Cir no: PFRDA/ 2013/2/ PDEX / 2
Subject: Exit rules under National Pension System for All Citizen model under UoS including Corporates and Swavalamban scheme.
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.
Source: Master Circular – http://pfrda.org.in
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