Saturday, January 13, 2018

CPS Funds partial Withdrawal Process/ PFRDA Guidelines should be Followed by Subscribers

CPS Funds partial Withdrawal Process/ PFRDA Guidelines should be Followed by Subscribers

Guidelines on process to be followed by subscribers and Nodal Office/POP Aggregator for processing of partial withdrawal request. PFRDA Pension Funds Regulatory and Development Authority Regulations 2017 have been Notified Published on the website . Process to withdraw CPS partial funds for various needs of the subscriber Guidelines have been issed by PFRDA. 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 tine before exist from Natinal Pension System subject to the terms and conditions purpose requency and limits specified


Terms and Conditions to Withdrawal of CPS Funds

Purpose of Withdrawal
A subscriber on the date of submission of the withdrawal form, shall be permitted to withdraw not exceeding 25% of the Contribution made by such subscriber to his individual pension account for any of the following purposes only
  1. For Higher Education of Children
  2. For marriages of children
  3. For purchase of House/Flat in his/her own or Joint Name or Legally wedded. 
  4. For Treatment of specified illness. If subscriber, his legally wedded spouse, children such as Cancer, Kidney Failure, Major organ Transplantation, Stroke Oma, Total Blindness Paralysis etc\

A Subscriber shall have been in the NPS at least for a period of three years from the date of his or her joining. The subscriber shall be permitted to withdraw accumulation not exceding twenty five per cent of the contrbution made by him or her and standing to his or her credit in his or her individual pension acount as on the date of application for withdrawal. 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 relavant documents to the central recod keeping Agency or Natinal Pension System Trust as may be specified for processing of such withdrawal claim through their Nodal Office
AP Memo No 3058 Instructions On Partial With Drawal of CPS Fund
Click here to Download Circular
Click here to Download Withdrawal Form S12