BackPFRDA extends online exit process option to government sector subscribers
PFRDA said, the online exit would be integrated with instant bank account verification as per the existing guidelines
PremiumThe Pension Fund Regulatory and Development Authority (PFRDA) has extended the option of online, paperless process of exit to subscribers in the government sector. Earlier, only non-government sector subscribers enjoyed the end-to-end facility of the online exit process.
National Pension Scheme (NPS) subscribers in non-government sectors are currently empowered with comprehensive end-to-end digitally enabled solutions to fulfill their evolving needs.
PFRDA in a release said, "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. The facility would also be available to the employees of Autonomous Bodies of Central/State Government who are covered in NPS."
Further, the Central Record Keeping Agencies (CRAs) would have to enable the required technical functionalities before 30 October, 2021.
"Nodal Officers of Government Sector will 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," it said
NPS 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).
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