Contribute In National Pension System After Retirement: How To Do
National Pension System: During the extended
period after retirement, or attaining the age of 60, a Tier-1 account holder
cannot avail the facility of deferment of lump sum and annuity.
National Pension System (NPS)
for Central Government Employees:
The
National pension system subscribers in the Central Government sector and those
from the Central Autonomous Bodies can continue to contribute in his/her Tier-1
account even after retirement. However, certain conditions must be followed.
According to NPS Trust, subscribers from Central Government sector and those
from the Central Autonomous Bodies can continue to contribute in the Tier-1
account till they reach seventy years of age. For this, the subscriber will
have to submit a written application stating the age up to which age /he would
like to continue to contribute in the pension account. The age shall not exceed
70 years.
To continue contributing to the NPS account even after retirement,
the subscriber will have to shift his/her PRAN to any POP or e-NPS and
subscriber would not get any assistance from the Nodal office for uploading of
contribution after retirement.
National Pension System: When to apply for
extended contribution?
NPS subscribers from the Central
Government sector and Central Autonomous Bodies can apply to continue
contributing in the pension scheme after retirement for some more years. For
this, however, you must apply at least 15 days before becoming 60 years old or
retirement. Your application should also be authorised by the associated Nodal
office in the CRA system.
In case you fail to apply 15 days before becoming 60 years old or
retirement- as the case maybe – you can still apply stating the reason of the
delay to the NPS trust within 180 days of attaining such age or retirement.
What is the benefit of NPS
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