Default ASP and Annuity Scheme for subscribers exiting from NPS and Seeking withdrawal of Accumulated Pension Wealth

Pension Fund Regulatory and Development Authority

CIRCULAR

PFRDA/2O13/5/PDEX/4

14th February 2013

To,
All POP’s/Aggregators/CRA/ dealing offices of Central & State Governments,

Subject: Default ASP and Annuity Scheme for subscribers exiting from NPS and Seeking withdrawal of Accumulated Pension Wealth.

PFRDA has empanelled seven Annuity Service Providers (ASP’s) for providing annuity services to NPS subscribers. As per current National Pension System (NPS) exit norms,the subscriber is mandatorily required to select one of the empanelled ASP’s along with an Annuity scheme from those offered by the chosen ASP at the time of exiting from NPS and seeking withdrawal of accumulated pension wealth (for reasons other than death of the subscriber).

Based on the feedback received from stakeholders seeking provision of a default option to be exercised by the subscriber at the time of selection of the ASP and choosing of an annuity scheme, PFRDA has examined the matter and decided to assist the subscriber by providing a default option.

After examining the various options provided by the different ASPs, it has been decided to provide for a default ASP and annuity scheme as below:
1. Default Annuity Service Provider — Life Insurance Corporation of India.

2. Default Annuity Scheme - Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life on death of annuitant’ and Under this option, payment of monthly annuity would cease once the annuitant and the spouse die or after death of the annuitant if the spouse pre-deceases the annuitant, withoutany return of purchase price.

3. However, where the corpus is not adequate to buy the default annuity variant and from the default ASP, the subscriber has to compulsorily choose an ASP who offers an annuity at the available corpus in the account of the subscriber.

Also, it may be noted that this default option is being purely provided in the subscribers’ interest and to avoid any delay in claim processing and is not with a view to endorse/promote any particular ASP or annuity variant being offered by the ASP.

The default ASP and the default annuity scheme as above would be applicable for all variants of NPS i.e. Government Sector, Swavalamban and those accounts under NPS lite platform not able to meet the compulsory contribution under Swavalamban scheme, Corporate and All Citizen model.

This is for the information of all concerned. The circular has also been placed on PFRDA website at http://www.pfrda.org.in and CRA website at http://www.npscra.nsdl.co.in.

Yours Faithfully.,
Sd/-
Venkateswarlu Peri
General Manager

Source: www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/Default%20ASP%20and%20Annuity%20Variant487123241.pdf]

Launching of Web Based software solution for Cadre Management of CSS

Launching of Web Based software solution for Cadre Management of CSS

IMMEDIATE

No. 21/11/2010-CS.l (U)
Government of India
Ministry of Personnel, Public Grievances & Pension
Department of Personnel & Training

2nd Floor, Lok Nayak Bhawan,
Khan Market, New Delhi
Dated: 15th February 2013

OFFICE MEMORANDUM

Subject: Launching of Web Based software solution for Cadre Management of CSS

The undersigned is directed to refer to this Departments OM of even number dated 4.2013 and 11.2.2013 on the subject mentioned above and to request Nodal officers for the Web Based Cadre Management to verify the data in respect of all CSS Officers posted in the Ministries / Departments concerned to ensure that complete data in respect of each and every CSS officer is available in the system hosted at http://10.21.145.15

2. Ministries / Departments should also note that data should be furnished separately for CSS, CSSS and CSCS and it should not be sent in one file. Further,  data is furnished it should not be added to be same file. In which it was sent earlier and should be furnished in a new file. It is necessary to avoid duplicity of data entering the system and also will help in easy handling / uploading of data into the system.

3. It is reiterated that before relieving of officers under rotational transfer / promotion / deputation etc. it should be ensured that complete data in respect  of officers are available in the system as it is proposed to carry out all the activities related to cadre management only through the system.

sd/-
(V. Srinivasaragavan)
Under Secretary to the Government of India

Source: www.persmin.nic.in
[http://ccis.nic.in/WriteReadData/CircularPortal/D2/D02csd/150213.pdf]