PFRDA – Exit and Withdrawals under the National Pension System – First Amendment – Regulations, 2017

PFRDA – Exit and Withdrawals under the National Pension System – First Amendment – Regulations, 2017

PFRDA – Exit and Withdrawals under the National Pension System – First
Amendment – Regulations, 2017***  THE GAZETTE OF INDIA, EXTRAORDINARY, PART III—SEC. 4, PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION ***New Delhi, the 10th August, 2017 *** No. PFRDA/12/RGL/139/8.
—In exercise of the powers conferred by sub-section(1) of Section 52 read
with sub-clause(g), (h), and (i) of sub-section 2 of Section 52 of the
Pension Fund Regulatory and Development Authority Act, 2013 (Act No.23 of
2013), the Pension Fund Regulatory and Development Authority hereby makes
the following regulations to amend the Pension Fund Regulatory and
Development Authority(Exits and Withdrawals under the National Pension
System) Regulations, 2015 namely,-

 
Pension Fund Regulatory and Development Authority (Exits and
Withdrawals under the National Pension System) (First Amendment)
Regulations, 2017 
THE GAZETTE OF INDIA
EXTRAORDINARY
PART III—SEC. 4
 

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION 
 
New Delhi, the 10th August, 2017
 

Pension Fund Regulatory and Development Authority (Exits and
Withdrawals under the National Pension System) (First Amendment)
Regulations, 2017 
 
No. PFRDA/12/RGL/139/8.
—In exercise of the powers conferred by sub-section(1) of Section 52 read
with sub-clause(g), (h), and (i) of sub-section 2 of Section 52 of the
Pension Fund Regulatory and Development Authority Act, 2013 (Act No.23 of
2013), the Pension Fund Regulatory and Development Authority hereby makes
the following regulations to amend the Pension Fund Regulatory and
Development Authority(Exits and Withdrawals under the National Pension
System) Regulations, 2015 namely,- 
1. These regulations may be called the Pension Fund Regulatory and
Development Authority (Exits and Withdrawals under the National Pension
System) (First Amendment) Regulations, 2017. 
2.

These shall come into force on the date of their publication in the
official gazette. 
 
3.

In the Pension Fund Regulatory and Development Authority(Exits and
Withdrawals under the National Pension System) Regulations, 2015

:- 
(I) In regulation 2, in sub-regulation (1), the following new clauses shall
be added after sub-clause
(j)- 
(k) “Exit ” for the purpose of this regulation shall mean closure of
individual pension account of the subscriber under National Pension System,
upon and on the date of happening of any of the following events, as may be
applicable:
(i) a subscriber having superannuated/retired from employment, as per the
terms of such employment;
(ii) a subscriber having attained the age of sixty years, and where so
specifically permitted has not exercised a choice in writing to continue to
remain subscribed to such system, till such further period as is
permissible, with or without making contributions;
(iii) death of the subscriber before attaining the age of superannuation,
or the age of sixty years, or in cases where an option has been exercised
by subscriber to continue to remain subscribed to a certain permissible
time period, death before expiry of such period ;
(iv) voluntary closure of the account by the subscriber, in cases where so
permitted and on the date on which such closure is effected in the system; 
Provided that a subscriber shall be deemed to have exited from National
Pension System, in accordance with sub-clause (i) to (iv) notwithstanding
that no claims have been received by or on behalf of the subscriber or such
claims having being received are pending settlement. 
Provided further that where a subscriber ceases to be in employment other
than retirement or superannuation, it shall not be treated as exit and he
shall have the option to continue his individual pension account, if
available under new employment or as voluntarily available to citizens,
unless the subscriber prefers a claim as provided under these regulations
for withdrawal of benefits. 
(l) The expression “defer” or “deferment” wherever used in these
regulations shall mean the postponement or deferment of claims for
receiving benefits admissible to a subscriber upon exit from National
Pension System. 
(II) Regulation 3 shall be substituted as follows – 
3.

Exit from National Pension System for government sector subscribers.

-A subscriber under the government sector shall exit from the National
Pension System in any of the manners specified hereunder, namely:- 
(a) Where the subscriber who, upon attaining the age of superannuation as
prescribed by the service rules applicable to him or her, retires, then at
least forty per cent. out of the accumulated pension wealth of such
subscriber shall be mandatorily utilized for purchase of annuity providing
for a monthly or any other periodical pension and the balance of the
accumulated pension wealth, after such utilization, shall be paid to the
subscriber in lump sum or he shall have a choice to collect such remaining
pension wealth in accordance with the other options specified by the
Authority from time to time, in the interest of the subscribers: 
Provided that,- 
(i) the following shall be the default annuity contract that will be
applicable and wherein the annuity contract shall provide for annuity for
life of the subscriber and his or her spouse 
(if any) with provision for return of purchase price of the annuity and
upon the demise of such subscriber, the annuity be re-issued to the family
members in the order specified hereunder, at a premium rate prevalent at
the time of purchase of such annuity by utilizing the purchase price
required to be returned under the annuity contract ( until all the family
members in the order specified below are covered) : 
(a) living dependent mother of the deceased subscriber; 
(b) living dependent father of the deceased subscriber. 
After the coverage of all the family members specified above, the purchase
price shall be returned to the surviving children of the subscriber and in
the absence of children, the legal heirs of the subscriber, as may be
applicable; In the absence of or non-availability of such a default annuity
for any reason, the subscriber shall be required to exercise the option for
purchase of such annuity of his choice, within the then annuity types or
contracts made available by the annuity service providers empanelled by the
Authority. 
Further, a subscriber who wishes to opt out of the default option mentioned
above and wishes to choose the annuity contract of his choice from the
available annuity types or contracts with the annuity service providers,
shall be required to specifically opt for such an option. 
(ii) where the subscriber does not desire to withdraw the balance amount,
after purchase of mandatory annuity, such subscriber shall have the option
to defer the withdrawal of the lump sum amount until he or she attains the
age of seventy years, provided the subscriber intimates his or her
intention to do so in writing, not less than fifteen days prior to his
attaining the age of superannuation, to the Central recordkeeping agency or
National Pension System Trust or any other approved intermediary or entity
authorized by the Authority, in the specified form or in any other manner
specified by the Authority; 
(iii) where the subscriber desires to defer the purchase of annuity, he or
she shall have the option to do so for a maximum period of three years from
the date of attainment of age of superannuation, provided the subscriber
intimates his or her intention to do so in writing in the specified form or
in any other manner approved by the Authority, at least fifteen days prior
to the attainment of age of superannuation, to the Central recordkeeping
agency or National Pension System Trust or an intermediary or entity
authorized by the Authority for this purpose. It shall be a condition
precedent to opt for such deferment of annuity purchase, that in case if
the death of the subscriber occurs before such due date of purchase of an
annuity after the deferment, the annuity shall mandatorily be purchased by
the spouse(if any) providing for annuity for life of the spouse with
provision for return of purchase price of the annuity and upon the demise
of such spouse, be re-issued to the family members in the order of
preference provided hereunder, at a premium rate prevalent at the time of
purchase of the annuity, utilizing the purchase price required to be
returned under the contract ( until all the members given below are
covered):- 
(a) living dependent mother of the deceased subscriber ; 
(b) living dependent father of the deceased subscriber. 
After the coverage of all such members, the purchase price shall be
returned to the surviving children of the subscriber and in absence of
children to the legal heirs of the subscriber as applicable; 
(iv) where the subscriber desires to defer the withdrawal of benefits
available under National Pension System, the expenses, maintenance charges
and fee payable under the National Pension System in respect of the
individual pension account/ Permanent Retirement Account, shall continue to
remain applicable;. 
(v) where the accumulated pension wealth in the Permanent Retirement
Account of the subscriber is equal to or less than a sum of two lakh
rupees, or a limit as specified by the Authority, basing on the
instructions issued by the appropriate regulator on the minimum value of
annuities to be made available by the life insurers, the subscriber shall
have the option to withdraw the entire accumulated pension wealth without
purchasing annuity and upon such exercise of this option, the right of such
subscriber to receive any pension or other amount under the National
Pension System or from the government or employer, shall extinguish; 
(vi) where the subscriber desires to continue in the National Pension
System and contribute to his retirement account beyond the age of sixty
years or the age of superannuation, he or she shall have the option to do
so by giving in writing or in such form as may be specified, and up to
which he would like to contribute to his individual pension account but not
exceeding seventy years of age. Such option shall be exercised at least
fifteen days prior to the age of attaining sixty years or age or
superannuation, as the case may be, to the central recordkeeping agency or
the National Pension System Trust or any other intermediary or entity
authorized by the Authority for the purpose. Upon exercise of the option,
the other options of deferment of benefits shall not be available to such a
subscriber. 
Notwithstanding exercise of such option, the subscriber may exit at any
point of time from National Pension System, by submitting a request to
central recordkeeping agency or the National Pension System Trust or any
intermediary or entity authorized by the Authority for the purpose ; 
(b) where the subscriber who, before attaining the age of superannuation
prescribed by the service rules applicable to him or her, voluntarily
retires or exits, then at least eighty per cent. out of the accumulated
pension wealth of the subscriber shall mandatorily be utilized for purchase
of annuity and the balance of the accumulated pension wealth, after such
utilization, shall be paid to the subscriber in lump sum or he shall have a
choice to collect such remaining pension wealth in accordance with the
other options specified by the Authority from time to time, in the interest
of the subscribers: 
Provided that such annuity contract shall provide for annuity for life of
the subscriber and his or her spouse (if any) with provision for return of
purchase price of the annuity and upon the demise of such subscriber the
annuity be re-issued to the family members in the order specified hereunder
at a premium rate prevalent at the time of purchase of the annuity,
utilizing the purchase price required to be returned under the annuity
contract (until all the members given below are covered) :- 
(i) living dependent mother of the deceased subscriber ; 
(ii) living dependent father of the deceased subscriber. 
After the coverage of all such members, the purchase price shall be
returned to the surviving children of the subscriber and in the case of
absence of children, to the other legal heirs of the subscriber, as may be
applicable; In the absence of or non-availability of such a default annuity
for any reason, the subscriber shall be required to exercise the option for
purchase of such annuity of his choice, within the then annuity types or
contracts made available by the annuity service providers empanelled by the
Authority. 
Further, a subscriber who wishes to opt out of the option mentioned above
and wishes to choose the annuity contract of his choice, from the available
annuity types or contracts with the annuity service providers , shall be
required to specifically opt for such an option. 
Provided that if the accumulated pension wealth of the subscriber is more
than one lakh rupees or a limit to be specified by the Authority for the
purpose but the age of the subscriber is less than the minimum age required
for purchasing any annuity from any of the empanelled annuity service
providers as chosen by such subscriber, such subscriber shall continue to
be subscribed to the National Pension System, until he or she attains the
age of eligibility for purchase of any annuity: 
Provided further that if the accumulated pension wealth of the subscriber
is equal to or less than one lakh rupees or a limit to be specified by the
Authority basing on the instructions issued by the appropriate regulator on
the minimum value of annuities to be made available by the life insurers,
such subscriber shall have the option to withdraw the entire accumulated
pension wealth without purchasing any annuity and upon such exercise of
this option the right of the subscriber to receive any pension or other
amounts under the National Pension System shall extinguish and any such
exercise of this option by the subscriber, before the notification of this
provision, , shall be deemed to have been made in accordance with this
regulation; 
(c) where the subscriber who, before attaining the age of superannuation,
dies, then at least eighty percent out of the accumulated pension wealth of
the subscriber shall be mandatorily utilized for purchase of annuity and
balance pension wealth shall be paid as lump sum or in another manner from
among the options made available by the Authority from time to time to the
nominee or nominees or legal heirs, as the case may be, of such subscriber: 
Provided that,- 
(i) such annuity contract shall provide for annuity for life of the spouse
of the subscriber (if any) with provision for return of purchase price of
the annuity and upon the demise of such spouse be re-issued to the family
members in the order specified hereunder at the premium rate prevalent at
the time of purchase of the annuity, utilizing the purchase price required
to be returned under the contract (until all the members given below are
covered):- 
(a). living dependent mother of the deceased subscriber ; 
(b) living dependent father of the deceased subscriber . 
After the coverage of all such members, the purchase price shall be
returned to the surviving children of the subscriber and in absence of
children, the legal heirs of the subscriber as applicable. In the absence
of or non-availability of such a default annuity for any reason, the
subscriber shall be required to exercise the option for purchase of such
annuity of his choice, within the then annuity types or contracts made
available by the annuity service providers empanelled by the Authority. 
(ii) Provided further that if the accumulated pension wealth in the
permanent retirement account of the subscriber at the time of his death is
equal to or less than two lakh rupees or a limit to be specified by the
Authority, basing on the instructions issued by the appropriate regulator
on the minimum value of annuities to be made available by the life
insurers, the nominee or legal heirs as the case may be, shall have the
option to withdraw the entire accumulated pension wealth without requiring
to purchase any annuity and upon such exercise of this option the right of
the family members to receive any pension or other amounts under the
National Pension System shall extinguish; 
(III) (i) Proviso (i) to Sub-clause (a) of Regulation 4 shall be
substituted as follows – 
Provided that,- 
(i) where the subscriber desires to continue in the National Pension System
and contribute to his retirement account beyond the age of sixty years or
the age of superannuation, he or she shall have the option to do so by
giving in writing or in such form as may be specified of the age not
exceeding seventy years and up to which he would like to contribute to his
individual pension account. Such option shall be exercised at least fifteen
days prior to attaining the age of sixty years or age of superannuation, as
the case may be, to the central recordkeeping agency or the National
Pension System Trust or any other intermediary or entity authorized by the
Authority for the purpose. Upon exercise of the option, the other options
of deferment of benefits shall not be available to such a subscriber. 
Notwithstanding exercise of such option, the subscriber may exit at any
point of time from the National Pension System, by submitting a request to
National Pension System Trust or any intermediary or entity authorized by
the Authority for the purpose; 
(ii) Proviso to sub-clause (b) of Regulation 4 shall be substituted as
follows: 
Provided further that if the accumulated pension wealth in the individual
pension account of the subscriber is equal to or less than one lakh rupees,
or a limit to be specified by the Authority, basing on the instructions
issued by the appropriate regulator on the minimum value of annuities to be
made available by the life insurers, such subscriber shall have the option
to withdraw the entire accumulated pension wealth without requiring to
purchase any annuity; 
(iii) proviso (ii) to sub-clause (c) of clause (ii) of Regulation 4 shall
be substituted as follows: 
(ii) in case, the nomination is not registered by the deceased subscriber
before his death, the accumulated pension wealth shall be paid to the
family members on the basis of the legal heir certificate issued by the
competent authorities of the State concerned or the succession certificate
issued by a court of competent jurisdiction. 
(IV) Sub-clause (b) of Regulation 5 shall be substituted as follows: 
(b) at any time, before attaining the age of sixty years, subject however
that at least eighty percent out of the accumulated pension wealth shall be
mandatorily utilized for purchase of annuity and the balance of the
accumulated pension wealth, after such utilization shall be paid to the
subscriber in lump sum or he shall have a choice to collect such remaining
pension wealth in accordance with the other options specified by the
Authority from time to time, in the interest of the subscribers; 
Provided that for a Swavalamban subscriber, the annuity purchased by
utilizing the mandatory minimum of eighty percent out of the accumulated
pension wealth ought to yield at least a monthly annuity or pension of one
thousand rupees per month, failing which the entire accumulated pension
wealth shall be annuitised in such a manner so as to yield at least a
monthly annuity or pension of one thousand rupees and balance if any
thereafter shall be paid as lump sum to the subscriber. However there shall
be no implicit or explicit guarantee that the annuity purchased even with
entire accumulated pension wealth would yield a monthly annuity or pension
of one thousand rupees; 
Provided that subject to the provisions of this clause, where the
accumulated pension wealth does not exceed one lakh rupees or a limit to be
specified by the Authority basing on the instructions issued by the
appropriate regulator on the minimum value of annuities to be made
available by the life insurers, the whole of the pension wealth up to the
limit so specified shall be paid to the subscribers who have not availed
any Swavalamban co-contribution, without any requirement of annuitisation
and further this provision shall be applicable to a subscriber who has
availed a Swavalamban co-contribution only if such subscriber has continued
in the scheme for a minimum period of twenty-five years; 
Provided further that the migration of Swavalamban subscriber or
subscribers to any other pension scheme of Government of India and as
approved by the Authority shall not be deemed as an exit and withdrawal for
the purposes of these regulations. 
(V) Regulation 6 shall be substituted with the following : 
6. Conditions to apply for exit and withdrawal.– A
subscriber registered under the National Pension System shall not exit
there from, and no withdrawal from the accumulated pension wealth in the
Tier-1 of the Permanent Retirement Account of such subscriber shall be
permitted, except in the manner so specified under regulations 3,4, 5 and 8
and further as mentioned in these provisions, namely:- 
(ii) Sub-regulation(e) shall be substituted with the following: 
(e)If the subscriber or the family members of the deceased subscriber, upon
his death, avails the option of additional relief on death or disability
provided by the Government or employer, the Government or employer shall
have the right to adjust or seek transfer of the entire accumulated pension
wealth of the subscriber to itself. The subscriber or family members of the
subscriber availing such benefit shall specifically and unconditionally
agree and undertake to transfer the entire accumulated pension wealth to
the Government or employer, in lieu of enjoying or obtaining such
additional reliefs like family pension or disability pension or any other
pensionary benefit from such Government or employer. With the release of
such family pension to the eligible family members of the deceased
subscriber, the right to claim any benefits under the National Pension
System, by any person shall extinguish thereupon including the rights of
the nominee as recorded for the purpose of receiving benefits under
National Pension System. 
(iii) Sub-regulation(h) shall be substituted with the following: 
(h) Upon exit of a subscriber from tier-I of the National Pension System,
the tier-II account of the subscriber shall also be simultaneously closed
and amounts under the said account shall be paid to the subscriber or his
nominees or legal heirs as the case may be. 
(i) With respect to subscribers who have not submitted the withdrawal
application as is required under regulation 7 and within one month from the
date of attainment of the age of sixty years or the age of normal
superannuation as the case may be, for withdrawal of benefits upon exit
from national pension system, the accumulated pension wealth in the account
of such subscriber (both under tier I and tier II) would be monetized and
kept separately as per the guidelines or directions issued by the Authority
for the said purpose. The income earned from such safe keeping of the
monetized accumulated pension wealth of the subscriber shall form part of
the benefits that the subscriber is entitled under the National Pension
System. This provision shall apply in respect of such subscribers who have
deferred the withdrawal of benefits or have partly withdrawn the benefits
and have not taken the steps to completely withdraw the benefits as is
required under the regulations and or in the guidelines or directions
issued by the Authority for the purpose. 
(iii) Under Regulation 6 new sub-regulation (j) after sub-regulation (i)
shall be added as follows: 
(j) With respect to settlement of claims arising out of the accumulated
pension corpus of deceased subscribers, where no valid nomination as
specified in these regulations exist on the date of death, the Authority
may issue suitable directions in the interest of subscribers for settlement
of such claims in favour of the family members of the deceased subscriber,
up to a specified limit, by requiring such heirs to submit such documents
as may be specified. 
(V) Regulation 7 shall be substituted as follows: – 
7. Conditions of withdrawals under National Pension System.
a subscriber shall submit the withdrawal application along with the
required documents, for the purpose of withdrawing the benefits upon exit
as provided in these regulations, on or before the expected date of exit
from the National Pension System to the National Pension System Trust or
the central recordkeeping agency, acting on behalf of it or any other
entity authorized by the Authority. central recordkeeping agency or
National Pension System Trust may on receipt of such an application for
exit or withdrawal from a subscriber in the specified form and subject to
fulfillment of conditions so specified, may allow exit or withdrawals from
the National Pension System in the mode and manner permitted under these
regulations and guidelines, circulars, orders or notifications issued by
the Authority for the purpose:
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(VI) Regulation 8 shall be substituted as follows:-– 
8.

The following withdrawals shall be permitted under National Pension
System.-

(1) A partial withdrawal of accumulated pension wealth of the subscriber,
not exceeding twenty-five per cent. of the contributions made by the
subscriber and excluding contributions made by employer, if any, at any
time before exit from National Pension System subject to the terms and
conditions, purpose, frequency and limits specified below:- 
(A) Purpose: A subscriber on the date of submission of the
withdrawal form, shall be permitted to withdraw not exceeding twenty-five
percent. of the contributions made by such subscriber to his individual
pension account, for any of the following purposes only:- 
(a) for Higher education of his or her children including a legally adopted
child; 
(b) for the marriage of his or her children, including a legally adopted
child; 
(c) for the purchase or construction of a residential house or flat in his
or her own name or in a joint name with his or her legally wedded spouse.
In case, the subscriber already owns either individually or in the joint
name a residential house or flat, other than ancestral property, no
withdrawal under these regulations shall be permitted; 
(d) for treatment of specified illnesses: if the
subscriber, his legally wedded spouse, children, including a legally
adopted child or dependent parents suffer from any specified illness, which
shall comprise of hospitalization and treatment in respect of the following
diseases: 
(i) Cancer; 
(ii) Kidney Failure (End Stage Renal Failure);
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(iii) Primary Pulmonary Arterial Hypertension;
(iv) Multiple Sclerosis;
(v) Major Organ Transplant;
(vi) Coronary Artery Bypass Graft;
(vii) Aorta Graft Surgery;
(viii) Heart Valve Surgery;
(ix) Stroke;
(x) Myocardial Infarction
(xi) Coma;
(xii) Total blindness;
(xiii) Paralysis;
(xiv) Accident of serious/ life threatening nature.
(xv) any other critical illness of a life threatening nature as stipulated
in the circulars, guidelines or notifications issued by the Authority from
time to time.
(B) Limits: the permitted withdrawal shall be allowed only
if the following eligibility criteria and limit foravailing the benefit are
complied with by the subscriber:-
(a) the subscriber shall have been in the National Pension System at least
for a period of three years from the date of his or her joining;
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(b) the subscriber shall be permitted to withdraw accumulations not
exceeding twenty-five per cent of the contributions made by him or her and
standing to his or her credit in his or her individual pension account, as
on the date of application for withdrawal;
(C) Frequency: the subscriber shall be allowed to withdraw
only a maximum of three times during the entire tenure of subscription
under the National Pension System. The request for withdrawal shall be
submitted by the subscriber, along with relevant documents to the central
recordkeeping agency or the National Pension System Trust, as may be
specified, for processing of such withdrawal claim through their nodal
office. Provided that where a subscriber is suffering from any illness,
specified in sub-clause (d), the request for withdrawal may be submitted,
through any family member of such subscriber.
(2) A subscriber having a valid and active Tier-II account of the Permanent
Retirement Account can withdraw the accumulated wealth either in full or
part, at any time by applying for such withdrawal, on such application form
and in such mode and manner, as may be specified by the Authority in this
behalf. There shall be no limit on such withdrawals till the account has
sufficient amount of accumulated pension wealth to take care of the
applicable charges and the withdrawal amount.
Provided that the Tier-II account shall stand automatically closed at the
time of exit of the subscriber from the National Pension System, even if an
application so specified for the purpose has not been received from the
subscriber, and the accumulated wealth in such account shall be transferred
to the bank account provided by the subscriber, while submitting his
application for exit from the National Pension System.
(VII) Regulation 9 shall be substituted as follows:-–
9. Withdrawal process.– (1) The National Pension System
Trust or any other intermediary or entity authorized by the Authority for
the said purpose shall be responsible for processing, authorizing and
approving the withdrawal and exit claims lodged by the subscriber in
accordance with the provisions of the Act, regulations, directions,
guidelines issued by the Authority and the Pension Fund Regulatory and
Development Authority (National Pension System Trust) Regulations, 2015,
where applicable. The National Pension System Trust shall frame and issue
suitable operational processes including online processes or guidelines
including the exit or withdrawal forms for facilitating withdrawals and
Exit of subscribers from National Pension System after taking due approval
from the Authority.
(VIII) Sub -regulation (1) of Regulation10 shall be substituted as
follows:-–
10. Conditions of annuity purchase upon exit.– (1) The
subscriber, at the time of exit, shall mandatorily purchase an annuity
providing for a monthly or periodical annuity or pension as specified in
these regulations, excepting those cases where exempted or provided
otherwise and to the extent so exempted. Such annuity shall be purchased
from an annuity service provider who is empanelled by the Authority.
(IX) In regulation 32, in the proviso, the following a new sub-clause (xii)
shall be added after sub-clause (xi)-
(xii). In respect of subscribers covered under sub-clause(c) of Regulation
3 and sub-clause(c) of Regulation 4, where no valid nomination exists in
accordance with these regulations, at the time of exit of such subscriber
on account of death, the nomination, if any existing in the records of such
subscriber with his or her employer for the purpose of receiving other
admissible terminal benefits shall be treated as nomination exercised for
the purposes of receiving benefits under the National Pension System. The
employer shall send a confirmation of such nomination in its records, to
the National Pension System Trust or the central recordkeeping agency,
while forwarding the claim for processing.
(X) Regulations 33 and 34 shall be omitted
(XI) Regulation 35 shall be substituted as follows:-
35. Providing bank account details.– A subscriber seeking
benefits upon exit or withdrawals as permitted under these regulations
shall provide the Bank details mandatorily apart from details or copy of
Aadhar card issued by Unique Identification Authority of India or details
of or copy of Permanent Account Number (PAN) card issued by Income-Tax
Department, in order to have the facility of credit of the eligible
benefits directly in to the subscriber’s or claimants Bank account as
applicable.
(XII) Regulation 37 shall be substituted as follows: –
37. Stoppage of last month’s deductions by employer.- The
monthly contribution consisting of both the employer and employee, as may
be applicable and that is required to be deducted for crediting to the
subscribers account under the National Pension System by the employers from
the salary of such subscriber shall be stopped at least one month prior to
the date of superannuation. The employer shall pay such eligible
contributions directly to the employee subscriber along with the monthly
salary or remuneration that such subscriber is eligible to receive from the
employer.
(XIII) Regulation 39 shall be substituted as follows: –
39.

Power of the Authority to issue directions and clarifications.

-(1)The Authority shall have the power to issue necessary directions,
restricting the provisions relating to withdrawals and exit, as the case
may be, under these regulations for complying with any requirements to move
from any other pension or superannuation schemes or funds to the National
Pension System.
(2) The Authority shall also have the power to issue clarifications and
guidelines in order to remove any difficulties in the application or
interpretation of these regulations or any provision thereof. 
HEMANT G. CONTRACTOR, Chairperson
[ADVT.-III/4/Exty./179/17]
Footnote: 
The Pension Fund Regulatory and Development Authority (Exits and
Withdrawals Under the National Pension System) Regulations, 2015 were
published in the Gazette of India on 11th May, 2015 vide No. PFRDA/12/
RGL/139/8. 


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