subscriber and generation of his or her individual pension account under National Pension System.For any subsequent services, the Retirement Adviser shall be entitled to collect charges from the subscriber, as may be determined in that behalf, by issuance of appropriate notifications, guidelines, circulars or directions by the Authority.] [Substituted by Notification No. PFRDA/12RGL/139/10, dated 28.12.2017 (w.e.f. 13.6.2016).](2)Retirement Adviser which is an individual or a firm or body corporate or any other entity, advising a prospect or subscriber or a group or class of subscribers collectively, may charge advisory fees, subject to any ceiling as may be specified by Authority, through issuance of appropriate notifications ,guidelines, circulars or any other directions, if any.The fees in such cases shall be chargeable as per the written agreement between the prospect/subscriber and the Retirement Adviser. Further, a Retirement Adviser shall ensure that fees charged to the prospects/subscribers including the group of subscribers are fair and reasonable and commensurate to the services offered.All fee and charges collected shall be duly acknowledged by the retirement adviser by issuance of appropriate receipts for the service provided.(3)[ Notwithstanding anything contained in sub-regulation (1), in respect of eligible prospects, outside the territory of India, the retirement adviser, who has been specifically allowed to render services to them, by the Authority, shall be entitled to collect an on-boarding fee of upto eight US $ or in equivalent currency, from the prospect, where such retirement adviser sources the application from prospect in such territory, outside India, and sends the same to Point of- Presence, in India, for account opening or getting it opened through online platform.Where the Retirement Adviser sources the application from prospect, outside the territory of India and submits the same to the branch of registered Points-of-Presence, providing services under National Pension System in such territory, the on-boarding fee which may be collected by the Retirement Adviser, from the prospect, shall be limited up to two US$ or in equivalent currency. [The Retirement Adviser shall also be entitled to collect from the subscriber, service charges not exceeding one US $ per transaction or in equivalent currency, for any subsequent services under National Pension System, provided to such subscriber outside the territory of India, post the opening of his individual pension account.] [Substituted by Notification No. PFRDA/12/RGL/139/10, dated 28.4.2017 (w.e.f. 13.6.2016).]]
