nps withdrawal

nps 1
Viewed 1891

Sir,

i was central govt employee in last 2 year and resigned from the job, So now i am submitting form no 302 for withdrawal form NPS and i have some doubt in form no 302

1) page no 2 Section D a) What is Subscriber annuity service provider name b) What is annuity service provider scheme name ( My nps contribution credited into SBI(34%) ,LIC(33%) and UTI(33%)

2 In annexure B Serial No 4 What is "pre signed receipt of acknowledging the receipt of the process under NPS by the subscriber"

3 Where i submit form 302 & supporting document

With regard

Renjith s

nps-withdrawal nps-account national-pension-system new-pension-scheme
1 Answers

At any point of time before 60 years of age, a subscriber would be required to invest at least 80% of the pension wealth to purchase a life annuity from any IRDA - regulated life insurance company. Rest 20% of the pension wealth can be withdrawn as lump sum.

Annuity Service Providers (ASPs) is the entity who will be responsible for managing the funds (allocated for buying annuity) and payment of the pension after a subscriber attains the age of 60. The ASPs will be the entities regulated by Insurance Regulatory and Development Authority. At present ASP is yet to be appointed by PFRDA.

If a subscriber wishes to exit from NPS before attaining the age of 60, he/she can withdraw upto 20% of the sum accumulated till that point of time. The subscriber has to buy annuity with the rest of the money. The commencement of the annuity depends on the annuity plan / scheme offered by the ASPs. If minimum contributions are not made as stipulated, the account will be frozen and can be reactivated only by paying the penalty.

Pankaj Batra5212

sir did nt get anser of a) annuity service provider scheme name

B) in annexure B Serial No 4 What is "pre signed receipt of acknowledging the receipt of the process under NPS by the subscriber"

C) Where i submit form 302 & supporting document

nps•
  1. You can get annuity from LIC: http://www.licindia.in/nps/
  2. You have sign revenue stamp as an advance receipt of payment like its done in EPF.
  3. You have to submit documents to PoP office.
Pankaj Batra•
Related