Executive Summary:
This document contains the Pension Fund Regulatory and Development Authority's Third Amendment Regulations for the National Pension System, 2018. These regulations, effective from the date of publication in the official gazette, amend the 2015 regulations regarding exits and withdrawals, specifically addressing scenarios of subscriber disability or incapacitation. The amendments outline conditions and procedures for exits and withdrawals in such cases.
Key Points / Main Content:
Amendments to Exits and Withdrawals under the National Pension System Regulations, 2015:
Regulation 3 (Subregulation a):
* A new subregulation (vii) is added: If an employer certifies a subscriber's discharge due to invalidation or disability, the exit is determined as specified under subregulation (a).
Regulation 4 (Subregulation a):
* A new subregulation (v) is added: If a subscriber is physically incapacitated or has a bodily disability preventing them from continuing with their individual pension account, exit is determined by subregulation (a), provided the subscriber submits a disability certificate from a government surgeon or treating doctor.
* The disability certificate must state the nature and extent of the disability and certify that:
* The subscriber cannot perform regular duties and is unlikely to work for the rest of their life.
* The disability percentage is more than 75%.
Regulation 5 (Subregulation a):
* A new subclause (iii) is added, mirroring the conditions and requirements outlined in the new subregulation (v) of Regulation 4 regarding disability and the necessary certifications for exit.
Regulation 8 (Subregulation 1A):
* A new subclause (e) is added: Subscribers can withdraw funds to meet medical and incidental expenses arising from disability or incapacitation.
Impact Analysis:
Subscribers:
* Impact: Subscribers who become physically incapacitated or disabled now have a defined process for exiting the National Pension System and accessing funds.
* Action Required: Subscribers must obtain a disability certificate from a Government surgeon or treating doctor that meets the specified criteria.
Employers:
* Impact: Employers may need to provide certification for subscribers discharged due to invalidation or disability.
* Action Required: Employers must provide accurate certification when a subscriber is discharged due to disability.
Pension Fund Regulatory and Development Authority:
* Impact: The PFRDA is responsible for implementing and overseeing the amended regulations.
* Action Required: Ensure the amended regulations are properly implemented and communicated to relevant stakeholders.
Government Surgeons/Doctors:
* Impact: Government surgeons/doctors are responsible for evaluating and certifying disability.
* Action Required: They need to examine subscribers and provide disability certificates stating the nature, extent of disability, and prognosis, ensuring it meets the criteria outlined in the amendment.
Key Entities Referenced
Pension Fund Regulatory and Development Authority: A regulatory body established in India to promote and regulate pension schemes.
National Pension System: A pension scheme introduced by the Indian government to provide retirement income to all citizens.
Pension Fund Regulatory and Development Authority Act, 2013: The act of the Indian Parliament that established the Pension Fund Regulatory and Development Authority.
Pension Fund Regulatory and Development Authority Exits and Withdrawals under the National Pension System Regulations, 2015: The original regulations governing exits and withdrawals from the National Pension System.
Pension Fund Regulatory and Development Authority Exits and Withdrawals under the National Pension System Third Amendment Regulations, 2018: The third amendment to the regulations governing exits and withdrawals from the National Pension System.
New Delhi: The location where the notification was issued. New Delhi is the capital of India.
Hemant G. Contractor: The Chairperson of the Pension Fund Regulatory and Development Authority.
Government of India Press, Ring Road, Mayapuri, New Delhi110064: The government press responsible for printing and publishing the gazette.
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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No. 40] NEW DELHI, FRIDAY, FEBRUARY 2, 2018/MAGHA 13, 1939
पपपप(cid:2)श(cid:2)श(cid:2)श(cid:2)शनननन ििििननननििििधधधध ििििववववििििननननययययााााममममकककक ततततथथथथाााा ििििववववककककाााासससस (cid:16)(cid:16)(cid:16)(cid:16)ााााििििधधधधककककररररणणणण
अअअअििििधधधधससससचचूूचचूू ननननाााा
2018
नई (cid:4)द(cid:6)ली, 2 फरवरी,
पपपप(cid:2)श(cid:2)श(cid:2)श(cid:2)शनननन ििििननननििििधधधध ििििववववििििननननययययााााममममकककक ततततथथथथाााा ििििववववककककाााासससस (cid:16)(cid:16)(cid:16)(cid:16)ााााििििधधधधककककररररणणणण ((((रररराााा(cid:20)(cid:20)(cid:20)(cid:20)ीीीीयययय पपपप(cid:2)श(cid:2)श(cid:2)श(cid:2)शनननन (cid:16)(cid:16)(cid:16)(cid:16)णणणणााााललललीीीी ककककेेेे अअअअततंंततंं गगगगतत(cid:27)(cid:27)तत(cid:27)(cid:27) ििििननननककककाााासससस औऔऔऔरररर (cid:16)(cid:16)(cid:16)(cid:16)(cid:29)(cid:29)(cid:29)(cid:29)ययययााााहहहहररररणणणण)))) ((((ततततततृृततृृ ीीीीयययय
2018
ससससशशंंशशंं ोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,,
12 139 8.ÑÑÑÑ
सससस..ंं..ंं पपपपीीीीएएएएफफफफआआआआररररडडडडीीीीएएएए//// ////आआआआररररजजजजीीीीएएएएलललल//// //// प(cid:11)शन िनिध िविनयामक तथा िवकास (cid:23)ािधकरण अिधिनयम,,,,
2013 2013 23 52
( का ) क(cid:27) धारा क(cid:27) उपधारा (2) के खडं (छ), (ज) तथा (झ) के साथ प'ठत उसक(cid:27) उपधारा (1)
*ारा (cid:23)द+ शि,य- का (cid:23)योग करत े 0ए, प(cid:11)शन िनिध िविनयामक तथा िवकास (cid:23)ािधकरण एतद ् *ारा प(cid:11)शन िनिध
2015
िविनयामक तथा िवकास (cid:23)ािधकरण (रा3ीय प(cid:11)शन (cid:23)णाली के अंतग4त िनकास और (cid:23)6याहरण) िविनयम, म(cid:11)
संशोधन करते 0ए िन8 िविनयम बनाता ह,ै नामतः -
1.
इन िविनयम- का नाम प(cid:11)शन िनिध िविनयामक तथा िवकास (cid:23)ािधकरण (रा3ीय प(cid:11)शन (cid:23)णाली के अंतग4त
2018
िनकास और (cid:23)6याहरण) (तृतीय संशोधन) िविनयम, ह ै I
2.
यह िविनयम शासक(cid:27)य राजप> म(cid:11) उनके (cid:23)काशन क(cid:27) ितिथ स े (cid:23)वृ+ ह-गे I
3.
प(cid:11)शन िनिध िविनयामक तथा िवकास (cid:23)ािधकरण (रा3ीय प(cid:11)शन (cid:23)णाली के अंतग4त िनकास और (cid:23)6याहरण)
2015
िविनयम, म(cid:11):-
I 3
( ) िविनयम के उप-िविनयम (क) म(cid:11), नया उप-िविनयम (vii) िन8िलिखत @प से जोड़ा जायेगा :
(vii) परBतु, य(cid:4)द िनयो,ा य े (cid:23)मािणत करता ह ै (cid:4)क अिभदाता अपने सEबंिधत कायाल4 य क(cid:27) सेवाF से िनःश,ता
या शारी'रक िवकलांगता के कारण सेवािनवृ+ कर (cid:4)दया गया ह,ै तो ऐसे मामले म(cid:11) िनकासी को जसै ा उप-
िविनयम (क) के तहत िनHदI ह ै उस (cid:23)कार माना जायेगा I
II 4
( ) िविनयम के उप-िविनयम (क) म(cid:11), नए उप-िविनयम (v) को िन8िलिखत @प से जोड़ा जायेगा :
650 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(v) परBतु, य(cid:4)द अिभदाता शारी'रक @प स े असJम या शारी'रक िवकलांगता स े KLत ह ै िजसके कारणवश वह
रा3ीय प(cid:11)शन (cid:23)णाली के तहत अपने Mि,गत खाते को जारी रखने म(cid:11) असJम ह,ै तो ऐसे मामले म(cid:11) िनकासी को
उप-िविनयम (क) के (cid:23)ावधान- के अनुसार माना जायेगा, जो अिभदाता के, सरकारी श(cid:6)यकार या िच(cid:4)क6सक (जो
अिभदाता क(cid:27) इस िवकलांगता या िनःश,ता का इलाज कर रहा हो) *ारा (cid:23)दान (cid:4)कया गया िवकलांगता
(cid:23)माणप> जमा कराने के अधीन होगा, िजसम(cid:11) िवकलांगता क(cid:27) (cid:23)वृि+ तथा सीमा वOणत हो तथा जो ये भी
(cid:23)मािणत करता हो (cid:4)क :
कककक.... (cid:23)भािवत अिभदाता अपनी िनयिमत सेवाए ँ (cid:23)दान करने क(cid:27) िLथित म(cid:11) नहQ ह ै तथा वाLतव म(cid:11) ऐसी
संभावना ह ै (cid:4)क (cid:23)भािवत अिभदाता अपने जीवन क(cid:27) शेष अविध म(cid:11) काय4 करन े म(cid:11) असमथ4 होगा ; तथा
75
खखखख.... उस सरकारी श(cid:6)यकार या िच(cid:4)क6सक के मत म(cid:11) िवकलांगता (cid:23)ितशत स े अिधक हो (जो अिभदाता क(cid:27)
इस िवकलांगता या िनःश,ता का इलाज कर रहा हो)
III 5
( ) िविनयम के उप-िविनयम (क) म(cid:11), नया उप-खंड (iii) िन8िलिखत @प से जोड़ा जायेगा :
(iii)
परBतु, य(cid:4)द अिभदाता शारी'रक @प से अJम ह ै या शारी'रक िवकलांगता से KLत ह ै िजसके कारणवश वह
रा3ीय प(cid:11)शन योजना के तहत अपने Mि,गत खाते को जारी रखन े म(cid:11) असJम ह,ै तो ऐसे मामले म(cid:11) िनकासी को
उप-िविनयम (क) के (cid:23)ावधान- के अनुसार माना जायेगा, जो अिभदाता के, सरकारी श(cid:6)यकार या िच(cid:4)क6सक (जो
अिभदाता क(cid:27) इस िवकलांगता या िनःश,ता का इलाज कर रहा हो) *ारा (cid:23)दान (cid:4)कया गया िवकलांगता
(cid:23)माणप> जमा कराने के अधीन होगा, िजसम(cid:11) िवकलांगता क(cid:27) (cid:23)वृि+ तथा सीमा वOणत हो तथा जो ये भी
(cid:23)मािणत करता हो (cid:4)क :
कककक.... (cid:23)भािवत अिभदाता अपनी िनयिमत सेवाए ँ (cid:23)दान करने क(cid:27) िLथित म(cid:11) नहQ ह ै तथा वाLतव म(cid:11) ऐसी
संभावना ह ै (cid:4)क (cid:23)भािवत अिभदाता अपने जीवन क(cid:27) शेष अविध म(cid:11) काय4 करन े म(cid:11) असमथ4 होगा ; तथा
75
खखखख.... उस सरकारी श(cid:6)यकार या िच(cid:4)क6सक के मत म(cid:11) िवकलांगता (cid:23)ितशत स े अिधक हो (जो अिभदाता क(cid:27)
इस िवकलांगता या िनःश,ता का इलाज कर रहा हो)
(IV) 8 ³
िविनयम के उप-िविनयम (1)(अ) म(cid:11), नया उप-खंड ( ) िन8िलिखत @प से जोड़ा जायेगा :
³
( ) अिभदाता क(cid:27) िवकलांगता या अJमता के कारण होने वाले िच(cid:4)क6सक(cid:27)य तथा आकिLमक खचU को पूरा करने
हते ु
हमे तं जी. कांWेXटर, अZयJ
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पपपपााााददददललललखखेेखखेे ::::
1.
मूल िविनयम, प(cid:11)शन िनिध िविनयामक तथा िवकास (cid:23)ािधकरण (रा3ीय प(cid:11)शन (cid:23)णाली के अतं ग4त िनकास और
2015 11 2015 , 12 aa 139 8
(cid:23)6याहरण) िविनयम, , भारत के राजप> म(cid:11) मई को सं.पीएफआरडीए/ / आरजीएल/ /
के माZयम से (cid:23)कािशत (cid:4)कय े गए थे I
2.
प(cid:11)शन िनिध िविनयामक तथा िवकास (cid:23)ािधकरण (रा3ीय प(cid:11)शन (cid:23)णाली के अंतग4त िनकास और (cid:23)6याहरण) ((cid:23)थम
2017 10 2017 12 139 8
संशोधन) िविनयम, , भारत के राजप> म(cid:11) अगLत को, सं. पीएफआरडीए/ / आरजीएल / /
के माZयम से (cid:23)कािशत (cid:4)कय े गए थे I
3.
प(cid:11)शन िनिध िविनयामक तथा िवकास (cid:23)ािधकरण (रा3ीय प(cid:11)शन (cid:23)णाली के अतं ग4त िनकास और (cid:23)6याहरण)
2017 6 2017 , 12
(दसू रा संशोधन) िविनयम, , भारत के राजप> म(cid:11) अXटूबर को सं. पीएफआरडीए/
139 8
/आरजीएल/ / के माZयम से (cid:23)कािशत (cid:4)कये गए थ े I¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
NOTIFICATION
New Delhi, the 2nd February, 2018
Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension
System) (Third Amendment) Regulations, 2018
No. PFRDA/12/RGL/139/8.— In exercise of the powers conferred by sub-section(1) of Section 52 read with
sub-clause(g), (h), and (i) of sub-section 2 of Section 52 of the Pension Fund Regulatory and Development Authority
Act, 2013 (Act No.23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following
regulations to amend the Pension Fund Regulatory and Development Authority(Exits and Withdrawals under the
National Pension System) Regulations, 2015 namely,-
1. These regulations may be called the Pension Fund Regulatory and Development Authority (Exits and
Withdrawals under the National Pension System) (Third Amendment) Regulations, 2018.
2. These shall come into force on the date of their publication in the official gazette.
3. In the Pension Fund Regulatory and Development Authority(Exits and Withdrawals under the National Pension
System) Regulations, 2015:-
( I ) . In regulation 3, in sub-regulation (a), new sub-regulation (vii) shall be added as follows:
(vii) provided that if the employer certifies that the subscriber has been discharged from the services of the
concerned office on account of invalidation or disability, the exit shall be determined as specified under sub-
regulation(a).
( II ) . In regulation 4, in sub-regulation (a), new sub-regulation (v) shall be added as follows:
(v) provided that a subscriber is physically incapacitated or has suffered a bodily disability leading to his
incapability to continue with his individual pension account under National Pension System, the exit in such cases
shall be determined as per the provisions of sub regulation (a) subject to the subscriber submitting a disability
certificate from a Government surgeon or Doctor (treating such disability or invalidation of subscriber) stating the
nature and extent of disability and also certifying that:
a. the affected subscriber shall not be in a position to perform his regular duties and there is a
real possibility of the affected subscriber, being not able to work for the remaining period of
his life.; and
b. Percentage of disability is more than seventy five percent. in the opinion of such Government
surgeon or doctor (treating such disability or invalidation of subscriber).
( III ) In regulation 5, in sub-regulation (a), new sub-clause (iii) shall be added as follows:
(iii) provided that a subscriber who is physically incapacitated or has suffered a bodily disability leading to his
incapability to continue with his individual pension account under National Pension System, the exit in such
cases shall be determined as per the provisions of sub-regulation (a) subject to the subscriber submitting a
disability certificate from a Government surgeon or doctor (treating such disability or invalidation of subscriber)
stating the nature and extent of disability and also certifying that:
a. the affected subscriber shall not be in a position to perform his regular duties and there is a
real possibility of the affected subscriber, being not able to work for the remaining period of
his life.; and
b. Percentage of disability is more than seventy-five percent. in the opinion of such Government
surgeon or doctor (treating such disability or invalidation of subscriber).
( IV ). In regulation 8, in sub-regulation (1) (A), a new sub-clause (e) shall be added as follows:
(e ) to meet medical and incidental expenses arising out of the disability or incapacitation suffered by the
subscriber.
HEMANT G. CONTRACTOR, Chairperson
[ADVT-III/4/Exty./1414/17]4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
Footnote:
1. The Principal Regulations ,The Pension Fund Regulatory and Development Authority (Exits and Withdrawals
Under the National Pension System) Regulations, 2015 were published in the Gazette of India on 11th May,
2015 vide No. PFRDA/12/ RGL/139/8.
2. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals Under the National Pension
System) (First Amendment) Regulations, 2017 were published in the Gazette of India on 10th August 2017 vide
No. PFRDA/12/RGL/139/8
3. The Pension Fund Regulatory and Development Authority (Exits and Withdrawals Under the National Pension
System) (Second Amendment) Regulations, 2017 were published in the Gazette of India on 06th October 2017
vide No. PFRDA/12/RGL/139/8
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.