NPS Withdrawal Claims can be processed online now

NPS Withdrawal Claims will be processed online – Subscribers can file withdrawal claims either online or as paper application

PFRDA has announced a new facility for online withdrawal process in CRA System for submission of NPS Claims. With a view to simplifying and streamlining the exit and withdrawal claims, the Central Record keeping Agency, NSDL e-governance services Ltd has developed the first phase of the functionality to process ‘Withdrawal Request’ for subscribers exiting NPS. In order to facilitate and expedite the process for settlement of the withdrawal claims of the subscribers of National Pension System (NPS), it has been decided that all the nodal offices (PAO’s/DDO/ POP’s/Aggregators etc) shall process the withdrawal claims of their underlying subscribers on the online platform being made available on the CRA system. The processing of all withdrawal claims on online mode shall be mandatory from 01st April, 2015.

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PFRDA/2015/06/EXIT/01                                                                  

25th February, 2015

To,

All Govt depts./PAO’s/DDO/  POP’s/Aggregators & CRA & other stakeholders

Dear Sir/ Madam,

SUB : Facility for Online Withdrawal Process in CRA System for submission of NPS Claims

With a view to simplifying and streamlining the exit and withdrawal  claims, the Central Record keeping Agency, NSDL e-governance services Ltd has developed the first phase of the functionality  to process Withdrawal  Request  for subscribers  exiting  NPS.    In order to facilitate and expedite the process for settlement of the withdrawal claims of the subscribers  of National Pension System (NPS), it has been decided that all the nodal offices  (PAO’s/DDO/  POP’s/Aggregators  etc)  shall  process  the  withdrawal  claims  of their underlying  subscribers  on the online platform being made available on the CRA system.   The processing  of all withdrawal  claims  on online mode shall be mandatory from 01st April, 2015. During the interregnum period i.e., from date of this circular till 31st March, 2015,   CRA M/s NSDL e-governance  Services Ltd, would provide the required support  through  guidance  and  training  of  the  nodal  offices(PAO’s/DDO/ POP’s/Aggregators   etc),  so that  the  advantages  of  the  web  enabled  withdrawal /exit functionality can be used  effectively to the full extent.

This functionality  has  been  made  available  through  the website  of CRA  and can be initiated at any of the levels of any of the functionaries as below:

A.  At Nodal Offices (PAO/DDO/POP/Aggregator) – W hen the applicant her/himself does not files an online withdrawal/exit application but submits the physical application,  nodal Offices will key in the particulars  and initiate (capture,  verify and  submit)  the  withdrawal   requests   in  CRA  system   under   all  the  three categories  (Exit due to Superannuation/attainment  of 60 years, exit before the age of Superannuation/attainment of 60 years and exit due to Death)

B.  For Subscribers – In case of Superannuation/attainment of 60 years, exit before the  age  of  Superannuation/attainment  of  60  years,  the subscribers  can  also initiate withdrawal requests in the CRA system which shall subsequently have to be verified  by the  Nodal  Office(PAO/DDO/POP/Aggregator) in CRA  system, before it is considered and finally disposed off by the NPS Trust.

The Nodal Offices are requested to note that:

  • Once the withdrawal request is generated by the subscriber or Nodal office, the physical  withdrawal  request  (print  out  of  the  form  generated  from  the  CRA system  after  submission  of  request)  should  be duly signed  by the subscriber along with his photograph.  The Nodal office shall certify the KYC Documents and other relevant supporting documents of the subscriber/claimant.
  • The Withdrawal form shall be forwarded by the Nodal Office after the certification to  NPS  Claims  Processing  Cell at  CRA.  The  Checklist  of  the  documents collected is enclosed as Annexure II.
  • If the physical  withdrawal  request for a subscriber  has already been forwarded earlier to CRA for processing, the Nodal Office is not required to raise any further request in the CRA system.

Important features of the online Claims Processing:

1.  In case of superannuating  subscribers,  Claim IDs will be generated  six months prior to the date of superannuation/attaining  the age of 60 years of age. Nodal Offices    will   be   able   to   initiate   the   withdrawal    request   for   subscriber superannuating  in the CRA system for all such cases where Claim ID has been generated.

2.  If request  is initiated  by the subscriber,  the Nodal  Office has to authorise the same in CRA system.

3.  Nodal Office will be able to initiate the request in the CRA system even for those PRANs  which  have  superannuated   earlier  (as  Claim  IDs  have  also  been generated for all such subscribers as an onetime exercise.)

4.  In  case  of  subscribers   who  have  expired  (and  claimants  have  requested withdrawal)  or requested  for premature  exit, Nodal Offices  will generate Claim IDs after submitting the request in the CRA system.

Further  Nodal Offices  are required  to send  only the Withdrawal  Requests  generated from the CRA (post submission of the request in the CRA system) to CRA (at following address) for processing along with the necessary supporting documents.   The process is applicable for processing of the lump sum amount (60%, 20%) while the purchase of annuity shall take place on manual basis as per existing guidelines till the online annuity purchase system is in place.

Subscribers  who wish to defer the purchase of Annuity (PFRDA circular dated September 17, 2013, a copy of which is enclosed for reference), a separate physical request signed by the subscriber  and counter signed  by the Nodal Office may be forwarded  along  with the Withdrawal  Request  form. Further,  in case a subscriber  wishes  to exercise the option  of complete Withdrawal where total NPS corpus is less than Rs. 2 lakh (please refer to PFRDA circular  dated  October  23, 2013,  a copy  of which  is  enclosed  for  reference),  a physical request may be forwarded to CRA along with the Withdrawal Request in the format provided in the aforesaid  PFRDA  circular.  In case the requests  for deferred  Annuity  or complete withdrawal due to insufficient corpus are not received along with the Withdrawal request but separately, the requests may not be entertained.

The detailed process is present under Annexure I and the same has already been sent to the Nodal Offices vide CRA’s Circular No: CRA/PO & RI/Master/2013/005  dated 13th Nov, 2013.

In case of  any further  clarification  on the subject  including  the processing  of withdrawal requests online, you may contact Mr. Sarvdeep Singh at 022-24994512 (E-mail ID – sarvdeeps@nsdl.co.in)  or Mr. Sudhanshu Shekhar at 022-24994862 (Email ID- sudhanshus@nsdl.co.in).

Yours faithfully,
Sd/- Venkateswarlu Peri
General Manager

Download PFRDA/2015/06/EXIT/01 circular issued by PFRDA

Comments
Loading...