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PFRDA has been receiving requests for surrender of annuity policies post its issuance from the annuitants (who were erstwhile NPS Subscribers) or from other intermediaries with whom such Annuitants were associated earlier as NPS Subscribers. The Surrender is of two types viz surrender due to the applicability of Old Pension in case of Govt Sector subscribers and surrender due to any personal reasons including critical illness.
Under National Pension System (NPS), the Subscribers are allowed to exit as per PFRDA (Exit and Withdrawal) Regulations. Exit regulations of PFRDA mandates for the utilization of the specified amount of accumulated corpus to purchase immediate Annuity to be provided by Annuity Service Providers (ASP) which are empaneled with PFRDA. ASPs are Life Insurance Companies which are regulated by Insurance Regulatory and Development Authority of India (IRDAI).
Growing Subscribers’ base, geographically wide spread service providers and the large-scale adoption of digital interventions necessitate the importance of verifying the beneficiary’s bank account number of the Subscribers independently not only to ensure that the amount is received by the rightful beneficiary whose Bank Account is active but also to ensure that amount is remitted within in the specified timelines.
These regulations may be called the Pension Fund Regulatory and Development Authority (Pension Fund) (Sixth Amendment) Regulations, 2021. 2. These shall come into force on the date of their publication in the official gazette.
Govt notifies Pension Fund Regulatory and Development Authority (Employees’ Service) (Second Amendment) Regulations, 2021 i.e. PFRDA Employees’ Service (Second Amendment) Regulations, 2021. PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION New Delhi, the 1st July, 2021 EMPLOYEES’ SERVICE (SECOND AMENDMENT) REGULATIONS, 2021 No. PFRDA/12/RGL/139/11.—In exercise of the powers conferred by sub-section (2) of section 11 read […]
These regulations may be called the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2021.
These regulations may be called the Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) (Amendment) Regulations, 2021.
1. These regulations may be called the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Amendment) Regulations, 2021.
These regulations may be called the Pension Fund Regulatory and Development Authority (Point of Presence) (Amendment) Regulations, 2021.
In order to overcome the challenges of physical handling of Subscriber application forms and for addressing the concerns expressed by various stake holders in dispatch of those forms from geographically diverse locations to CRAs, PFRDA has already made available suitable digital enablers for seamless interaction of POPs and CRAs, for the convenience of Subscribers.
