Circulars issued by PFRDA on Tier II, Online Exit Process, enhancement of Lumpsum withdrawal Limit under NPS

Pension Fund Regulatory and Development Authority (PFRDA), the regulator for National Pension System (NPS) has issued Circulars for Government Subscribers related to NPS. The details of these circulars are given below:  

1. Write-up on NPS Tier-II to all

 Govt. Subscribers : 

NPS offers two type accounts: 

NPS Tier I & NPS Tier II. Tier I is the pension account. Tier II is an optional investment account which can be activated by a subscriber having Tier I pension account. For more details on Features & Benefits of Tier II, Tier II activation process, Tax Benefits etc.

2. Online Exit process for Govt. Subscribers:

 Subscribers will have an option of online exit (Paperless exit) which ensures timely process of exit and seamless issue of annuity by Annuity Service Providers (ASP). As per this option, the Subscribers will submit their exit request in CRA through digital signature (e-Sign/OTP Authentication). For detailed process on online exit 

3. Enhancement of Lump sum Withdrawal limit on Exit:

 At the time of exit, the Subscribers/Claimants have an option to withdraw entire (100%) Lump sum amount subject the certain threshold limit. As per PFRDA (Exit and Withdrawal) (Amendment) Regulations, 2021 dt. 14th June 2021, the provisions related to lump sum withdrawal have been modified for the benefit of Subscribers.

The above circular are also available at CRA Website ( www.npscra.nsdl.co.in ) and at PFRDA website ( www.pfrda.org.in )

Regards,

NSDL CRA

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