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Check New NPS Rules: Exit Rules Changed and Digital Certificate Allowed

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.

Check New NPS Rules: Exit Rules Changed and Digital Certificate Allowed
Check New NPS Rules Exit Rules Changed and Digital Certificate Allowed

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.

Also Read:

EPFO Pension Update: EPFO Gives Lifelong Pension to your Parents

Komalpreet

Words help me express the unsaid and we have come a long way while walking hand in hand like that so now I write about anything and everything that ignites the spark of inspiration in me.

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