Pension Fund Regulatory and Development Authority’s (PFRDA) spread a circular on November 14, 2022 upgrading multiple already existing rules in National Pension System Trust. If you are also an existing member of the trust then I suggest you go through these changed NPS exit rules.
1. NPS exit rule change
The National Pension System (NPS) pensioners will never again need to fill a different proposal form if they wish to go for annuity once they exit the pension corpus.
2. News for NPS Subscribers
From now on, all NPS Subscribers will have to do some formalities for filling and uploading a proposal form attached with some supporting documents. It also includes KYC details which shall go up on the CRA system with the help of the login credentials. All these things are to be done at the beginning of the exit process.
3. The New Exit Rule
PFRDA also suggests you upload the withdrawal form/document at a later time on a mandatory basis.
4. Convenience of Service
At Future Generali India Life Insurance Company Ltd, Executive Vice President (Legal & Compliance) & Company Secretary, Conjeevaram Baradhwaj said “Both the above clarifications are welcome steps intended to facilitate ease of servicing annuity policies purchased by annuitants.”
Conclusion
In this article, we gained information on the changed NPS rules which mainly covered issues related to the exit process and online processes. Please read these new rules carefully to fully understand the process.
I hope this article was helpful to you and you will share this article with people around you.
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