New Delhi: Pension Fund Regulatory and Development Authority (PFRDA) has announced that it would enable online and paperless process of exit to the Subscribers of Government Sector as an option in addition to the existing physical mode of exit. The facility would also be available to the employees of Autonomous Bodies of Central/State Government who are covered in NPS.
The online exit would be integrated with Instant Bank Account Verification as per the existing guidelines as part of enhanced due diligence in the interest of Subscribers. (RBI's big gift to bank employees ahead of festive season! Revision in Bank Family Pension, check details here)
Central Record Keeping Agencies (CRAs) would be enabling the required technical functionalities in a time bound manner in the interest of Subscribers before 30th October 2021, said PFRDA.
“Subscribers are encouraged to utilize the option of online exit which ensures timely process of exit and seamless issue of annuity by Annuity Service Providers (ASP). Nodal Officers of Government Sector need to play a larger role to educate their employees about the process of online exit which not only benefit Subscribers but also the nodal officers by freeing them from handling paper-based documents and dispatching those papers to the associated CRA for record keeping,” a PFRDA statement said.
The Subscribers who are not able to initiate online exit request due to any challenge are to be assisted by DDOs for digitization and to facilitate their exits by upload of documents in CRA system on behalf of Subscribers, for the benefit of those Subscribers to derive the intended benefit.
PFRDA has also advised CRAs to create wide awareness through targeted campaign, educational videos and any other creative modes for the desired outcome.
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