Notification(KVS) – Implementation of New Pension Scheme
This is in continuation to the notification regarding implementation of New Pension Scheme issued vide letter no.18 1/2008 NVS(Admn.) dated 04.08.2009.
It is hereby notified that Cir.No. PFRDA/2016/7/Exit/2 Dated 21.03.2016 & PERDA 2018/40/Exit Dated 10.01.2018 shall be applicable to all the regular employees of NVS covered under New Pension Scheme (Circulars enclosed).
The highlights of the circular regarding guidelines on process to be followed by subscribers and nodal office for processing of partial withdrawal request is mentioned below.
1. A partial withdrawal of accumulated pension wealth of the subscriber, not exceeding twenty – five percent of the contributions made by the subscriber and excluding contributions made by the employer, if any, at any time before exit from NPS subject to the terms and conditions, purpose, frequency and limits as specified in circular no. PFRDA/2018/40/Exit dated 10.01.2018.
2. To avail the benefits, subscribers shall have been in the National Pension System at least for a period of three years from the date of his or her joining.
3. The request for withdrawal shall be submitted by the subscriber, along with relevant documents to the central record keeping agency or the National Pension System Trust, as may be specified, for processing of such withdrawal claim through their nodal office.
4.The subscriber shall be allowed to withdraw only a maximum of three times during the entire tenure of subscription under the National Pension System and not less than a period of five years shall have elapsed form the last date of such withdrawal.
5.Partial Withdrawal request is required to be submitted by subscriber to CRA through his/her Nodal Office and forwarded for the withdrawal application for release of funds by CRA.
6. The purpose for withdrawal is specific & only under special circumstances such as-
i) Higher Education of children
ii) Marriage of children
iii) Purchase or construction of a residential house or flat
iv) Treatment of specified illnesses.
Joint Commissioner (Admn)