EXIT / WITHDRAWAL GUIDELINES UNDER THE NATIONAL PENSION SYSTEM
01.) The following modes are prescribed for exiting the New Pension System in case of Government Employee subscribers:-
a.) Upon Normal Superannuation: On attaining the age of superannuation, at least 40% of the accumulated pension wealth should be utilized for purchase of an annuity providing for monthly pension in the PFRDA empanelled Annuity Service Provider as per terms and conditions of the Annuity Scheme chosen by the Subscriber in his “With Drawal Form” prescribed (Form.101-GS). The balance is paid in lump sum or by deferred payment mode as chosen by the subscriber. For this the subscriber (retired employee) need to submit the following forms duly filled in through the Drawing and Disbursing Officer concerned and the Treasury Officer. i.) Form 101-GS - Withdrawal Form for Claim of Accumulated Pension Wealth on Superannuation for Government Employees. ii.) Annexure for Nomination Details: Form 101-GS - in case of single nominee. Form 101-GS-N1 - in case of multiple nominees.
b.) Upon Death: In case of death before superannuation the entire accumulated pension wealth (100%) is paid to the nominee / legal heir of the subscriber. The legal heir needs to submit the following withdrawal form duly filled in along with prescribed Certificates from the competent authority through the Drawing and Disbursing Officer and the Treasury Officer concerned:- Form 103-GD - Withdrawal of Accumulated Pension Wealth by Claimant due to the death of the subscriber. c.) Exit from NPS before the age of Normal superannuation (irrespective of cause): In this case, the subscriber should utilize at least 80% of the accumulated pension wealth for purchase of annuity from the PFRDA empanelled Annuity Service Provider as per terms and conditions of the Annuity Scheme chosen by the Subscriber in his “With Drawal Form” prescribed (Form.102-GP). The balance is
paid in lump sum or by deferred payment mode as chosen by the subscriber. For this the subscriber need to submit the following forms duly filled in through the Drawing and Disbursing Officer concerned and the Treasury Officer:- i.) Form 102-GP - Withdrawal Form for Claim of Accumulated Pension Wealth on Exiting before the age of normal Superannuation for Government Employees. ii.) Annexure for Nomination Details:- Form 102-GP - in case of single nominee. Form 401-AN - in case of multiple nominees.
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