Sunday, February 10, 2013

Master Circular on Product design and Exit from National Pension System (NPS)

MASTER CIRCULAR


PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PFRDA/ 2013/2/ PDEX / 2


                                                   
January 22, 2013


To,
All POP’s, Aggregators, CRA, Central and State Governments,

Dear Sir/ Madam,

Sub: Master Circular on Product design and Exit from National Pension System (NPS)

For effective regulation of the exits from National Pension System (NPS) Pension Fund Regulatory and Development Authority (PFRDA) has been issuing various circulars from time to time.  In order to enable all the stakeholders and other users to have an access to all the applicable circulars at one place,  this Master Circular  has been prepared.

This Master Circular is a compilation of all the circulars issued by PFRDA on the above subject issued up to December 31, 2012 and which are operational as on date of this circular.



Yours faithfully,
Sd/-
Venkateswarlu Peri
General Manager

PFRDA Orders : Additional Benefit on death/disability of government servant covered by National Pension System (NPS)

Additional Benefit on death/disability of government servant covered by National Pension System (NPS)

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

Cir no: PFRDA/ 2013/2/ PDEX / 2                                                                
SL-5

Subject:  Additional Benefit on death/disability of government servant covered by National Pension System (NPS)

PFRDA has in past replied to various queries received from various government  departments in reference to OM No. 38/41/P&PWA (A) issued by DoP & PW’s dated 05/05/2009 with respect to the additional relief on death/disability of government servants covered by the new Defined Contributory Pension System (NPS).

The said information is being re-iterated hereunder for the information of all stakeholders for a better appreciation of the matter.

It has been decided that additional benefits provided in terms of the said OM are over and above the benefits provided by the National Pension System, as per para 3 of the OM.In case the recovery of the accumulated pension wealth under NPS account is to be undertaken as per government’s decision, it has to be done by the department concerned directly from the subscriber/nominees/legal heirs after due payment from NPS system to them, in order to fulfill the contractual obligations under NPS.

Source: www.pfrda.org.in

PFRDA Orders : Processing of withdrawal requests of Non IRA Compliant subscribers

Processing of withdrawal requests of Non IRA Compliant subscribers
 
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
 
Cir no: PFRDA/ 2013/2/ PDEX / 2                                                                
SL-4
 
Subject:  Processing of withdrawal requests of Non IRA Compliant subscribers
 
PFRDA has issued necessary instructions to CRA with respect to the withdrawal guidelines for Non IRA Compliant subscribers in case of government servants who have died or resigned. The said information is being re-iterated hereunder for the information of all stakeholders for a better appreciation of the matter.

The following are the details of the process to be followed:

 Exit from NPS arising out of death
Exit from NPS before the age of normal superannuation & arising out of resignation
Non-IRA Compliant SubscribersCertification from the concerned PAO/DTO/DDO (attached as annexure I)

Affidavit from the claimant (attached as Annexure II.) 

Filling of respective death claim form along with relevant details

Subscriber has to:

Submit duly filled S1 form for enabling the complete data capture in CRA system. No PRAN generation activity will be undertaken.

Submit duly filled Withdrawal form along with all relevant details and documents.

2.  In case of death where PPAN was assigned but corresponding PRAN was not generated and the respective contribution is held with the concerned employer/department, then, the respective employer / department may take appropriate decision at their end.
 
Source: www.pfrda.org.in

PFRDA Orders : Exit rules under National Pension System for All Citizen model under UoS including Corporates and Swavalamban scheme

Exit rules under National Pension System for All Citizen model under UoS including Corporates and Swavalamban scheme.

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

Cir no: PFRDA/ 2013/2/ PDEX / 2
SL-3

Subject: Exit rules under National Pension System for All Citizen model under UoS including Corporates and Swavalamban scheme.

PFRDA has issued necessary instructions to CRA for implementation of the withdrawal process under National Pension System (NPS) for all sectors viz., Government Employees, All Citizen model and Swavalamban scheme. The said information is being re-iterated hereunder for the information of all stakeholders for a better appreciation of the matter.

The following are the details for the withdrawals allowed in case of All Citizen model and Swavalamban scheme subscribers:

a) Upon reaching the age of 60 Years: At least 40% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of annuity providing for monthly pension to the subscriber and balance is paid as lump sum payment to the subscriber.

b) Upon Death: The 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.

c) Exit from NPS before the age of 60 Years (irrespective of cause): At least 80% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of annuity providing for monthly pension  to the subscriber and the balance is paid as a lump sum payment to the subscriber.

The subscribers would be able to purchase the annuities directly from the empanelled Annuity Service Providers as per their choice of annuity that is available in the market/with the Annuity Service Provider’s (ASP’s) empanelled by PFRDA. For Swavalamban withdrawals under (a) & (c) above, there is an overriding condition on the lump sum payment payable due to which the entire accumulated pension wealth would be annuitized in case if the monthly pension obtained by using the 40%/80% of the pension wealth is below Rs. 1000/- per month.

Source: www.pfrda.org.in

PFRDA Orders : Exit rules under National Pension System for Government Employee Subscribers

Exit rules under National Pension System for Government Employee Subscribers

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

Cir no: PFRDA/ 2013/2/ PDEX / 2                                                                
SL-2

Subject: Exit rules under National Pension System for Government Employee Subscribers

PFRDA has issued necessary instructions to CRA for implementation of the withdrawal process under National Pension System (NPS) for all sectors viz., Government Employees, All Citizen model and Swavalamban scheme. The said information is being re-iterated hereunder for the information of all stakeholders for a better appreciation of the matter.

The following are the details for the withdrawals allowed in case of Government Employees subscribers:

a) Upon Normal Superannuation: At least 40% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of annuity providing for monthly pension to the subscriber and balance is paid as lump sum payment to the subscriber.

b) Upon Death: The 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.

c) Exit from NPS before the age of Normal superannuation (irrespective of cause): At least 80% of the accumulated pension wealth of the subscriber needs to be utilized for purchase of annuity providing for monthly pension  to the subscriber and the balance is paid as a lump sum payment to the subscriber.

The subscribers would be able to purchase the annuities directly from the empanelled Annuity Service Providers as per their choice of annuity that is available in the market/with the Annuity Service Provider’s(ASP’s) empanelled by PFRDA.

Source: www.pfrda.org.in

PFRDA Orders : Withdrawal of erroneous contribution received into NPS instead of GPF

Withdrawal of erroneous contribution received into NPS instead of GPF

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

Cir no: PFRDA/ 2013/2/ PDEX / 2
SL-1

Subject: Withdrawal of erroneous contribution received into NPS instead of GPF

There have been various queries and requests from the subscribers and the PAOs/DDOs/DTOs on refund of  contribution received into NPS erroneously, due to wrongly classifying subscriber as falling under NPS instead of GPF.


After examining the matter, it has been  the decided that  such cases will be treated as erroneous transfer by the concerned department and do not fall under the exit/withdrawal from NPS.  In all such cases, 100% withdrawal of accrued pension wealth is allowed subject to the condition that such proceeds should mandatory transferred back to the concerned PAO/DDO from whom the request for withdrawal has arisen.

The concerned subscriber can approach through his PAO/DTO/DDO to our NPS claims cell at CRA for processing of such requests.

Source: www.pfrda.org.in

PFRDA Orders : Empanelment of Annuity Service Providers (ASPs) under National Pension System for providing annuity services

Empanelment of Annuity Service Providers (ASPs) under National Pension System for providing annuity services

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY


Cir no: PFRDA/ 2013/2/ PDEX / 2                                                                
SL-6

Subject: Empanelment of Annuity Service Providers (ASPs) under National Pension System for providing annuity services

PFRDA has issued necessary instructions to CRA with respect to the Empanelment of Annuity Service Providers (ASPs) under National Pension System for providing annuity services. The said information is being re-iterated hereunder for the information of all stakeholders for a better appreciation of the matter.

Following seven Annuity Service Providers (ASPs) have been empanelled for the purpose.
1. Life Insurance Corporation of India
2. SBI Life Insurance Co. Ltd.
3. ICICI Prudential Life Insurance Co. Ltd.
4. Bajaj Allianz Life Insurance Co. Ltd.
5. Star Union Dai-ichi Insurance Co. Ltd.
6. Reliance Life Insurance Co. Ltd.
7. HDFC Standard Life Insurance Co. Ltd.

The companies would be offering their approved annuity products to NPS subscribers and would also designing products suiting our requirements.

Rotational Transfer of officers Assistants’ Grade of CSS

No.6/7/2012-CS.I(A)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel and Training

Lok Nayak Bhawan, New Delhi
Dated the 8th February, 2013

OFFICE MEMORANDUM

Subject : Rotational Transfer of officers Assistants’ Grade of CSS.

The rotational transfers of regular officers of Assistants’ Grade of Central Secretariat Service who had completed the prescribed tenure in a Ministry under ‘Rotational Transfer Policy’ (RTP) were ordered vide this Department’s order of even number dated 27.12.2012. A copy of the same is availble on the website of this Department: www.persmin.nic.in  –> Central Secretariat –> CSS –> Rotational Transfer Policy. Later on, in OM of even number dated 1.2.2013, the action to be tgaken in respect of officers posted outside National Capital Region, on deputation or on adhoc basis, was clarified.

2. Although many a participating Ministries/Departments have endorsed the relieving orders of the transferred officers to this Department, it has still to come from some of them. The Cadre-units are, therefore, again requested to comply with the orders dated 27.12.2012 and relieve the officers immediately. Attention of officers concerned is also invited to para 4 of order dated 27.12.2012 and they are advised to comply with it accordingly, under intimation to this Department.

3. A list of officers of Assistants’ Grade who have completed more than seven years in a same Ministry/Department and concerned officers are requested to check the list and bring to the notice of this Department if any of these is posted outside NCR or is on deputation etc or if there is any other error/omission in the list.

sd/-
(Parminder Singh)
Under Secretary to the Government of India

Source: www.persmin.nic.in
[http://ccis.nic.in/WriteReadData/CircularPortal/D2/D02csd/RTP2Asstt.pdf]

Submission of joining/cancellation report of Steno Grade ‘D’ nominated to Cadre units on qualifying Steno Grade ‘D’ Examination-2011-reg.

Most Immediate

No.6/2/2011-CS-II(CS)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel and Training

3rd Floor, Lok Nayak Bhawan,
Khan Market, New Delhi-110003
Dated the 8th February, 2013

OFFICE MEMORANDUM

Subject : Submission of joining/cancellation report of Steno Grade ‘D’ nominated to Cadre units on qualifying Steno Grade ‘D’ Examination-2011-reg.

The undersigned is directed to refer to this Department’s OM of even number dated 15/15/2012, 14/06/2012, 04/09/2012 and 01/01/2013 vide which nominations of 379 Steno Grade ‘D’ to Cadre units had been made consequent upon their qualifying he Steno Grade ‘D’ Examination-2011 and to say that as per the records available in this Department, no intimation in respect of joining/cancellation  of 76 Steno Grade ‘D’ is available with this Department. The details of these Steno Grade ‘D’ and the Cader units to which they have been nominated are given in Annexure to this O.M. The concerned Cadre units are requested to send the joining/cancellation report in respect of the concerned Steno Grade ‘D’ urgently.

sd/-
(Kameshwar Mishra)
Under Secretary to the Govt. of India

Source: www.persmin.nic.in
[http://ccis.nic.in/WriteReadData/CircularPortal/D2/D02csd/OM662011.pdf]

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