New pension scheme
Mohd Zeeshan
(Querist) 26 September 2012
This query is : Resolved
Sir, there is one more query. My company was deducting some part of my salary for the Pension Fund under New Pension Scheme.
So i want to know that Since I have resigned from the service of that organization (other than retirement or VRS)then can I claim for the amount in NPS, back from my ex-employer?
Or would I have to forgo that amount due to resignation before the retirement.
Thank You
Guest
(Expert) 30 September 2012
The following is the condition for withdrawal from NPS at any point in
time before 60 years of Age
- 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 Rest 20% of the pension wealth may be withdrawn as lump sum.
However, if you decide to withdraw after the age of 60 years, the following would be the option for you:
- In case of phased manner subscriber has to withdraw minimum 10% of the pension wealth (lump sum amount) every year. Any amount lying to the credit at the age of 70 should be compulsorily withdrawn in lump sum.
