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Major Changes in NPS including Withdrwal Norms

March 24, 2018 admin Leave a Comment

Major Changes in NPS including Withdrwal Norms

Three major changes in the National Pension Scheme (NPS) including withdrawal norms

Relaxation of Norms for NPS

The Government of India has recently made three changes in the National Pension Scheme (NPS) including withdrawal norms. The details are as under:

Partial withdrawal during the service: The Pension Fund Regulatory and Development Authority (PFRDA), with an objective to meet the subscriber’s sudden financial requirement enrolled under NPS, has liberalized norms for partial withdrawals which also include reduction of requirement of minimum years of being enrolled under NPS from 10 years to 3 years from the date of joining. Suitable amendments were made through “Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 and the same has been notified on 10.08.2017.

Increase in the joining age under NPS: With an objective to allow individuals (under NPS-All Citizen Model and Corporate Sector Model) who are in the age bracket between 60 years and 65 years to join NPS system. Suitable amendments were made through “Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2017 and the same has been notified on 06.10.2017.

Exit in case of disability and incapacitation of the subscriber: With an objective of facilitating easy exit & withdrawal in case of disability and incapacitation of the subscriber covered under NPS, PFRDA has made suitable amendments through “Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Third Amendment) Regulations, 2018 and the same has been notified on 02.02.2018.

This was stated by Shri Ship Pratap Shukla, Minister of State for Finance in a written reply to a question in Lok Sabha today.

Source: PIB


Also Check: Central Government Pay Matrix Table 2022 PDF
Related updates:

    New Norms for Withdrawal of National Pension System (NPS)
    NPS subscribers can withdraw after three years
    Partial withdrawal under NPS for specified illness
    New Pension Scheme : Clarification of Deferred withdrawal of lump sum – PFRDA
    NPS Withdrawal Rules – Partial Withdrawal from NPS Procedural Guidelines
    Age Limit for NPS
    Govt puts on hold new Provident Fund withdrawal norms till July 31

Filed Under: New Pension Scheme, NPS

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