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Thursday 2 January 2014

Implementation of National Pension System

The Government implemented national pension system to employees joining service with effect from 01-04-2013 vide  G.O.(P) No.20/2013/Fin. Dt.07.01.2013  Click Here
 (4 Pages)

It is mandatory for all appointments made on or after 01-04-2013

There are two tiers

Tier 1 will be mandatory and tier 2 will be optional.

In Tier I, the Government servant shall make a contribution of 10% of Basic Pay + Dearness Aliowance.      The amount so deducted  and the amount of matching contribution will
be transferred to a pension account.  

The entire amount under Tier I will be kept in a non withdrawable pension Tier I
account..

Tier II contribution will be kept in a separate account that will be made available at the option of the Government servant. Government will not make any contribution to Tier [I account.


A Government servant can exit at the retirement age from Tier I of the Scheme. At exit, it would be mandatory for him/ her to invest 4O% of pension wealth to purchase an annuity which will provide for pension for the lifetime of the individual and his/ her spouse/ dependent parents.

The Government servant would receive a lump sum of the remaining pension wealth

To get Government Order for Implementation of National Pension System
 G.O.(P) No.20/2013/Fin. Dt.07.01.2013  Click Here




See Also

G.O(P) No. 441/l2/Fin dated 08.08.2012


PFRDA

The Pension Fund Regulatory & Development Authority Act was passed on 19th September, 2013 and the same was notified on 1st February, 2014. PFRDA is regulating NPS, subscribed by employees of Govt. of India, State Governments and by employees of private institutions/organizations & unorganized sectors.

To Get more familiarity on NPS pls visit Official Website of PFRDA http://pfrda.org.in

5 comments:

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