PENSION FUND REGULATORY AND DEVELOPMENT
AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan
Qutab
Institutional Area,
Katwaria Sarai, New Delhi-110016
Phone:
011-26517503
Website : http://www.pfrda.org.in
Circular
PFRDA/2016/7/Exit/2
21.03.2016
SUBJECT: GUIDELINES ON PROCESS TO BE
FOLLOWED BY SUBSCRIBERS AND NODAL OFFICE/POP/AGGREGATOR FOR PROCESSING OF
PARTIAL WITHDRAWAL REQUEST
1. Whereas the Authority has notified the
Pension Fund Regulatory and Development Authority (Exits and Withdrawals from
National Pension System) Regulations, 2015 on 11th May, 2015 and is in force.
Chapters III of the said regulations inter – a/ia provide the withdrawals,
purpose, frequency and limits under the National Pension System (NPS).
2. Now in exercise of its powers under
Section 14 read with sub-clause (b) of sub-section (2) of Section 20 of the
Pension Fund Regulatory and Development Authority Act, 2013 and Regulation 7 of
the aforementioned regulations, the following guidelines are issued
specifying/clarifying the process to be followed by subscribers, intermediaries
and concerned government nodal offices, for the purpose of effecting
withdrawals from NPS, as allowed under Chapter III of the PFRDA (Exits and
Withdrawals from National Pension System) Regulations, 2015.
3. As per Regulation 8 of the PFRDA (Exit
and withdrawal from National Pension System) Regulations 2015, the partial
withdrawals shall be permitted under National Pension System (NPS).-
A partial withdrawal of accumulated pension
wealth of the subscriber, not exceeding twenty-five per cent of the
contributions made by the subscriber and excluding contribution made by
employer, if any, at any time before exit from National Pension System subject
to the terms and conditions, purpose, frequency and limits specified below:-
(A) Purpose:
A subscriber on the date of submission of
the withdrawal form, shall be permitted to withdraw not exceeding twenty-five
percent of the contributions made by such subscriber to his individual pension
account, for any of the following purposes only:-
a) For Higher education of his or her
children including a legally adopted child;
b) For the marriage of his or her children,
including a legally adopted child;
c) For the purchase or construction of a
residential house or flat in his or her own name or in a joint name with his or
her legally wedded spouse. In case, the subscriber already owns either
individually or in the joint name a residential house or flat, other than
ancestral property, no withdrawal under these regulations shall be permitted;
d) for treatment of specified illnesses: if
the subscriber, his legally wedded spouse, children, including a legally
adopted child or dependent parents suffer from any specified illness, which
shall comprise of hospitalization and treatment in respect of the following
diseases:
i. Cancer;
ii. Kidney Failure (End Stage Renal
Failure);
iii. Primary Pulmonary Arterial
Hypertension;
iv. Multiple Sclerosis;
v. Major Organ Transplant;
vi. Coronary Artery Bypass Graft;
vii. Aorta Graft Surgery;
viii. Heart Valve Surgery;
ix. Stroke;
x. Myocardial Infarction
xi. Coma;
xii. Total blindness;
xiii. Paralysis;
xiv. Accident of serious/ life threatening
nature;
xv. Any other critical illness of a life
threatening nature as stipulated in the circulars, guidelines or
notifications issued by the Authority from time to time.
(B) Limits:
The permitted withdrawal shall be allowed
only if the following eligibility criteria and limit for availing the benefit
are complied with by the subscriber:-
(a) The subscriber shall have been in the
National Pension System at least for a period of last ten years from the date
of his or her joining. In case the subscriber is mandatorily covered under NPS
the period of ten years for partial withdrawal will be considered from the date
of applicability of NPS for such subscribers. However, in case of
inter-sector/intra-sector shifting of subscriber previous tenure in NPS will
also be considered.
(b) The subscriber shall be permitted to
withdraw accumulations not exceeding twenty-five per cent of the contributions
made by him or her and standing to his or her credit in his or her individual
pension account, as on the date of application for withdrawal;
(C) Frequency:
The subscriber shall be allowed to withdraw
only a maximum of three times during the entire tenure of subscription under
the National Pension System and not less than a period of five years shall have
elapsed from the last date of each of such withdrawal. The mandatory
requirement of five years having elapsed between two withdrawals shall not
apply in case of “treatment for specified illnesses or in case of withdrawal
arising out of exit from National Pension System due to the death of the
subscriber. For subsequent withdrawal only the incremental contributions made
by the subscriber after the date of first/next subsequent withdrawal as the
case may be will be allowed. The request for withdrawal in the specified form
shall be submitted by the subscriber, along with relevant documents to the
central recordkeeping agency or the National Pension System Trust, as may be
specified, for processing of such withdrawal claim. Provided that where a
subscriber is suffering from any illness, specified in sub-clause (d), the
request for withdrawal may be submitted, through any family member of such
subscriber.
At the time of
superannuation/pre-mature/death the amount withdrawn under partial withdrawal
till date will be adjusted against the payment of lump sum amount and balance
if any will be paid to subscriber.
(4) Partial Withdrawal
process:
Partial Withdrawal request is required to
be submitted by subscriber to CRA through his/her Nodal Office/POP/Aggregator,
as may be applicable. The Nodal Office/POP/Aggregator should satisfy itself
about the genuineness of the requirement for partial withdrawal by the
subscriber and after satisfying itself forward the withdrawal application for
release of funds by CRA. On receipt of Partial Withdrawal request, CRA will
process the withdrawal request in the CRA system. Following are the steps which
will be followed by subscriber and Nodal Office/POP/Aggregator for submitting
the ‘Partial Withdrawal’ request:
Role of the Subscriber:
If the subscriber has completed 10 years under
NPS, subscriber will fill up the ‘Partial Withdrawal’Form — PW — 601 and submit
the same to his/her mapped Nodal Office/POP/Aggregator for processing.
2 Subscriber will provide the following details
in the Form:
a Percentage of Partial Withdrawal (maximum
25%)
b. Purpose of withdrawal along with the proof
c. Bank detail along with the bank proof
(cancelled cheque /copy of bank passbook/bank certificate). Before submitting
the withdrawal form, subscriber shall ensure that the bank account details are
correct.
3. Subscriber will affix his/her
signature/Thumb impression on the Form at the designated place and submit the
same to his/her mapped Nodal Office/POP/Aggregator.
Role of the Nodal
Office/POP/Aggregator:
1. The concerned Nodal Office/POP/Aggregator
will check the request submitted by the subscriber with respect to
completeness;
2. The Nodal Office/POP/Aggregator must also
verify the veracity of the claim with respect to purpose of the partial
withdrawal along with supporting documents;
3. The Nodal officer/POP/Aggregator must
verify the details of the bank account of subscriber;
4. If request is complete in all respect, it
will authorize the request and will send the same to CRA for processing;
5. Where the claim of partial withdrawal is
submitted by the authorized representative of the subscriber (in case the
subscriber is unable to submit such claim) Nodal officer/POP/Aggregator must
satisfy themselves about the genuineness of such claim and ensure that the bank
account provided is that of the subscriber.
6. The Nodal Officer/ POP/ Aggregator should
process the partial claims within three working days of receipt of the claim
excepting in cases where the partial withdrawal claim has been requested
because of medical reasons in which case the claim would have to be processed
on the same day of receipt of the claim.
Role of CRA:
1 Once CRA receives the request, it will
process the request submitted by The Nodal Office/POP/Aggregator.
2. As per stipulated process, funds will be
transferred to subscriber’s bank account through electronic mode on T+3 basis.
T — being the date of receipt of the verified and approved claim in CRA system.
3. Physical withdrawal request will be
stored by CRA
5. These guidelines shall take effect
immediately and all withdrawals shall thereafter be processed in the manner
mentioned under these guidelines. Any clarification required in relation to
implementation of these guidelines, for which sufficient guidance is not
available, either under the regulations or these guidelines shall only be
referred by the Intermediaries or the concerned nodal office to the Authority
for its examination and disposal and queries of a routine nature or pertaining
to internal processes of the concerned intermediary, shall be avoided. The
decision of the Authority shall be final in this regard Intermediaries and
Nodal offices are expected to keep the infrastructure and processes in
readiness so as to give effect to these guidelines and ensure seamless facility
to the subscribers.
Note: The online module for partial
withdrawal in under development and is likely to go live by May 2016.
Meanwhile, subscribers can request partial withdrawal through their respective
Nodal Office/POP/Aggregator who should to contact CRA for processing such
requests.
Brief of Purpose, Quantum and Frequency for partial withdrawal from NPS
उद्देश्य : -
बच्चे की उच्च शिक्षा
बच्चों की शादी
निर्माण / घर की खरीद / फ्लैट
गंभीर बीमारी
कितना निकाल सकते है : - राशि का 25% एनपीएस ग्राहक द्वारा योगदान दिया। नियोक्ता द्वारा अंशदान खाते में नहीं लिया जा सकता
आंशिक निकासी के लिए पात्रता:- सभी सदस्य जो कम से कम दस साल के लिए एनपीएस में योगदान दिया है आंशिक रूप से एनपीएस से वापस लेने के लिए अनुमति दी जाती है
आंशिक निकासी की आवृत्ति: - तीन बार (अधिकतम)
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