Refund of CPS amount under New Pension Scheme: DFS Clarification dated 11-07-2012
Written By Admin on 04 December 2013 | Wednesday, December 04, 2013
F.No. 11/20/2012-PR
Government of India
Ministry of Finance
Department of Financial Services
Jeevandeep Building, Sansad Marg,
New Delhi dated the 11 July, 2012
OFFICE MEMORANDUM
Subject: Refund of CPS amount under New Pension Scheme — reg.
The undersigned is directed to refer to Ministry
of Defence's O.M. No. 12(3)12010/D(Civ-II) dated 12.03.2012 on the above cited subject and
to furnish the following exit provisions under New Pension System :
-
a. Upon
Normal superannuation: At least 40% of the accumulated pension wealth of
the subscriber needs to be utilized for purchase of a annuity providing for the
monthly pension of the subscriber and the balance is paid as a lump sum payment
ot the subscriber.
b. Upon
death: The entire accumulated pension wealth (100%) woukl be paid to the
nominee / legal heir of the subscriber and thee would not be Any purchase of
anuity monthly pension.
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 an annuity providing for the monthly
pension of the Subscriber and the balance e is paid as a lump sum payment to the
subscriber.
d. In
case of "technical resignation" of NPS subscribers, no withdrawal may be
permitted and the balance outstanding in their personal retirement account along with PRAN may
be carried forward, as the retirement account of NPS is portable amongst
jobs.
(Surinder Kaur)
Under Secretary to the Govt. of
India
Source
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