News Detail
National Pension System Trust (NPS Trust) has issued a Request for Proposal (RfP) dated April 25, 2025, inviting bids from empanelled Chartered Accountant Firms for the concurrent audit of benefit payments under the Unified Pension Scheme (UPS). This audit aims to ensure accuracy and compliance in the disbursal of post-retirement benefits to Central Government employees covered under UPS. The scheme, which is an evolution from the National Pension System, is designed to provide a structured and predictable retirement income through a combination of contributions and investments.
The RfP outlines detailed aspects such as the scope of work, eligibility criteria, terms of payment, evaluation process, and bid submission guidelines. Key milestones include the submission deadline on May 2, 2025, and the final result declaration on May 13, 2025. The audit engagement includes reviewing the workflow and claims processed by the NPS Trust and verifying compliance with the UPS structure. Interested CA Firms are required to submit their proposals in prescribed formats along with supporting declarations and financial bids.
The selection will be governed by eligibility standards and evaluation criteria mentioned in the tender document. In case of disputes related to the tender or awarded work, resolution will be sought first through negotiation and, if unresolved, by arbitration under the Arbitration and Conciliation Act, 1996. All legal proceedings will fall under the jurisdiction of courts in New Delhi. The proposal will remain valid for 180 days from the date of result declaration.
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NPS
TRUST
Limited Tender Document
RfP for Appointment of empanelled Chartered Accountant Firm(s) for undertaking concurrent audit of the payments of benefits to subscribers under Unified Pension Scheme (UPS)
National Pension System Trust
B-302, Tower-B, 3rd Floor
World Trade Centre
Nauroji Nagar, New Delhi-110029
Date: 25th April, 2025
INDEX
| Sl. No. | Particulars | Page Number |
| 1. | Introduction | 5 |
| 2. | About UPS | 5 |
| 3. | Benefits under UPS | 7 |
| 4. | Role of NPS Trust in processing of claims for payment of benefits to UPS subscribers | 9 |
| 5. | Work Flow for processing and payment of benefits to UPS subscribers | 10 |
| 6. | Scope of Work | 12 |
| 7. | Eligibility | 14 |
| 8. | Terms of Payment | 14 |
| 9. | Evaluation Criteria | 15 |
| 10. | Bid Submission | 17 |
| 11. | Annexures I. Terms & Conditions II. Applicant Firm’s General Information III. (A) Undertaking / Self-declaration (B) Format of Certification to be provided by the Chartered Accountant Firm(s) IV. Financial Bid V. Format of Invoice VI. Declaration of no extra conditions VII. Non-Disclosure Agreement | 19 |
Appointment of empanelled Chartered Accountant Firm(s) for undertaking concurrent audit of the payments of benefits to subscribers munder Unified Pension Scheme (UPS)
The National Pension System Trust (hereinafter referred to as ‘NPS Trust’) invites bids for appointment of empanelled Chartered Accountant Firm(s) (hereinafter referred to as ‘CA Firms’ or ‘Firm’) for undertaking concurrent audit of the payments of benefits to subscribers under Unified Pension Scheme (UPS).
| Name of the Organization | NATIONAL PENSION SYSTEM TRUST |
| Proposal Number | E&W/2025-26/002 |
| Date of issue of the RFP | 25th April, 2025 (T) |
| Primary point of contact | Smt. Bhanu Dora Deputy General Manager Email: dgm5-npst@npstrust.org.in |
| Phone: 011 35655222 Shri Ajit Singh Bisht Assistant Manager, NPS Trust Email: am7-npst@npstrust.org.in | |
| Phone: 011 35655222 | |
| Address for communication | B-302,Tower-B, 3rd Floor, World Trade Centre, Nauroji Nagar, New Delhi-110029 |
| Last date and time for submission of the bid | [02nd May, 2025] [15:00 hours] (T+7 days) |
| Opening of technical bids | [02nd May 2025] [16:00 hours] (T+7 days) Place: National Pension System Trust, Tower B, B-302, Third Floor, World Trade Center, Nauroji Nagar, New Delhi-110029 |
| Announcement of list of technically qualified bidders | [07th May, 2025] [15:00 hours] (T+12 days) |
| Opening of Financial bids of technically qualified bidders | [09th May, 2025] [15:00 hours] (T+14 days) Place: National Pension System Trust, Tower B, B-302, Third Floor, World Trade Center, Nauroji Nagar, New Delhi-110029 |
| Result Declaration | 13th May, 2025 (T+16 days) |
| Venue for opening of bids and results declaration | National Pension System Trust, Tower B, B-302, Third Floor,World Trade Center, Nauroji Nagar, New Delhi-110029 |
| Validity of Proposal | 180 days from the date of declaration of results |
Note: In case, any of the days mentioned above happens to be declared a holiday, the said event shall be held on the following working day at the same time and venue.
The bid document can be downloaded from the website of NPS Trust https://www.npstrust.org.in
General Manager
National Pension System Trust
Appointment of empanelled Chartered Accountant Firm(s) for undertaking concurrent audit of the payments of benefits to subscribers under Unified Pension Scheme (UPS)
1. Introduction
The Unified Pension Scheme (UPS) has been introduced by the Central Government as an option under the National Pension System (NPS) for the employees of the Central Government vide Notification No. F.No. FX-1/3/2024-PR dated 24th January, 2025 of the Ministry of Finance (Department of Financial Services) [https://financialservices.gov.in/beta/sites/default/files/2025 02/Gazette_Notification.pdf].
Thereafter, the Pension Fund Regulatory and Development Authority (PFRDA) vide Notification No. F.No.PFRDA-12/01/0001/2023-LEGAL dated 19th March, 2025 has issued PFRDA (Operationalisation of Unified Pension Scheme under National Pension System) Regulations, 2025 (hereinafter referred to as the ‘Regulations’) to lay down the framework to operationalise UPS and to define the obligations, roles and responsibilities of the intermediaries under the NPS architecture and such Central Government offices as are involved with the implementation of UPS [Please click on the link www.pfrda.org.in Home -> Regulatory Framework -> Regulations].
2. About UPS
The Unified Pension Scheme aims to provide financial security to Central Government employees, aligning with the best practices in pension management.
2.1 The key objectives of UPS are as follows:
a. Ensure assured post-retirement payouts – Provides Central Government employees under NPS with a guaranteed monthly payout after retirement;
b. Establish a fund-based payout system – Create a structured pension payout mechanism based on accumulated contributions and investments;
c. Encourage systematic contribution and investment – Ensure timely and regular contributions from both employees and the Central Government for sustainable payout benefits;
d. Enhance financial security for retirees – Offer a stable and predictable source of income post-retirement, reducing financial uncertainty;
e. Ensure seamless transition from existing pension structures – Migration from NPS to UPS.
Unless the context otherwise requires, the expressions like PRAN, CRA, DDO, PAO, UPS Payout Order, Admissible Payout, Pool Corpus, Individual Corpus, Benchmark Corpus, Qualifying service, Lumpsum Payment, Final Withdrawal, Family Payout etc., shall have the meanings as assigned to them under PFRDA Operationalisation of UPS under NPS) Regulations, 2025 available at www.pfrda.org.in Home -> Regulatory Framework -> Regulations.
2.2 Eligibility – UPS is applicable and available to the following category of persons:
a. Existing Central Government Employees – As on 01st April, 2025 who are currently under the NPS may opt for UPS within three (3) months from 01st April, 2025;
b. New Recruits – Joining Central Government services on or after 01st April, 2025 may opt for UPS within thirty (30) days of joining;
c. Retired employees and spouses of retired deceased employees – Employees retired on or before 31st March, 2025 (due to superannuation, retirement under Rule 56(j)) under NPS or legally wedded spouses of such retired and deceased employees may opt for UPS within three (3) months from 01st April, 2025.
Once an employee opts for UPS, the decision shall be final and cannot be changed.
2.3 How to opt for UPS – The eligible employees may apply for UPS before the prescribed timelines using the various forms as contained in Schedule I of the Regulations [Please click on the link www.pfrda.org.in Home -> Regulatory Framework -> Regulations]. These forms may be submitted by the eligible employees either online through the portal of the Central Recordkeeping Agency, i.e., Protean e-Gov Technologies Limited (PCRA) or offline through the Drawing and Disbursing Officer (DDO) and Pay and Accounts Office (PAO), i.e., Central Government Offices/Nodal Offices with whom the employee is associated with.
2.4 Contributions under UPS
a. Employee and Central Government Contribution – UPS subscribers shall contribute 10% of their Basic Pay + Dearness Allowance (DA) (including non-practicing allowance, if applicable) with a matching contribution by the Central Government in the Permanent Retirement Account Number (PRAN) of the employee.
b. Pool Corpus – The Pool corpus is a central pool fund created under UPS consisting of:
i. Additional Central Government Contribution – Estimated 8.5% of Basic Pay + DA based on all employees who have opted for UPS;
ii. Transferred Individual balances – Funds from an individual subscriber/employee’s PRAN (post superannuation) will be moved into the Pool Corpus;
iii. Other contributions – Any additional contributions specified by the Central Government.
c. Individual Corpus (IC) is the Net Asset Value (NAV) of units outstanding in the PRAN of the subscriber under UPS. This IC of a subscriber may be invested either as per:
i. Default Pattern, i.e., Pension Fund and Investment Choice as decided by PFRDA;
ii. Pension Fund and Investment Pattern (LC25: Equity capped at 25%; LC50: Equity capped at 50%; Auto Choice, i.e., Scheme G: 100% in Government securities) chosen by the UPS subscriber.
d. Benchmark Corpus (BC) is calculated based on the default pattern of investment and is used to compare against the subscriber’s/employee’s Individual Corpus under the UPS. If the IC exceeds the BC, the excess amount will be paid to the subscriber on superannuation/retirement. If the IC is less than the BC, the subscriber can add more funds before retirement or in the absence of addition of funds by the subscriber, the admissible payouts to the subscriber under UPS will be reduced proportionately.
3. Benefits under UPS
3.1 Eligibility for Benefits – Central Government employees as covered in para 2.2 of the RfP are eligible to receive benefits under UPS in the following cases:
a. Superannuation – Employees retiring after completing at least 10 years of service will receive benefits from the date of superannuation;
b. Retirement by Central Government – If an employee is retired under FR 56(j) (not as a penalty), benefits under UPS will be payable from the date of retirement;
c. Voluntary Retirement – Employees opting for voluntary retirement after 25 years of service will receive benefits from their notional superannuation date;
d. Exclusions – UPS benefits are not applicable to employees who resign, are dismissed or are removed from service.
3.2 Computation of Benefits
a. Lumpsum Payment – One-time payment based on last drawn salary and total qualifying service, calculated as 1/10th of Basic Pay + DA for every completed six months of service;
b. Assured Monthly Payout – 50% of the average Basic Pay of the last 12 months, subject to a minimum qualifying service of 25 years. Assured payout of ₹10,000 per month is guaranteed for employees with at least 10 years of service. For those with 10 to 25 years of service, benefits are adjusted proportionally;
c. Admissible Payout – The Admissible Payout refers to the payout amount an employee will receive under UPS, which will be reduced under certain conditions as prescribed in the Regulations;
d. Reduction in Assured Payout – The assured payout will be proportionally reduced in either or both of the following cases:
i. Shortfall, i.e., IC is less than BC at the time of retirement;
ii. Final Withdrawal – If the employee has opted for Final Withdrawal of up to 60% of their corpus.
If the IC is less than BC, the subscriber/employee has the option to replenish the shortfall before or at the time of retirement to maintain the full Assured Payout.
e. Final Withdrawal – Employees or their legally wedded spouses can withdraw up to 60% of their corpus, with a proportionate reduction in assured payouts;
f. Family Payout – In case of an employee’s demise, the legally wedded spouse will receive 60% of the last Admissible Payout for life.
3.3 Additional Benefits
a. Dearness Relief (DR) – DR is paid on Admissible and Family Payouts as per Central Government rates. It is applicable only after the payout commences;
b. Service Considerations – Certain periods like suspension (if exonerated), study leave, or government-approved deputations are counted as qualifying service.
3.4 Benefits payable to superannuated or retired employees under NPS (before 31st March, 2025)
Employees who retired or superannuated under NPS on or before 31st March, 2025 and meet the required eligibility conditions under the Regulations, will be eligible for the following benefits:
a. Lump sum Payment as defined above at 3.2 (a);
b. Monthly Top-up – An additional monthly amount over the annuity amount being received under NPS, i.e., [(Admissible Payout +DR) – Representative Annuity Amount]. The representative annuity amount is computed from the subscriber’s annuitized NPS corpus;
c. DR as defined above at 3.3 (a);
d. Interest on arrears – Simple interest (at Public Provident Fund rates) on pending payments, from the month after retirement until the claim is submitted
4. Role of NPS Trust in processing of claims for payment of benefits to UPS subscribers
In terms of Regulation 21 and Regulation 25 ibid., NPS Trust is required to inter-alia undertake the following activities w.r.t processing of claims for payment of benefits to the eligible UPS subscribers:
4.1 Processing of UPS Payout Order (UPO): Upon receipt of UPO, NPS Trust shall authorise the following payments to the eligible claimants after due verification –
a. Release of Assured Payout;
b. Release of Admissible Payout;
c. Release of Lump sum Payment;
d. Release of Final Withdrawal;
e. Release of the surplus amount in the IC, if any over the BC;
f. DR on the Admissible Payout;
g. Release of monthly Payout; and
h. Release of family Payout.
4.2 NPS Trust shall also ensure payment of monthly payout from the Pool Corpus to the bank account of the UPS subscriber or the legally wedded spouse, as the case may be, and periodic release of applicable DR;
4.3 NPS Trust is required to undertake concurrent audit of the payments of various benefits which will be made to the UPS subscriber or the legally wedded spouse, as the case may be;
4.4 NPS Trust is also required to authorise release of above UPS benefits after due verification of UPO issued by the PAO of the Central Government;
4.5 NPS Trust shall check availability of valid life certificate in the CRA system for release of monthly payouts;
4.6 NPS Trust shall authorise transition of assured payout to legally wedded spouse, upon demise of the UPS subscriber;
4.7 NPS Trust shall undertake any other function and activity as may be required or instructed by PFRDA.
5. Work Flow for processing and payment of benefits to UPS subscribers
The broad work flow for processing and payment of benefits to the eligible subscribers under UPS or the legally wedded spouse, as the case may be, will be as follows:
| Employees exiting under UPS | DDO login to CRA system | UPS Calculator | PAO login to CRA system | NPS Trust login to CRA system | Claim processed by |
| Validation of PRAN & initiation of online request by Subscriber/ spouse through eNPS portal | Request Completion as per applicable Form upload of documents | Computation of Payout benefits to Subscriber/ Spouse through CRA system | PAO User to complete verification & authorisation | NPS Trust to complete verification & authorization | Payout to Subscriber / Spouse |
The steps involved in the processing and payment of benefits to the UPS
subscribers or the legally wedded spouse, as the case may be, are as follows:
5.1 The application for payment of benefits under UPS shall be made by the subscriber or the legally wedded spouse in the applicable Forms (B1, B2, B3, B4, B5 and B6) as given in Schedule I of the Regulations;
5.2 The above forms, as applicable can be submitted by the subscriber or the legally wedded spouse either Online through the CRA portal or Offline i.e. physical form submission to the Head of Office or DDO;
5.3 Each of the above forms, i.e., B1, B2, B3, B4, B5 and B6 contains four (4) parts as follows:
5.3.1 Part A – This part of each of the aforementioned forms shall be filled and signed by either the subscriber or the legally wedded spouse, as referred to in 5.1 and 5.2 above. This part includes details of subscriber, KYC details, contact details, details of legally wedded spouse, bank account details etc. Besides, the subscriber / legally wedded spouse shall be required to upload (online) or provide (offline) the following documents along with the form:
5.3.1.1 Photocopy of the first page of Pass Book / Bank Statement or cancelled cheque of the Bank Account or any other bank document showing the name and account details of Account Holder, in which the payout is to be credited;
5.3.1.2 Copy of death certificate of deceased Central Government subscriber, where applicable;
5.3.1.3 Copy of PAN Card of subscriber / legally wedded spouse;
5.3.1.4 KYC documents of subscriber / legally wedded spouse; 5.3.1.5 One joint photograph;
5.3.1.6 Specimen signature of subscriber / legally wedded spouse.
The subscriber or the legally wedded spouse, as the case may be shall certify that the information provided in this part of the form is true and correct.
5.3.2 Part B – This part of each of the aforementioned forms contains the details as available / appearing in the CRA system pertaining to the individual PRAN under UPS. This part includes details of calculation/computation of UPS benefits payable to the subscriber or the legally wedded spouse, as the case may be;
5.3.3 Part C – This part of each of the aforementioned forms shall be filled and signed by the DDO in the CRA system and includes employment details of the subscriber as per the service record. Besides, the DDO is also required to upload a copy of the document containing the employment details verified by Head of Office and copy of the signed form by subscriber / legally wedded spouse, if submitted to Head of Office or DDO offline. The DDO will verify and certify that the details provided in Part A and Part C are true and correct;
5.3.4 Part D – This part of each of the aforementioned forms is called the UPS Payout Order (UPO). UPO will be generated by the CRA system based upon the details filled / appearing / recorded / uploaded in Parts A, B and C above. The UPO shall be issued by the PAO and shall be digitally signed.
5.4 The UPO shall include requisite details of UPS subscriber including particulars of legally wedded spouse of such subscriber as appearing in the service records, as on the date of superannuation or retirement; period of qualifying service; details of joint bank account of the UPS subscriber and legally wedded spouse; percentage of final withdrawal (up to 60% of IC), if opted by the subscriber; details of various benefits applicable, viz., Lump sum Payment, Assured Payout, Admissible Payout, Family Payout, applicable DR, value of IC and BC computed by the CRA in its system; date of commencement of Admissible Payout to the subscriber and such other details as may be determined for facilitating payments. For further details, please refer to Regulation 20 on ‘UPS Payout Order’;
5.5 Once the UPO has been signed and issued by the PAO, the claim file shall be forwarded to the login of NPS Trust in the CRA system for verification and authorisation of applicable benefits payable to the UPS subscriber or the legally wedded spouse, as the case may be. The role of NPS Trust as defined in detail at para 4 above shall commence from this step, i.e., upon receipt of the UPO from the PAO;
5.6 On verification by NPS Trust and thereafter, followed by pre audit by the concurrent auditor, authorisation by NPS Trust will be carried out in the CRA system for the release of payment of the applicable benefits to the UPS subscriber or the legally wedded spouse, as the case may be.
5.7 NPS Trust shall authorise the payment of payouts every month from the pool corpus and at the time change in DR periodically.
6. Scope of Work
6.1 As per the information available, there are approximately 23000 Central Government employees who have superannuated or retired on or before 01st April, 2025. These employees / subscribers or their legally wedded spouse (in case of demise of the subscriber), if found eligible as per the Regulations have been extended the option to choose UPS within three (3) months from 01st April, 2025. Apart from that, with effect from 01st April, 2025 onwards, there may be Central Government employees who would be claiming UPO benefits on superannuation / retirement and the legally wedded spouse of such employees;
6.2 The term ‘Concurrent Audit’ shall mean an independent pre-audit of all the fields of the UPO vis-à-vis the documents/ information provided / uploaded by the subscriber or legally wedded spouse, by DDO, PAO and the information, documents, records, computations, etc., prior to the authorisation by NPS Trust;
6.3 The Concurrent Auditor shall carry out an independent audit of, ‘inter-alia’, including but not limited to checking of all the fields of the UPO vis-à-vis the documents/ information provided / uploaded by the subscriber or legally wedded spouse, by DDO, PAO and the information, documents, records, computations, etc., for the purpose of release of benefits under UPO, prior to authorisation by NPS Trust within a maximum period of two (2) days from the receipt of UPO along with all relevant information/documents thereof. The auditor will take into consideration the observations recorded by NPS Trust, if any, at the time of concurrent audit;
6.4 The Concurrent Auditor will also carry out an independent pre-audit of the monthly payouts required to be made and the periodical release of Dearness Relief, prior to authorisation by NPS Trust of such payments within a maximum period of three (3) days from the date of receipt thereof;
6.5 For the purpose of concurrent audit of UPO, monthly pay outs and the release of periodical DR, the CA firm(s) shall be provided the relevant documents or information (either offline or online through the CRA system or otherwise);
6.6 The Concurrent Auditor will maintain an audit log, online or offline as per the requirement of NPS Trust, of each and every claim file and monthly payout including but not limited to, record of their observations, discrepancies or exceptions, if any, time taken to process, clarifications received, if any, from NPS Trust, CRA and/or the DDO/PAO, etc.;
6.7 Proposal – NPS Trust is inviting bids from Chartered Accountant Firm(s) through this RfP for undertaking concurrent audit of the payments of benefits to subscribers or legal wedded spouse under the Unified Pension Scheme (UPS). The CA Firm(s) shall be required to deploy requisite personnel to be stationed at the office of NPS Trust in New Delhi to undertake the concurrent audit of all claims and monthly payouts to be completed within a period of 2 days and 3 days respectively from the date of receipt thereof;
6.8 The engagement of the CA Firm(s) shall be for a period of six (6) months
from the date of first deployment of the personnel at the office of NPS Trust;
6.9 All the functions / activities to be performed by the personnel of the
concurrent auditor will be undertaken on-site at the office of NPS Trust only. In this regard, the necessary infrastructure including the workspace, systems, system access, data availability, etc., required to facilitate timely and efficient audit of claims under UPS shall be provided by NPS Trust;
6.10 The selected CA Firm(s) shall be required to provide requisite personnel to undertake the concurrent audit assignment in a time-bound and professional manner with strict adherence to timelines, audit standards, reporting protocols, etc.;
6.11 The selected CA Firm(s) shall be required to provide the requisite number of personnel for concurrent audit at a short notice depending upon the number/frequency/flow of the claims received by NPS Trust;
6.12 Necessary trainings and support with respect to the Regulations, CRA systems, functionalities, data flows, etc., shall be provided to the personnel / officers deployed by the selected CA Firm(s);
6.13 The selected bidder(s) will be required to provide due certification with respect to the claims and monthly payouts so audited by the firm(s) as indicated in Annexure III (B).
7. Eligibility – All the CA firms empanelled with NPS Trust as on 31st March, 2025 are eligible for bidding under this RFP subject to the condition that the CA Firm should not have been blacklisted or debarred or banned or declared ineligible for corrupt and fraudulent practices by the Govt. of India/ State Govt/ICAI/C&AG/NAFRA/any financial sector regulator and should not have any disciplinary proceedings pending or contemplated against it or strictures passed against it or any of its partners with ICAI/ C&AG/any financial sector regulator. The CA Firm(s), if undertaking any other assignment awarded by NPS Trust relating to processing of claims for payment of benefits under UPS, will not be selected under this RFP.
3. Terms of Payment
8.1 The fees for the concurrent audit will be paid monthly to the selected bidder(s) by NPS Trust. In this regard, all the claims audited will be considered as eligible for the purposes of payment of fees to the selected bidder(s);
8.2 NPS Trust will reserve the right to cross-check the number of claims concurrently audited every month and the payouts authorised as claimed by the CA Firm(s), and will make the payment in accordance with the same. In the event of discrepancy in the number of claims audited, NPS Trust will pay nil or lower fees, as the case may be and the decision of NPS Trust in regard thereto, shall be final and binding;
8.3 The selected bidder(s) shall raise the invoice in the name of NPS Trust within a period of fifteen (15) days from the end of the month. NPS Trust will make the payment within thirty (30) days from the date of acceptance of the invoice. However, the said timeline will not apply in the event any discrepancy arises between NPS Trust and the selected bidder(s) w.r.t the invoice;
8.4 All invoices shall be addressed to:
General Manager (Exits and Withdrawals)
National Pension System Trust
B-302, Third Floor, Tower B, World Trade Center, Nauroji Nagar, New
Delhi – 110029
9. Evaluation Criteria
9.1 The broad criteria for evaluation of the bids would be on a Quality cum Cost Based System (QCBS) and the weightage criteria is as follows:
| Sl. No. | Particulars | Percentage (Weightage) |
| 1. | Technical Evaluation | 70% |
| 2. | Commercial Bid Evaluation | 30% |
| Total | 100% |
9.2 A bidder should score a technical score more than or equal to 50 out of 100 in the technical bid evaluation process to qualify for commercial bid evaluation.
9.3 The score of the bidder, as per the documents submitted, shall be allotted by NPS Trust and the decision of NPS Trust will be final and binding. Only those bidders that have scored the minimum qualifying marks (more than or equal to 50 marks out of 100) will be treated as technically qualified and only their commercial proposals will be duly opened.
9.4 After opening and evaluating the financial proposals of technically qualified bidders, a final combined score shall be arrived based on the above-mentioned weightage. The proposal with the highest ranked weighted combined score (quality and cost based system) shall be selected. In case of bidders having same final scores, the bidder having higher score in the technical criteria will be selected.
9.5 Ranking Methodology for Technical Evaluation
| Sl. No. | Requirement | Total Score | Documents to be submitted |
| 1. | The bidder firm should have minimum twenty (20) partners as on 31st March, 2025 | · 20 or more = 10 marks · 15 to 20 = 7 marks · 1 to 15 = 5 marks | Self-certified declaration along with names of Partners and their brief profile. |
| 2. | The bidder should have been registered with ICAI and should have at least tenyears track record of continuous operations as on 31st March, 2025. | · 10 years or more = 10 marks · 5 to 10 years = 7 marks · 1 to 5 years = 5 marks | Certificate of registration from ICAI and self- declaration in the format given in Annexure II. |
| 3. | During the last five (5) years (up to 31st March, 2025), the bidder should have undertaken audit of insurance claims or insurance companies. | · 5 or more = 20 marks · 2 to 5 = 10 marks · 1 to 2 = 5 marks | Relevant documents in support of the |
| 4. | During the last five (5) years (up to 31st March, 2025), the bidder should have in Banking / Financial | · 5 or more = 20 marks · 2 to 5 = 10 marks · 1 to 2 = 5 marks | Relevant documents in support of the |
| 5. | During the last five (5) years (up to 31st March, 2025), the bidder should have undertaken audit of a PF Trust / Asset Management Companies (AMCs) / Mutual Funds / Government Schemes. | · 5 or more = 20 marks · 2 to 5 = 10 marks · 1 to 2 = 5 marks | Relevant documents in support of the same duly signed by the authorised signatory. |
| 6. | The bidder should be empanelled with the | · Yes = 10 marks · No = zero (0) marks | Self-attested copy of the certificate / acknowledgement issued by C&AG. |
| 7. | The bidder should have valid and subsisting peer review certificate issued by the Institute of Chartered Accountants of India as on the date of submission of bid. | · Yes = 10 marks · No = zero (0) marks | Self-attested copy of the certificate issued by the |
| Total | 100 | ||
| (Minimum to be scored is 50 marks to qualify for commercial bid evaluation) | |||
Documents to be enclosed along with the technical bid in support of the parameters as mentioned in the table above.
10. Bid Submission
The bid shall be submitted in two sealed envelopes viz., Envelope I for Technical Bid Documents and Envelope II for Commercial Bid Documents. The envelopes will be superscribed as follows:
a. Envelope I – ‘Technical Bid Documents for Appointment of empanelled Chartered Accountant Firm(s) for undertaking concurrent audit of the payments of benefits to subscribers under UPS.’ The Technical Bid Documents will include duly signed copy of the RfP along with Annexures I, II, III (A and B), V, VI and VII. Besides above, the Technical Bid will also contain all documents as mentioned in para 9.5 above to facilitate evaluation of the bid by NPS Trust.
b. Envelope II – ‘Commercial Bid Documents for Appointment of empanelled Chartered Accountant Firm(s) for undertaking concurrent audit of the payments of benefits to subscribers under UPS.’ The Commercial Bid Documents will contain Annexure IV.
Both the above sealed envelopes will be placed in another sealed Envelope III and the same shall be superscribed as ‘Bid for Appointment of empanelled Chartered Accountant Firms) for undertaking concurrent audit of the payments of benefits to subscribers under UPS.’ The Envelope III will also be superscribed with ‘Do not Open’ and shall be submitted at the following address:
The General Manager (Exits & Withdrawals)
National Pension System Trust,
B-302, 3rd floor, Tower-B,
World Trade Center, Nauroji Nagar,
New Delhi -110029
In the event, the Commercial Bid is disclosed along with the Technical Bid Documents, the bid submitted will be liable for disqualification and will not be considered for further evaluation.
The bids shall be submitted by either Registered Post, Speed Post, or by Hand within the timelines as prescribed in this RfP. Bids received in any manner or mode other than as prescribed above, shall be liable to be rejected summarily and the decision of NPS Trust shall be final, conclusive and binding. NPS Trust will not be responsible for non-receipt of bids within the specified date and time due to any reason including postal delays or holidays. In case the bidder intends to be present at the time of opening of bids, they may do so under prior intimation to NPS Trust. The venue of opening the bids shall be Conference Room of NPS Trust at B-302, 3rd Floor, Tower B, World Trade Center, Nauroji Nagar, New Delhi – 110029.
11. The terms and conditions of appointment of empanelled Chartered Accountant Firm(s) for undertaking concurrent audit of the payments of benefits to subscribers under UPS are enclosed at Annexure-I. The decision of NPS Trust with respect to appointment of the Chartered Accountant Firm(s) shall be final, conclusive and binding.
General Manager
Annexure-I
TERMS AND CONDITIONS
Appointment of empanelled Chartered Accountant Firm(s) for
undertaking concurrent audit of the payments of benefits to
subscribers under UPS
1. After opening and evaluating the financial proposals of technically qualified bidders, a final combined score shall be arrived based on the weightage mentioned in para 9 of the RfP. The proposal with the highest ranked weighted combined score (quality and cost based system) shall be selected. In case of bidders having same final scores, the bidder having higher score in the technical criteria will be selected.
2. CA Firm, if undertaking any other assignment awarded by NPS Trust relating to processing of claims for the payment of benefits under UPS, will not be selected.
3. Given the volume / frequency of the claims received by NPS Trust, NPS Trust reserves the right to appoint up to three CA Firms to carry out the assignment. The bidder(s) ranked next in the order of merit may be offered to match the lowest bid for this purpose. In the event of failure of one bidder to match the lowest bid, the same may be offered to the next bidder ranked in the order of merit.
4. In case of selection of more than one CA Firm, NPS Trust will divide the claims or monthly payouts to be audited as per its discretion. However, in the event of non-completion or delay in audit of the assigned claims or monthly payouts to a selected bidder, NPS Trust reserves the right to assign the un-audited claims or monthly payouts at any time to other selected bidder(s) in such proportion as it may deem fit. NPS Trust does not guarantee any award of assignment of minimum claims or monthly payouts to a selected bidder as the same will be based on the need and circumstances.
5. Volume / Frequency / Time is of essence and in order to complete the assignment in a timely and professional manner, NPS Trust reserves the right to appoint another CA Firm/Bidder ranked next in the order of merit subject to the bidder matching the lowest bid valid for 180 days from the date of declaration of results.
6. The initial period of the award of work shall be six (6) months from the date of first deployment of personnel / officers by the selected bidder(s) at the office of NPS Trust, which after the review of performance, need, circumstances and other conditions, may be further extended beyond the initial period subject to the requirement, on such terms and conditions as may be decided by NPS Trust, or may even be terminated before the specified period of six months or the extended period, as the case may be on the ground, including but not limited to, NPS Trust not being satisfied with the performance of the firm(s).
7. The letter of award of work shall be issued after approval by the competent authority.
8. Conditional and incomplete bids shall not be considered and shall be summarily rejected at the very first instance, without providing any recourse to the bidder, in which event, the decision of NPS Trust shall be final, conclusive and binding.
9. The competent authority of NPS Trust reserves the right to annul all the bids received, modify or cancel the selection process of appointment of CA Firm(s), at any time prior to issuing the letter of award of work or discontinue this tender process, without assigning any reason, in which event, the decision of NPS Trust shall be final, conclusive and binding.
10. The competent authority of NPS Trust reserves the right to modify, enhance or reduce the scope of activities required to be performed as part of the audit assignment at any time without assigning any reason, in which event, the decision of NPS Trust shall be final, conclusive and binding.
11. NPS Trust shall be under no obligation to accept the lowest or any other offer received in response to this tender document and shall be entitled to reject any or all bids without assigning any reason whatsoever, without any obligation to inform and without incurring any liability to any of the bidders/applicant firms.
12. This tender document neither constitutes nor should be interpreted as an offer or invitation for appointment.
13. Prospective bidders are advised to go through the complete tender document and annexure(s) thereto, including the terms and conditions, undertakings, certification thereof, carefully before applying. The bid once submitted shall not be ordinarily permitted to be modified, substituted or withdrawn.
14. No binding legal relationship of any nature, shall exist between any of the bidder and NPS Trust until issuance of letter of award of work.
15. Submission of bid by the applicant firm shall mean that they have examined the entire tender document and annexure(s) thereto and is deemed to have full knowledge of the role and responsibilities as covered under the scope of work.
16. A bidder shall, by responding to NPS Trust under the present tender document, be deemed to have accepted all the terms and conditions of this tender document. The terms of engagement shall be in accordance with the letter of award of work issued to the successful bidder.
17. This document is meant to provide information only and upon the express undertaking that recipients shall use it only for the purposes set above. No representation or warranty, expressed or implied, is or shall be made as to the reliability or accuracy of any of the information contained herein, nor shall it create any liability or responsibility on NPS Trust or any of its officers. It does not purport to be all inclusive of the information regarding the services to be provided or to be the basis of the letter of award of work. It shall not be assumed that there shall be no deviation or change in any of the information mentioned hereunder on roles and responsibilities of the CA Firm. While this document has been prepared in good faith, neither NPS Trust, nor any of its officers make any representation or warranty or shall have any responsibility or liability whatsoever, in respect of any statements or omissions made herein. Any liability or responsibility is accordingly and expressly disclaimed by NPS Trust and its officers, even if any loss, harm or damage is caused by any act or omission on the part of NPS Trust or any of its officers, whether negligent or otherwise, in respect of the present tender document.
18. The selected bidder(s) should hold NPS Trust’s interest paramount and should observe the highest standard of ethics, values, code of conduct, honesty and integrity while carrying out the assignment.
19. By acceptance of this document, the bidders agree that any information contained herewith, shall be superseded by any subsequent written information on the same subject, made available to the recipient(s), with access to any additional information or update to this document or to correct any inaccuracies herein which may become apparent. Any corrigendum/clarification to the bid document will be made available at the website of NPS Trust.
20. In case of any ambiguity, in the interpretation of any of the clauses in bid document, NPS Trust’s interpretation of the clauses shall be final, conclusive and binding.
21. NPS Trust reserves the right, at any time and without advance notice, to change the procedure for selection of the CA Firm(s), at its sole discretion. Accordingly, the interested recipients shall carry out an independent assessment and analysis of the requirements of the information, facts and observations contained herein.
22. This document has not been filed, registered or approved in any jurisdiction. Recipients of this document shall be responsible to inform themselves of and observe any applicable legal requirement.
23. This tender document constitutes no form of commitment on the part of NPS Trust. Furthermore, this document neither confers the right nor any expectation on any party whatsoever, to participate in the tender process. The bidder(s) shall be responsible for all acts incurred or omissions made in connection with participation in this process. This tender does not bind NPS Trust to award the work or to engage in negotiations.
24. The appointed bidder(s) accepts to comply with and abide by such instructions and directions that NPS Trust may issue from time to time.
25. All proposals and accompanying documents received within the stipulated times shall become the property of NPS Trust and shall not be returned in any event whatsoever.
26. The proposal/ bid shall be valid for a period of 180 days from the date of declaration of results. A proposal/ bid valid for a shorter period may be rejected by NPS Trust as non-responsive. In exceptional circumstances or justified reasons, NPS Trust may at its discretion, grant consent for an extension of the validity period. The request and responses shall be in writing.
27. The selected bidder(s) shall be liable to maintain secrecy and confidentiality of all the information / data / operations, etc. of the NPS Trust, subscribers, legally wedded spouse, DDO/PAO, CRA and any other entity in relation to the work undertaken by it. The selected bidder(s) shall not disclose or part with any information relating to NPS Trust/subscribers/legally wedded spouse/DDO/PAO/CRA and its data to any person or persons or authorities without prior written consent of NPS Trust. Breach of the same will result in termination of the award of work apart from other remedies available to NPS Trust. The selected bidder(s) will enter into a ‘Non-disclosure Agreement’ with NPS Trust (Annexure-VII).
28. Any form of canvassing / lobbying / influence / query regarding short listing, status, etc. under the present tender, shall be a direct disqualification from the selection process.
29. The person(s) signing the bid documents shall affix their initials on all pages of the bid.
30. Bidders must disclose in their bid (Annexure-II), details of any circumstances, including personal, financial and business activities that will, or might, give rise to a conflict of interest. Where bidders identify any potential conflicts they should state how they intend to avoid such conflicts. NPS Trust reserves the right to reject any bid which, in NPS Trust’s opinion, gives rise, or could potentially give rise to, a conflict of interest.
31. The successful bidder(s) shall not, without the prior written consent of NPS Trust, assign or transfer or cause to be assigned or transferred, whether actually or as the result of takeover, merger or other change of identity or character of the successful bidders, any of its rights or obligations under present tender document and award of work thereto or any part, share or interest therein.
32. The bidders shall submit the bid on its own and not in consortium with any other firm/ organization.
33. The assignment shall commence on receipt of notice from NPS Trust (Notice to proceed).
34. No advance will be paid. The fees for assignment will be paid to selected bidder(s) by NPS Trust, as per the terms of payment mentioned in this tender.
35. The fee quoted shall be all-inclusive and no out of pocket expenses shall be admissible, i.e., NPS Trust shall not be providing for or reimbursing any expenditure incurred by the personnel/officers of the selected bidder(s) towards accommodation, local conveyance, air fare or train fare, halting expense, lodging, boarding, food etc., in connection with travelling to the premises of NPS Trust for the purpose of carrying out the assignment.
36. The selected bidder(s) at all times will comply with the code of conduct prescribed for the CA Firm(s) by the Institute of Chartered Accountants of India.
37. The bidder undertakes that they
iii. Will not offer any benefit to the employees of NPS Trust and not commit any offence under the Prevention of Corruption Act, 1988 or Indian Penal Code, 1860.
iv. Will not enter into any undisclosed agreement or understanding with the other bidders with respect to the prices, specifications, certifications, subsidiary contracts etc.
v. Have not sold the same services somewhere else at prices lower than the bid price for the same scope.
vi. Have not made any payment to any third party or agent or broker for the purpose of this bid.
vii. Have not committed any transgressions over the specified period with any other company in India or abroad that may impinge on the anti-corruption principle.
p. Controlling partners in common or
q. Receiving or have received any direct or indirect subsidy / financial stake from any of the other bidders or
r. Have the same legal representative / agent for the purpose of this bid or
s. Have business relationship with each other directly or through common third parties that puts them in a position to have access to information about or influence the bid of the other bidder or
t. Bidder or any of its affiliates participated as a consultant in the preparation of the design or technical specification of the contract that is the subject of the bid or
iv. Obstructive Practice – Materially impede the NPS Trust’s investigation into allegations of one or more of the above mentioned prohibited practices either by deliberately destroying, falsifying, altering or by concealing of evidence material to the investigation, or by making false statements to investigators and/or by threatening, harassing or intimidating any party to prevent it from disclosing its knowledge of the matters relevant to the investigation or from pursuing the investigation, or by impeding NPS Trust’s rights of audit or access to information.
39. The bidder hereby declares the abiding to the code of integrity during submission of the bid. In case of any transgression of this code, the bidders agree to be liable of punitive actions such as cancellation of contract any stage of the bid or during execution, recovery of payments already made including advance payments, banning from future participation and blacklisting by NPS Trust.
1. NPS Trust may, at its sole discretion and at any time, terminate the award of work with the successful bidder(s) by giving seven (7) day’s notice, and inform the bidder(s) of NPS Trust’s decision by written instructions to that effect. In the event of termination, the selected bidder(s) shall take such steps as are necessary to bring the services to an end, in a cost effective, timely and orderly manner, without making any claim of whatsoever nature, against NPS Trust or any of its officers, employees, directors etc.
2. Any failure or delay by selected Bidder(s) in the performance of its obligations, to the extent due to any failure or delay caused by fire, flood, earthquake, pandemic or similar elements of nature, or acts of God, war, terrorism, riots, civil disorders, rebellions or revolutions, acts of governmental authorities or other events beyond the reasonable control of non-performing party, which effects the performance of the selected bidder, will not amount to non-performance of the assignment. However, the selected bidder will notify within a reasonable time period of the occurrence of a Force Majeure Event. If the Force Majeure prevents or delays performance for over 10 days, NPS Trust will reserve the right to terminate the contract.
3. Governing Laws/Jurisdiction/Arbitration: Any dispute/ difference in relation to the process for selection of the CA Firm(s) under this tender document shall be subject to the exclusive jurisdiction of courts at New Delhi only. Any dispute arising post the award of work shall be settled through negotiation, in good faith and using best endeavours. Disputes unresolved, if any, shall be settled by way of arbitration, to be conducted under the provisions of the Arbitration and Conciliation Act, 1996, as amended, by a sole arbitrator appointed mutually by the parties. The proceedings of arbitration will be conducted at New Delhi and the cost will be borne equally by the parties.
4. In the event, inadequate response is received to the RfP, the decision of NPS Trust in the selection of CA Firm(s) shall be final and binding.
Source: www.taxguru.in