process under National Pension System (NPS) for all sectors viz., Government
Employees, All Citizen model and Swavalamban scheme. The
said information is being (www.sstaweb.com)
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 Government
Employees subscribers:
a) Upon Normal Superannuation: 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.
(www.sstaweb.com)c) Exit from NPS before the age of Normal superannuation (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.
(www.sstaweb.com)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 Providers (ASPs) empanelled by PFRDA.
(www.sstaweb.com)
