(1) The management of pensions schemes shall be carried in accordance with the objects of the schemes, provisions of the Act, Trust Deed, rules, regulations, guidelines and circulars issued by the Authority from time to time and within the time lines as specified by the Authority or the National Pension System Trust.
(2) The day-to-day management of the pension funds shall be done by the pension fund on behalf of the National Pension System Trust.
(3) The pension fund shall, at all times render high standards of service, exercise reasonable care, prudence, professional skill, promptness, diligence and vigilance while discharging its duties in the best interests of the subscribers. The pension funds shall avoid speculative investments or transactions.
(4)The pension fund shall employ well qualified professionals or staff with high integrity. The pension fund shall be responsible for the acts of commissions or omissions by its employees or authorised persons whose services have been procured and its liability for such acts of commissions or omissions. This liability shall survive despite the cancellation or suspension or withdrawal of certificate of registration or supersession of management by the Authority.
(5) The pension fund shall facilitate and co-ordinate with other intermediaries and other entities interalia through agreements, technological platforms for undertaking its functional obligations;
(6) The pension fund shall maintain books of accounts, records, registers and documents relating to the operations of the pension schemes to ensure compliance with the regulations, guidelines, circulars issued by the Authority from time to time, and facilitate audit trail of transactions and business continuity at all times.
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(7) The pension fund shall submit periodical and compliance reports as required under these regulations, guidelines or circulars, or as may be called for by the Authority, or as required by the National Pension System Trust from time to time.
(8) The pension fund shall undertake public disclosure of information for the benefit of subscribers in the mode and manner as may be specified by the Authority in Schedule V.
(9) The pension fund shall adopt best governance practices for investments and risk management viz. constitution of Investment Committee and Risk Committee, its composition, functions, policy contents and other like matters as specified in Schedule X.
(10) The pension fund shall prevent conflict of interests that may arise while discharging the obligations as a pension fund and reporting of such instances to the National Pension System Trust.
(11) The pension fund shall ensure exclusivity and segregation of pension fund business activities from its sponsors.
(12) The pension fund shall ensure confidentiality with respect to subscribers information and activities relating to the pension fund and protection of all information within its control except as required by the Authority or the National Pension System Trust or provisions of any law.
(13) The pension fund shall provide such representations and warranties as may be necessary for the protection of subscribers’ interest on behalf of the National Pension System Trust.
(14) The pension fund shall pay fees, charges, levies and security deposit as may be required by the Authority.
(15) The pension fund shall be subject to review of its operations and performance by the National Pension System Trust.
(16) The pension fund shall be subject to audit of pension schemes by the National Pension System Trust.
(17) The pension fund shall be subject to other audit and inspection by the Authority.