The petitioner further said in NPS, pensioners are not allowed a wide choice of fund manager and asset class.
NPS – PFRDA circular on Advisory Fee under PFRDA (Retirement Adviser) Regulation 2016
Extension of benefits of ‘Retirement Gratuity and Death Gratuity’ to the Central Government employees covered by new Defined Contribution Pension System (National Pension System)
Union Minister of State Reply – No proposal to introduce any new pension scheme for retired Central Government employees
New Pension Scheme deposits earns more than 10% return for the past 5 Years. This is more than any other provident fund scheme in which interest hovering around 8%
PFRDA has provided and option to compare pension amount between Family Pension and NPS annuity before processing Family Pension cases on Death / disability of subscriber
PFRDA guidelines in processing family pension of deceased subscriber
Launch of NPS and current scenario – PFRDA concept paper
Life Cycle Funds provide options for decreasing risk factor with increase in age and high ceiling in equity for subscribers with more risk appetite
One-time portability without any tax implication has been allowed to the subscriber for shifting from recognized provident fund to NPS
eNPS is an online platform provided by NPS Trust for enabling individuals to open his/her Individual Pension Account under NPS (Tier-I & Tier-II) and also facilitate the new or existing subscribers to make initial or subsequent contributions respectively to their Individual Pension Account under NPS using net banking and debit/credit cards.
A partial withdrawal of up to 25% of the contributions made by the subscriber is allowed for important reasons such as marriage or higher education of children, construction of house, critical illness etc
Maximum deduction for contribution made by Employees in NPS is Rs. 2 lakh – Limit for deduction for Employer’s contribution is 10% of Basic Pay + DA
PFRDA Press Release states that number of NPS subscribers of the Central Govt. which crossed the figure of 16 lacs. Total assets pertains to NPS subscribers who are are Central Government Employees crossed Rs. 46,000 Cr in March 2016
In the case of death of NPS subscriber 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.