Death-cum-Retirement Gratuity under New Pension

Death-cum-Retirement Gratuity under New Pension System to Central Government employees under New Pension System (NPS). The information was stated by Minister of State for Finance, Shri Namo Narain Meena, in written reply to a question in the Lok Sabha .

Gratuity Pay under New Pension System

Death-cum-Retirement Gratuity is paid to Central Government employees under New Pension System (NPS) as it is paid under the old pension scheme. The monthly annuity under the New Pension System (NPS) is only a replacement of pension on retirement and family pension of death after retirement. The benefits of Death cum Retirement Gratuity (DCRG) and pension/family pension have been provisionally allowed, vide the Office Memorandum of Department of Pension and Pensioners’ Welfare No. 38/41/06-P & PW(A) dated 5.5.2009 in respect of Central Government servants covered under NPS in cases where a Government Servant is retired on invalidation/disability and in the case of death of a Government servant in service on the same rates as are applicable under the old pension scheme Central Civil Service (Pension) Rules, 1972.

The retirement gratuity is payable to the retiring Government servant. A minimum of 5 years’ qualifying service and eligibility to receive service gratuity/pension is essential to get this one time lump sum benefit. Retirement gratuity is calculated @ 1/4th of a month’s Basic Pay plus Dearness Allowance drawn before retirement for each completed six monthly period of qualifying service.

The maximum retirement gratuity payable is 16½ times the Basic Pay, subject to a maximum of Rs. 10 lakh. If the Government Servant dies while in service, the death gratuity shall be paid to his family at rates furnished in the table below:

Sl. No.	Length of Qualifying Service	Rate of Death Gratuity
1.	Less than one year	2 times of emoluments
2.	One year or more but less than 5 years	6 times of emoluments
3.	5 years or more but less than 20 years	12 times of emoluments
4.	20 years or more	Half of emoluments for every completed six monthly period of qualifying service subject to a maximum of 33 times of emoluments.

Maximum amount of Death Gratuity admissible is Rs, 10 lakh with effect from 1.1.2006.

Detailed View of New Pension Scheme (NPS) (2)

Continued from last Post.....

Table for Lifecycle Fund*

Age	Asset Class E	Asset Class C	Asset Class G
Up to 35 years	50%	30%	20%
36 years	48%	29%	23%
37 years	46%	28%	26%
38 years	44%	27%	29%
39 years	42%	26%	32%
40 years	40%	25%	35%
41 years	38%	24%	38%
42 years	36%	23%	41%
43 years	34%	22%	44%
44 years	32%	21%	47%
45 years	30%	20%	50%
46 years	28%	19%	53%
47 years	26%	18%	56%
48 years	24%	17%	59%
49 years	22%	16%	62%
50 years	20%	15%	65%
51 years	18%	14%	68%
52 years	16%	13%	71%
53 years	14%	12%	74%
54 years	12%	11%	77%
55 years	10%	10%	80%

Detailed View of New Pension Scheme (NPS)

NPS Features
Under NPS a subscriber upon registration would be allotted a unique Permanent Retirement Account Number (PRAN). This being unique in nature, you will not be required to change the same or obtain the new one even if you shift your residence. Therefore, you will be able to use this account and this unique PRAN from any location in India. You can open an NPS account with authorized branches of service providers called 'Points of Presence' (POPs), appointed by PFRDA.

Exit guidelines under National Pension System – Option for Complete withdrawal of accumulated pension wealth by subscriber–PFRDA

Exit guidelines under National Pension System – Option for Complete withdrawal of accumulated pension wealth by subscriber

CIRCULAR

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PFRDA/2013/17 /PDEX/10

23rd October, 2013

Subject: Exit guidelines under National Pension System – Option for Complete withdrawal of accumulated pension wealth by subscriber

In partial modification of exit guidelines provided under master circular no: PFRDA/2013/2/PDEX/2 (at Serial no: 2 & 3) dt: 22/01/2013, it has been decided to provide an option to withdraw the entire accumulated pension wealth to subscribers other than the subscribers of NPS Lite – Swavalamban Scheme, subject to the condition that:

The accumulated pension wealth in the subscribers permanent retirement account is equal to or less than Rs.2,00,000/- at the time of superannuation for government employee subscribers or upon attaining the age of 60 years for subscribers falling under All citizen model and Corporate model.

The subscribers wishing to exercise this option shall have to fill the attached request form along with the NPS Withdrawal form while submitting the same to their DDO/PAO/DTO/POP.

sd/-
Venkateswarlu Peri
General Manager

CIRCULAR

National Pension System (NPS)

Request for withdrawal of Total Pension Wealth upon normal superannuation (for government employees) / Upon attaining the age of 60 years and where the total pension wealth is equal to or less than Rs.2,00,000/-

I _________________________________________ holding a Permanent Retirement Account with number (PRAN) ————————————————– do hereby apply for the payment of the accumulated pension wealth in my NPS account being the full and final benefits receivable by me.

Date:
Place:

Signature of the Subscriber

Source: http://pfrda.org.in

FAQ's On New Pension Scheme (NPS)

NEW PENSION SYSTEM

NPS.1 The CCS(P) Rules are applicable to govt. servants appointed on or before 31.12.2003.Are the employees who joined pensionable establishments of Govt. of India after 31/12/2003 eligible for any benefits under these rules?

In accordance with DoP&PW O.M. No. 38/41/06-P&PW(A) dated 5.5.2009 such employees who joined after 31/12/2003 and/or their families may be given the benefit of disability pension or family pension provisionally till the finalization of rules under the National Pension System (NPS) on death/injury.