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Pension Fund Regulatory and Development Authority modifies exit regulations to provide simplified exit and withdrawal procedures for subscribers who suffer disability or incapacitation. Government sector subscribers follow superannuation rules when the employer certifies discharge for invalidation or disability. Other subscribers submit a disability certificate from a Government surgeon or doctor stating that the disability exceeds seventy-five percent and prevents work for the remaining life. Partial withdrawal is also permitted to meet medical expenses arising from the disability. The circular takes effect on February second, 2018.
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[Image omitted. See the official document.]
पेन्शन निधि विनियामक और विकास प्राधिकरण बी-14/ए, छत्रपति शिवाजी भवन, कुतुब संस्थागत क्षेत्र, कटवारिया सरय, नई दिल्ली-110016. दूरभाष : 011-26517501, 26517503, 26133730 फैक्स : 011-26517507 वेबसाइट : www.pfrda.org.in
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY B-14/A, Chhatrapati Shivaji Bhawan, Qutab Institutional Area, Katwaria Sarai, New Delhi-110016. Ph : 011-26517501, 26517503, 26133730 Fax : 011-26517507 Website : www.pfrda.org.in
CIRCULAR
Circular No.: PFRDA/2018/45/REG-EXIT/3
Date: 13.04.2018
To,
All Stakeholders in the National Pension System
Subject: Facilitation of easy exit & withdrawal in case of disability and incapacitation of the subscriber covered under national Pension System (NPS).
With a view to facilitate easy exit & withdrawal in case of disability and incapacitation of the subscriber covered under national Pension System (NPS), exit regulations have been modified through Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the NPS)(Third Amendment) Regulations 2018 notified w.e.f 02.02.2018.
(i). For Government sector subscribers- If the employer certifies that the subscriber has been discharged from the services of the concerned office on account of invalidation or disability, in such case, exit shall be treated as per sub regulation ( a) of regulation 3 of Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the NPS) Regulations 2015 . It means such cases shall be handled similarly as superannuation cases are handled.
(ii). For other than Government sector subscribers ( including individual and corporate sector subscribers )- If subscriber is physically incapacitated or has suffered a bodily disability leading to his incapability to continue with his individual pension account under National Pension System, the exit in such cases shall be determined as per the provisions of sub regulation (a) of regulation 4 subject to the subscriber submitting a disability certificate from a Government surgeon or Doctor (treating such disability or invalidation of subscriber) stating the nature and extent of disability and also certifying that:
(b). Percentage of disability is more than seventy five percent. in the opinion of such Government surgeon or doctor (treating such disability or invalidation of subscriber)." It means such cases shall be handled similarly as exit cases at the age of superannuation or at the age of 60 years are handled.
(iii). For NPS-Lite / Swavalamban subscribers If a subscriber who is physically incapacitated or has suffered a bodily disability leading to his incapability to continue with his individual pension account under National Pension System, the exit in such cases shall be determined as per the provisions of sub-regulation (a) of regulation 5 subject to the subscriber submitting a disability certificate from a Government surgeon or doctor (treating such disability or invalidation of subscriber) stating the nature and extent of disability and also certifying that:
(iv). A new sub-clause (e) in regulation 8(1) (A) has been added. Partial withdrawal shall also be permitted under National Pension System to meet medical and incidental expenses arising out of the disability or incapacitation suffered by the subscriber.
[Image omitted. See the official document.]
Yours sincerely
(VENKATESWARLU PERI) Chief General Manager
