Partial Withdrawals from NPS for treatment of specified illness.

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PENSION FUND REGULATORY

AND DEVELOPMENT AUTHORITY

Circular

No. PFRDA/2020/7/REG-EXIT/1                                                                                                Date: 09.04.2020

To,

All Stakeholders and subscribers under National Pension System (NPS).

Sub: Permission of partial withdrawals towards treatment of specified illnesss.

In connection of the circular no. PFRDA/2018/47/Reg-Exit/4 dated 24.05.2018, issued on the applicability & handling of partial withdrawals, authority is issuing this circular referring the term of sub-regulation 8(1)(A)(d)(xv) of PFRDA(Exits and withdrawals under NPS) Regulations, 2015 and amendments thereunder, prescribes that-

(a) In view of the decision of the Government of India, which has declared COVID-19 as a pandemic, it has been decided to declare “COVID-19” as a critical illness which is life-threatening in nature.

Hence, in view of the above, the partial withdrawals shall be permitted to fulfil financial needs of the subscribers, if required to him/her against the request placed for partial withdrawals towards treatment of illness of subscribers, his legally wedded spouse, children, including a legally adopted child or dependent parents as mentioned in regulation 8(1)(A)(d) of the said regulations.

(b) The other terms and conditions as prescribed under regulation 8 of the PFRDA(Exits and withdrawals under NPS) Regulations, 2015 and amendments thereto shall continue to be applicable regarding defining of limits and frequencies.

(c) Documentation

The Nodal Office/PoPs/Aggregators would ensure that the subscriber has provided the following document before authorising partial withdrawals:-

(1) Medical Certificate

(2) Format request for partial withdrawal.

 

-s/d-

Vikas Kumar Singh

General Manager

 

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