National Pension System: PFRDA has eased some rules to make the National Pension System more attractive. Along with this, the age limit for joining the NPS scheme has also been increased to 70 years.
National Pension System
There is a retirement scheme, whose purpose is to provide a fixed income after retirement to the people. NPS is a voluntary retirement savings plan. With the help of this scheme, subscribers can make savings even during their work. If the PFRDA is to be believed, as per the Exit and Withdrawal Under NPS Regulations, 2015, in the event of the death of the subscriber, the entire deposit amount of the subscriber will be given to his/her nominee or legal heir. For this, the nominee will have to select the Annuity Service Provider (ASP) and the Annuity Scheme on the Death Withdrawal Form.
What to do if there is no nomination in the National Pension System
If the subscriber dies, and there was no nominee elected by the subscriber before that, then the accrued pension is paid by the state revenue department to that member on the basis of the legal heir’s certificate .
These documents will be needed
The person making the claim or the nominee will have to fill and submit the death withdrawal. For this, the subscriber will have to submit some important documents such as date certificate, kyc document, bank account proof and all other necessary documents. All the nominees are required to submit the withdrawal form. PFRDA has eased some rules to make the National Pension System more attractive. Along with this, the age limit for joining the NPS scheme has also been increased to 70 years. Apart from this, the rules for joining and exiting NPS have been eased.
