NPS – PFRDA Guidelines for processing Family Pension Cases
PFRDA guidelines in processing family pension of deceased 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.
Currently, NPS has more than 1.14 crore subscribers with total Asset Under Management (AUM) of more than Rs 1.09 lakh crore. NPS is a voluntary, defined contribution retirement savings scheme designed to enable the subscribers to save for their earning after retirement
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.
Under NPS, only 60 per cent of the corpus can be withdrawn as lump sum. Now, there is no tax on the 40 per cent. And if the person decides to invest the remaining 20 per cent also in annuity, there would be no tax on withdrawal.
In the case of death of NPS Subscriber, entire matuity amount has to be paid to nominee or legal heir of the NPS Susbscriber without any need to purchase Annuity