NPS (PART-II)

                        

  New Pension Scheme

                                      PENSION IN CASE OF DEATH/DISABILITY

-If employee dies or become permanently disabled during service then he is eligible for Additional  
  Relief on death/disability of Government servants covered by the NPS (New Pension Scheme)
  recruited on after 01.01.2004 for provisional pension, gratuity etc., .,(No. 38/41/06/ P&PW(A) dtd
  5th May, 2009)(PS-RBA-31/2009 No. 2008/AC/II/21 /19 dtd 29.05.2009).

-Now above is applicable to NPS govern staff vide latest railway Board’s letter No. 
  2016/F(E)III/1(1)17 dt. 31.07.2017 (RBE-78/2017).

-In this case life certificate to be submitted to FA&CAO/CCG or Zonal railway by post or RAD

                                                

                                                  EXIT FROM NPS TIER-I

A govt. employee covered under new system can exit from after attaining the age of 60 yrs from Tier-I:

1.At the age of 60 years: it is mandatory for individual to invest minimum 40% of the pension wealth to purchase an annuity for providing pension from IRDA (Insurance Regulatory & Development Authority). Remaining 60% maximum of pension wealth paid lump sum in one instalment or instalments. On option 60% pension wealth can be defer up to at age 70 yrs.

2.Withdrawal form to be submitted to concern department before six months of superannuation.

3.form 101-GS to be filled up along with Annexure –I of nominations & required documents as per list to be attached.

4.Default annuity contract provide for life time of subscriber & his or her spouse with provision for return or purchase price of the annuity and upon the demise of such subscriber, the annuity be re-issued to the family members (a) living dependent mother of deceased subscriber (b) living dependent father of deceased subscriber.

5.After coverage of all family members as above, purchase price shall be returned to the surviving children of subscriber and  in the absence of children the legal heirs of subscriber.

6.Subscriber can differ the purchase annuity for max 03 years by notice before 15 days of superannuation. In case of death of subscriber annuity is mandatory for spouse.

7. Pension wealth is less than 02 lakhs subscriber can withdraw full without purchase annuity.

                                  

                                      EXIT FROM TIER-I BEFORE 60 YEARS

*Withdrawal before attaining the age of 60 years:

1.It is mandatory for individual to invest 80% of the pension wealth to purchase an annuity for providing pension from IRDA. Remaining 20% of pension wealth paid lump sum in one instalment or instalments on option but fully paid at age of 70 years.

2. Remaining conditions of Tier-I is applicable for annuity & exits.

            - On death Cases: It is mandatory for individual to invest 80% of the pension wealth
               to purchase an annuity for providing pension from IRDA. Remaining 20% of pension
              wealth paid lump sum in one installment or installments on option but fully paid at
              age of 70 years.

            - An entire accumulated pension wealth (100%) would be paid to the nominee/legal
              heirs of subscriber & there would not be any purchase of annuity/monthly pension.
        (RB.No. 2010/AC-II/21/18 dated 16.08.2013 & RBA No. 21/2013) is now not
             applicable.

          - Pension wealth is less than 01 lakhs subscriber can withdraw full without purchase
            annuity. (Revised from 02 lakhs to 01 lakh).