Showing posts with label PFRDA. Show all posts
Showing posts with label PFRDA. Show all posts
Tuesday, August 12, 2014
Friday, September 20, 2013
Option to defer Annuity purchase under NPS at the time of exit-PFRDA
Option to defer Annuity purchase under NPS at the time of exit-PFRDA
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
PFRDA/ 2013/14/ PDEX /9
September 17, 2013
To,
All Govt depts./PAO’s/DDO/ POP’s, CRA & other stakeholders
Dear Sir/ Madam,
Sub: Option to defer Annuity purchase under NPS at the time of exit
As per the Exit guidelines of PFRDA for National Pension System (NPS) subscribers, a ubscriber on attaining the Normal Retirement Age (applicable to Govt. sector subscribers) or upon attaining 60 years – is required to compulsorily annuitize at least 40% of your pension wealth and the remaining 60% can be withdrawn as a lump sum. Also, a subscriber wishing to exit from NPS before the normal retirement age or before attainment of 60 years is allowed to exit subject to the condition that a minimum of 80% of accumulated pension wealth needs to be mandatorily utilized for purchase of annuity that provides for the monthly pension to the subscriber.
Presently, withdrawal of permissible lump sum withdrawal (60%) upon exit can be deferred by the subscriber to a later date but not beyond attaining 70 years of age. This is to take care of the reasons like unfavorable Market conditions or there being no requirement of the funds at that particular time.
Due to the upheavals in the market conditions including the bond market and the swings in NAV’s of the debt funds including NPS in the recent past, feedback has been received from various stakeholders that the subscribers be given an option to defer or time the annuity purchase (subject to a minimum of 40%/80% of accumulated pension wealth as applicable) akin to the deferment option for the lump sum withdrawal that is permitted currently under NPS.
PFRDA after examining the issued has approved the “Deferment option” for the annuity purchase at the time of exit from NPS with condition that such deferment can be for a maximum period of 3 years. One can initiate the annuity purchase option at any time before lapse of 3 years from the date of such deferment, by giving an application or notice to the Central Record Keeping Agency.
If no such notice is given before the lapse of 3 years from such date of deferment, the percentage of accumulated pension wealth as provided by the subscriber in the NPS withdrawal application form (subject to a minimum of 40%/80% of accumulated pension wealth as applicable) for purchase of annuity would be automatically monetized and such amount would not earn any investment income or interest to the subscriber
thereafter.
This is for the information of all concerned. The circular has also been placed on PFRDA website at http://www.pfrda.org.in and CRA website at http://www.npscra.nsdl.co.in.
Yours faithfully,
Sd/-
Venkateswarlu Peri
General Manager
Source: http://pfrda.org.in/ | |
Subscriber registration under NPS – PFRDA
Subscriber registration under NPS – PFRDA
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
PFRDA/ 2013/15/POP/1
September 17, 2013
To,All POP’s, Aggregators, CRA & other stakeholders Dear Sir/ Madam,
Sub: Subscriber registration under NPS – NPS-Swavalamban
Presently Swavalamban Scheme subscribers can be registered either through Aggregators or through Points of Presence (POPs). In order to streamline the system to cater to the Swavalamban scheme objectives, it has been decided that with effect from01/10/2013, registration of NPS-Swavalamban subscribers would be allowed only through aggregators on the NPS-Lite platform. In effect, no new NPS- Swavalamban subscriber registration would be allowed through POP’s on the all citizen model (UOS) on or after01/10/2013.
All those POP’s who have registered NPS-Swavalamban accounts on the all citizen model(UOS) of NPS earlier would be provided a period of 3 months starting from 01/10/2013 to approach PFRDA for become aggregator by duly submitting the required documentation so that they can move their existing NPS-Swavalamban accounts to the NPS-Lite platform as an aggregator. However, post the 3 month window provided, if there is no satisfactory action on part of the POP, the subscribers would be asked to choose one of the existing aggregators for subscriber maintenance activities.
This is for the information of all concerned. The circular has also been placed on PFRDA website at http://www.pfrda.org.in and CRA website at http://www.npscra.nsdl.co.in.
Yours faithfully,
Sd/-
Venkateswarlu Peri
General Manager
Source: http://pfrda.org.in/ | |
Tuesday, March 19, 2013
NPS Status as on 2nd March 2013
NPS Status as on 2nd March 2013
PFRDA publishes new status
of subscribers of National Pension Scheme as on March, 2013
Pension Fund Regulatory and
Development Authority (PFRDA) has published a latest status of NPS subscribers
as on 2nd March 2013 on its portal. As per the status, Central Government have
11,25,871 subscribers and 22 State Government have implemented the scheme to
its employees.
National Pension System
Status – March 2013
A. Sector wise NPS status
as on March 2, 2013
Till date 9506 Tier II accounts have been activated. B. Status of Implementation of NPS by various States
* Kerala has indicated in-principle approval for joining NPS w.e.f. 01.04.2013 Source : www.pfrda.org.in [http://pfrda.org.in/writereaddata/linkimages/NPS%20status%20March138259648465.pdf] | ||||||||||||||||||||||||||||||||||
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Monday, March 11, 2013
NEW PENSION SCHEME –NATIONAL PENSION SYSTEM STATUS-MARCH: 2013
NEW PENSION SCHEME –NATIONAL PENSION SYSTEM STATUS-MARCH: 2013{CLICK HERE FOR DETAILS}
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Tuesday, February 12, 2013
Master Circular on Product design and Exit from National Pension System (NPS)
Master Circular on Product design and Exit from National Pension System (NPS)
MASTER CIRCULAR
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
PFRDA/ 2013/2/ PDEX / 2
January 22, 2013
To,
All POP’s, Aggregators, CRA, Central and State Governments,
Dear Sir/ Madam,
Sub: Master Circular on Product design and Exit from National Pension System (NPS)
For effective regulation of the exits from National Pension System (NPS) Pension Fund Regulatory and Development Authority (PFRDA) has been issuing various circulars from time to time. In order to enable all the stakeholders and other users to have an access to all the applicable circulars at one place, this Master Circular has been prepared.
This Master Circular is a compilation of all the circulars issued by PFRDA on the above subject issued up to December 31, 2012 and which are operational as on date of this circular.
Yours faithfully,
Sd/-
Venkateswarlu Peri
General Manager
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PFRDA Orders : Additional Benefit on death/disability of government servant covered by National Pension System (NPS)
PFRDA Orders : Additional Benefit on death/disability of government servant covered by National Pension System (NPS)
Additional Benefit on death/disability of government servant covered by National Pension System (NPS)
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Cir no: PFRDA/ 2013/2/ PDEX / 2
SL-5
Subject: Additional Benefit on death/disability of government servant covered by National Pension System (NPS)
PFRDA has in past replied to various queries received from various government departments in reference to OM No. 38/41/P&PWA (A) issued by DoP & PW’s dated 05/05/2009 with respect to the additional relief on death/disability of government servants covered by the new Defined Contributory Pension System (NPS).
The said information is being re-iterated hereunder for the information of all stakeholders for a better appreciation of the matter.
It has been decided that additional benefits provided in terms of the said OM are over and above the benefits provided by the National Pension System, as per para 3 of the OM.In case the recovery of the accumulated pension wealth under NPS account is to be undertaken as per government’s decision, it has to be done by the department concerned directly from the subscriber/nominees/legal heirs after due payment from NPS system to them, in order to fulfill the contractual obligations under NPS.
Source: www.pfrda.org.in
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PFRDA Orders : Processing of withdrawal requests of Non IRA Compliant subscribers
Processing of withdrawal requests of Non IRA
Compliant subscribers
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Cir no: PFRDA/ 2013/2/
PDEX / 2
SL-4
Subject: Processing
of withdrawal requests of Non IRA Compliant subscribers
PFRDA has issued
necessary instructions to CRA with respect to the withdrawal guidelines for Non
IRA Compliant subscribers in case of government servants who have died or
resigned. The said information is being re-iterated hereunder for the
information of all stakeholders for a better appreciation of the matter.
The following are the
details of the process to be followed:
2. In case of
death where PPAN was assigned but corresponding PRAN was not generated and the
respective contribution is held with the concerned employer/department, then,
the respective employer / department may take appropriate decision at their end.
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PFRDA Orders : Exit rules under National Pension System for All Citizen model under UoS including Corporates and Swavalamban scheme
PFRDA Orders : Exit rules under National Pension System for All Citizen model under UoS including Corporates and Swavalamban scheme
Exit rules under National Pension System for All Citizen model under UoS including Corporates and Swavalamban scheme.
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Cir no: PFRDA/ 2013/2/ PDEX / 2
SL-3
Subject: Exit rules under National Pension System for All Citizen model under UoS including Corporates and Swavalamban scheme.
PFRDA has issued necessary instructions to CRA for implementation of the withdrawal process under National Pension System (NPS) for all sectors viz., Government Employees, All Citizen model and Swavalamban scheme. The said information is being re-iterated hereunder for the information of all stakeholders for a better appreciation of the matter.
The following are the details for the withdrawals allowed in case of All Citizen model and Swavalamban scheme subscribers:
a) Upon reaching the age of 60 Years: At least 40% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of annuity providing for monthly pension to the subscriber and balance is paid as lump sum payment to the subscriber.
b) Upon Death: The entire accumulated pension wealth (100%) would be paid to the nominee/legal heir of the subscriber and there would not be any purchase of annuity/monthly pension.
c) Exit from NPS before the age of 60 Years (irrespective of cause): At least 80% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of annuity providing for monthly pension to the subscriber and the balance is paid as a lump sum payment to the subscriber.
The subscribers would be able to purchase the annuities directly from the empanelled Annuity Service Providers as per their choice of annuity that is available in the market/with the Annuity Service Provider’s (ASP’s) empanelled by PFRDA. For Swavalamban withdrawals under (a) & (c) above, there is an overriding condition on the lump sum payment payable due to which the entire accumulated pension wealth would be annuitized in case if the monthly pension obtained by using the 40%/80% of the pension wealth is below Rs. 1000/- per month.
Source: www.pfrda.org.in
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