F.No. 11/20/2012-PR
Government of India
Ministry of Finance
Department of Financial Services
Jeevandeep Building, Sansad Marg,
New Delhi dated the 11 July, 2012
OFFICE MEMORANDUM
Subject: Refund of CPS amount under New Pension Scheme — reg.
The undersigned is directed to
refer to Ministry of Defence's O.M. No. 12(3)12010/D(Civ-II) dated
12.03.2012 on the above cited subject and to furnish the following exit
provisions under New Pension System : -
a. Upon Normal superannuation: At
least 40% of the accumulated pension wealth of the subscriber needs to
be utilized for purchase of a annuity providing for the monthly pension
of the subscriber and the balance is paid as a lump sum payment ot the
subscriber.
b. Upon death:
The entire accumulated pension wealth (100%) woukl be paid to the
nominee / legal heir of the subscriber and thee would not be Any
purchase of anuity 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 an annuity providing for the monthly pension
of the Subscriber and the balance e is paid as a lump sum payment to
the subscriber.
d. In case of "technical resignation" of
NPS subscribers, no withdrawal may be permitted and the balance
outstanding in their personal retirement account along with PRAN may be
carried forward, as the retirement account of NPS is portable amongst
jobs.
(Surinder Kaur)
Under Secretary to the Govt. of India
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