PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY Website : www.pfrda.org.in CIRCULAR CIR No :  PFRDA/2020/37/SUP-CRA/15 Date: September 3, 2020 To. All Stakeholder under NPS Subject : e-Nomination facility for NPS subscribers Pension Fund Regulatory and Development Authority (PFRDA) has been established inter-alia is to protect the interests of subscribers of NPS and other pension schemes regulated by it. PFRDA has allowed comprehensive and digitally enabled solutions for subscribers’ varied needs from on-boarding till the process of exit. 2. Currently, the existing subscribers of NPS, who wish to change their nomination in their Permanent Retirement Account Number (PRAN), are required to submit S2 form (Request for change of Subscriber Master details) physically to the associated Nodal officers, corporates or Points of Presence (POPs) for updation. 3. In order to enable NPS Subscribers with ease of changing the nomination, PFRDA has...

Voluntary exit under Atal Pension Yojana (APY) – PFRDA PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY CIRCULAR CIR No.: PFRDA/2019/10/APY/1 Date: April 8, 2019 To, POPs under Atal Pension Yojana (APY) Subject:   Voluntary exit under Atal Pension Yojana (APY) The functionality of online voluntary exit was released in the month of August 2017 by Central Record Keeping Agency (CRA) – NSDL e-Governance Infrastructure Limited to smoothen the process of Voluntary Exit under Atal Pension Yojana (APY). However, it has been observed that some POPs and branches of POPs are sending physical exit forms to PFRDA instead of processing through their APY module. This causes delay in execution of voluntary exit, which in turn increases grievances from the subscribers. In view of the same, POPs are advised – (i) to process voluntary exit request only through their APY module (ii) to sensitize all their branches which are performing Atal Pension Yojana related activities to proc...

Government will soon start the selection process for the new PFRDA chairman The government will soon start selection process for a new chairman of pension fund regulator PFRDA to succeed the present chief, Hemant G Contractor, whose term is slated to end in April. “The Finance Ministry will soon come out with an advertisement to find a successor to head the Pension Fund Regulatory and Development Authority (PFRDA),” Contractor’s term will be completed on April 30, 2019. PFRDA was re-constituted into a statutory body after notification of PFRDA Act in 2014. Contactor is the first Chairman to head the regulatory body. He had joined   PFRDA   on October 7, 2014. As per the Act, the chairman will have a tenure of 5 years or till age of 65 years, whichever is earlier. Contractor was previously held the post of SBI managing director before being appointed as the PFRDA Chairman. The pension fund regulator has reached a subscriber base of 2.65 crore in its flagship Na...

Ministry of Finance NPS Withdrawal Norms 21 DEC 2018 The Pension Fund Regulatory and Development Authority (PFRDA) has changed the norms for withdrawal of National Pension System (NPS) subscribers. Keeping in view the possibility of sudden financial needs of the subscribers, the requirement of minimum period under National Pension System (NPS) for availing the facility of partial withdrawal from the mandatory Tier-I account of the subscriber has been reduced from 10 years to 3 years from the date of joining w.e.f. 10th August, 2017. The minimum gap of 5 years between two partial withdrawals has also been removed w.e.f. 10th August, 2017. A subscriber is eligible for three partial withdrawals during the period of subscription under NPS, each withdrawal not exceeding twenty-five percent of the contributions made by the subscriber and excluding contributions made by the employer. There is, however, no restriction on withdrawals from the Tier-II account of the subscriber. The extent...

Provision and rules for NPS part withdrawal The partial withdrawal can be made to the limit of 25% of the contributions made by the subscribers, but excluding contributions made by the employer. The purpose of withdrawal is defined by the PFRDA. The purpose of withdrawal include treatment of specified illness of a family member, education of children, wedding expenses of children and purchase or construction of house. The education expenses can be made for the subscriber’s own children including the legally adopted children. The marriage expenses can be a reason for withdrawal so long as the subscriber’s own child is getting married, including his/her legally adopted child. To be able to withdraw the money for construction of house, the subscriber must make sure that the house belongs to him/her or in a joint name with his/her legally wedded spouse, that too if the subscriber doesn’t own more than one house besides the ancestoral property. For the treatment, the permission to w...

Ministry of Finance EASY TO EXPLAIN BENEFITS DRIVE ATAL PENSION YOJANA (APY) BACKED BY GOVERNMENT OF INDIA’S GUARANTEE;THE SUBSCRIBER BASE UNDER APY HAS CROSSED 1.24 CRORE MARK; MORE THAN 27 LACS NEW SUBSCRIBERS HAVE JOINED THE SCHEME DURING THE CURRENT FINANCIAL YEAR 2018-19 02 NOV 2018 The Atal Pension Yojana (APY) is the guaranteed Pension Scheme of Government of India administered by PFRDA. The Subscriber base under APY has crossed 1.24 crore mark. The Govt of India guarantees the pension benefits. The Scheme is very easy to understand and it is very transparent. More than 27 lacs new subscribers have joined the Scheme during the current financial year, i.e. 2018-19. States like Uttar Pradesh, Bihar, Andhra Pradesh, Maharashtra and Karnataka are the top contributors in APY enrollment. The Scheme allows any Indian Citizen between the age group of 18-40 years to join through the bank or post office branches where one has the savings bank account. The table below shows State ...

Alert Notice for General Public from PFRDA PLEASE BEWARE PFRDA NEVER SENDS ANY EMAIL OR MESSAGE PROMISING LARGE SUMS FOR PAYMENT OF FEE ALERT NOTICE “This is to inform general public that PFRDA is a Regulatory Body and does not ever call for any sum for release of funds to any individual from their Permanent Retirement Account (PRAN) maintained with the Centre Record Keeping Agency. It is also informed that PFRDA has appointed entities such as Point of Presence, Aggregators etc. which are banks and non-banking financial companies which are authorized to interact with subscribers for a prescribed fee which is much less than what is being asked for by the fraudsters. PLEASE BEWARE. PFRDA NEVER SENDS ANY EMAIL/MESSAGE PROMISING LARGE SUMS FOR PAYMENT OF FEE/CHARGE. ANY SUCH COMMUNICATION IS SENT WITH THE INTENTION TO DEFRAUD YOU. INFORM POLICE IMMEDIATELY.” Source: http://www.pfrda.org.in