Investment needs are unique to each and every Individual. No single financial plan would be suitable to everyone. It is necessary, that awareness is created. Such awareness ,created and understood , is the Individual’s responsibility, who undertake decisions and apply the same to their situations. This website or any Individual or entity related with this website , would not take or assume any liability towards the decisions undertaken by such individuals. Individuals are encouraged to make inquiries, validate such information, from available resources on both online and offline content , before undertaking any financial decisions. This website does not charge any fees for such services rendered. Information sought and sharing of such information is permissions based . The website focuses only on the NPS All Citizen model and the Corporate model only as more awareness needs to be created on this models. Government model and the erstwhile NPS swavalamban model (Now Atal Pension Yojana ) are already being undertaken by the Government agencies through their own network and marketing channels.
Exit from the National Pension System are notified vide the above extra ordinary gazette published on 11/5/2015. The information has been put on the PFRDA website on June 8th, 2015. In line with the policies of NPSBOOTH, the information given in this content is applicable to the All India Citizen and Corporate models of the NPS. This is an exhaustive and a very important regulation. A copy of the regulations is attached herewith at end of the content. Visitors to the website are requested to go through for more information by downloading the copy. Please do not print the same unless very necessary. Please note that the term ‘Exit ‘from the NPS, means, separation from the National Pension system on account of situations and conditions. Please refer to the below table for an initial understanding. The detailed note of the PFRDA regulation is attached herewith in the last column. It is the same for Exits and Withdrawals. In the case of withdrawals, it means withdrawal of amount from the pensionable wealth (Corpus) accumulated lying in the PRAN account at that point of time.
Important points of the above circular :
The above regulations is divided into the following chapters.
|Serial No||Chapter||Topic covered in the regulation|
|2||II||Exit from the National pension system for all the models|
|3||III||Withdrawals , Purpose , Frequency and limits under the NPS|
|4||IV||Annuity Purchase and Annuity service providers|
|5||V||Inspection and Audit|
|6||VI||Conduct of Inquiry|
Note: Please pay importantce to the language . It is very necessary for interpretation.
Applicable to only the All India Citizen and the corporate model.
Exits from the National Pension System for the TIER 1 account ( Retirement Account ) .
|Serial number||Situation||Conditions by PFRDA / NPS trust||Options available in this category after||Applicable Charges on such actions.|
|1||Where a subscriber attains the age of sixty years or superannuates in accordance with the service rules applicable to such subscriber.
The word “ Superannuates “ is another word for retirement.
||The subscriber shall be allowed to continue to subscribe, defer the withdrawal of lump sum amount or the purchase of annuity, as the case may be, provided the subscriber agrees to bear the maintenance charges of the Permanent Retirement Account, including the charges payable to the central recordkeeping agency, pensionfund, Trustee Bank or any other intermediary, as may be applicable from time to time.|
|2||Where the subscriber who, before attaining the age of sixty years or the age of superannuation as prescribed by service rules exercises the option for exit||
||There are no options or any further points to be discussed or highlighted here.||All charges would be recovered in the normal process .|
|3||Where the subscriber who, before attaining the age of sixty years or the age of superannuation as prescribed by the respective service rules applicable to him or her, dies||The entire accumulated pension wealth of the subscriber , shall be paid to the nominee or nominees or legal heirs, as the case may be, of such subscriber subject to the
||There are no options or any further points to be discussed or highlighted here|