Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Sixth Amendment) Regulations, 2019

Sep 24, 2019 | by Avantis RegTech Legal Research Team

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The Pension Fund Regulatory and Development Authority (PFRDA) on September 20, 2019, has published the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Sixth Amendment) Regulations, 2019 to further amend the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015.

The amendment in the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015 is as under:

Under Regulation 5 (b) which specifies the procedure to exit from National Pension System by NPS -Lite and Swavalamban subscribers, second and third proviso has been substituted, namely:

Provided further that, where the accumulated pension wealth does not exceed one lakh rupees or a limit to be specified by the Authority, the whole  pension wealth  shall be paid without annuitisation to the subscribers who have not availed any Swavalamban co-contribution, and also to the subscribers who though have availed Swavalamban co-contribution but are not eligible for auto migration to Atal Pension Yojana, after deducting the Government's co-contribution with returns thereon without requiring them to continue in the scheme for minimum period of twenty-five years.

These will come into force on the date of their publication in the official gazette (September 23, 2019).

[Notification No. PFRDA/12/RGL/139/8]


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