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Under NPS, only 60 per cent of the corpus can be withdrawn as lump sum.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
National Pension System is presently subjected to income tax on EET (Exempt Exempt Tax) Basis. Whereas Provident Funds such as PPF, EPF etc and Superannuation Funds are fully exempted from Income Tax on EEE basis (Exempt, Exempt, Exempt). Changes made in Income Tax Provisions in the Budget 2016 has sought to rationalize all these Provident Funds and Pension Funds as far as treatment of income tax in respect of these schemes are concerned
NPS (National Pension System) and EPF (Employee Provident Fund) are retirement benefit schemes applicable for salaried employees. NPS is applicable for Central Government Employees who joined in the service on or after 1st January 2004 and private employees. Early withdrawals in EPF has been restricted with effect from 10th February 2016 at par with NPS
NPS subscribers of Central Government are 14.1% of the total subscribers while that of the State Governments are 24.9%. The NPS subscribers under NPS Lite constitute 39% while under APY 17% of the total subscribers.
Minister’s reply in Loksabha on the New Pension Scheme (NPS). Minister explains the salient features of the NPS.
Department of Posts clarifies to All India Gramin Dak sevaks Union (AIGDSU) that Gram Dak Sevaks are eligible for New Service Discharge Benefit Scheme (SDBS) utilizing the platform of the “NPS-Lite” Scheme of the Pension Fund Regulatory and Development Authority (PFRDA)
PFRDA has issued a Circular Revised Guidelines in respect of Contribution Collection and Service Charges for opening NPS accounts for NRls
Government of India under National Pension System Trust enables opening online account. The procedure for opening such account is given in this article. eNPS facility cannot be used for enrolment under Atal Pension Yojana (APY).
DoPT has issued clarification on calculation of past service in case of All India Services officers for calculation of Pension under Old Pension Scheme and New Pension Scheme pay protection and leave accumulation consequent upon implementation of NPS with effect from 01.01.2014
Under the Deferred withdrawal facility, the subscribers at the time Of exit from National Pension System (NPS) can exercise an option to defer the withdrawal of eligible lump sum withdrawal and stay invested in the NPS