(1) A Retirement adviser shall provide retirement advice and 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, subject to the maximum of charges as may be specified by the Authority.
The upper ceiling for on-boarding for a prospect under National Pension System shall be Rupees one hundred and twenty only which shall be subject to revision by the Authority from time to time and as may be specified by the Authority through issuance of appropriate circular/guidelines/directions. Payment of on-boarding fee will be chargeable only on completion of the registration process/on-boarding of the subscriber and generation of individual pension account.
For any subsequent services, the individual Retirement Adviser shall be entitled to charge upto Rupees. Twenty only per transaction or a maximum of Rupees One Hundred annually which may be subject to revision by the Authority from time to time, as may be specified in that behalf by issuance of appropriate notifications, guidelines, circulars or directions.
(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.