Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015 [Last amended on 16 December 2025]

PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (EXITS AND WITHDRAWALS UNDER THE NATIONAL PENSION SYSTEM) REGULATIONS, 2015 [NOTIFICATION New Delhi Dated the 11th May, 2015] No. PFRDA/12/RGL/139/8─ In exercise of the powers conferred by sub-section (1) of section 52 read with clauses (g), (h), and (i) of sub-section (2) thereof of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations, namely:-

CHAPTER I PRELIMINARY

1. Short title and commencement.- (1) These regulations may be called the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations,

2015.

The regulations aim at providing an effective mechanism in the interest of subscribers, upon exit or withdrawal from the National Pension System, including the conditions, purpose, frequency and limits for withdrawals from individual pension account, as also the conditions, subject to which a subscriber shall exit from the National Pension System 1[***].

2[(1A) These regulations shall apply to exits and withdrawals from the pension schemes under the National Pension System.]

(2) They shall come into force on the date of their publication in the Official Gazette.

2. Definitions.- (1) In these regulations, unless the context otherwise requires,-

(a) “Act” means the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013);

(b) “accumulated pension wealth” means the monetary value of 3[the investments that have accumulated in each individual pension account] of a subscriber under the National Pension System;

(c) 4[***]

(d) “annuity service provider” means a life insurance company registered and regulated by the Insurance Regulatory and Development Authority and empaneled by the Authority for providing annuity services to the subscribers of the National Pension System;

5[(da) “CCS NPS Rules 2021” shall mean Central Civil Services (Implementation of National Pension System) Rules, 2021 notified vide no. G.S.R. 227(E) dated 30.03.2021 and amendments thereto by Department of Pension and Pensioners’ Welfare, Ministry of Personnel, Public Grievances and Pensions, Government of India.] 1Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “and purchase an annuity thereupon” 2Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

3Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “the pension investments accumulated in the Permanent Retirement Account” 4Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, clause (c) read as under: ““aggregator” means an intermediary registered with the Authority under sub-section (3) of section 27 of the Act, to perform subscriber interface functions under the National Pension System-Swavalamban and have the functional relationship with a known customer base for delivery of some socio-economic goods or services;” 5Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f.

28.12.2021.PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

(e) “citizen of India” means a person qualified to be a citizen of India under the Citizenship Act, 1955 (57 of 1955);

(f) “compliance officer” means a person of responsibility from the National Pension System Trust or any other intermediary or entity entrusted with the responsibility of receiving, processing and settlement of withdrawal claims from the subscribers under the National Pension System and responsible for monitoring compliance, of the provisions of the Act or the rules or the regulations made or notifications, guidelines or instructions issued by the Authority from time to time;

6[(fa) ‘Defer’ or ‘Deferment’ means the postponement of withdrawal of lump sum or purchase of annuity, as the case may be, by a subscriber;]

(g) “government sector subscriber” means a subscriber enrolled in the National Pension System through the nodal offices of the Central Government or the State Governments 7[including autonomous bodies under Central or State Government] and registered as such with the central recordkeeping agency;

(h) “National Pension System-Lite” means a feature of optimized group model of National Pension System for persons belonging to unorganized sector of which the National Pension System- Swavalamban is a component where Government of India co-contribution is admissible;

(i) 8[***]

(j) “Swavalamban subscriber” means a subscriber who is registered as such with the central recordkeeping agency under the National Pension System and where Government of India co- contribution is admissible;

9[(k) 10[“Exit” for the purpose of these regulations shall mean the following:

(1) an exercise of choice by a subscriber to close his individual pension account or opt out of a pension scheme under the National Pension System, in any of the following instances:

(i) having superannuated or retired from employment as per the terms of such employment or having attained sixty years of age, or any time thereafter, 6Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

7Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f.

28.12.2021.

8Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, clause (i) read as under: ““Permanent Retirement Account Number (PRAN)” means a unique identification number allotted to each subscriber by the central recordkeeping agency;” 9Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017.

10Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: ““Exit” for the purpose of this regulation shall mean closure of individual pension account of the subscriber under National Pension System, upon and on the date of happening of any of the following events, as may be applicable:

(i) a subscriber having superannuated/retired from employment, as per the terms of such employment;

(ii) [a subscriber having attained the age of sixty years, and where so specifically permitted has not exercised a choice in writing to continue to remain subscribed to such system, till such further period as is permissible, with or without making contributions or in respect of a subscriber who has joined National Pension System after attaining the age of sixty years (but before attaining seventy years of age) upon attaining the maximum age permitted to be subscribed to such scheme or any date prior thereto, based on the specific request for closure received from subscriber;]]

(iii)[death of the subscriber [or the subscriber being missing and presumed dead as per Indian Evidence Act 1872 and amendments thereto], before attaining the age of superannuation, or the age of sixty years, or in cases where an option has been exercised by subscriber to continue to remain subscribed to a certain permissible time period, death before expiry of such period or death of a subscriber who has joined National Pension System after attaining the age of sixty years (but before attaining seventy years of age) at any time prior to attaining the maximum age permitted to be subscribed to such scheme;]]

(iv) voluntary closure of the account by the subscriber, in cases where so permitted and on the date on which such closure is effected in the system;

Provided that a subscriber shall be deemed to have exited from National Pension System, in accordance with sub-clause (i) to (iv) notwithstanding that no claims have been received by or on behalf of the subscriber or such claims having being received are pending settlement.

Provided further that where a subscriber ceases to be in employment other than retirement or superannuation, it shall not be treated as exit and he shall have the option to continue his individual pension account, if available under new employment or as voluntarily available to citizens, unless the subscriber prefers a claim as provided under these regulations for withdrawal of benefits.]”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

(ii) having subscribed to a pension scheme for a period of not less than fifteen years or such other higher period stipulated in accordance with provisions of such scheme, but shall not apply to a scheme subscribed to on account of employment of any nature, or

(iii) upon premature closure of an account or opting out of a pension scheme by a subscriber in accordance with these regulations, other than in instances mentioned above.

(2) closure of individual pension account, upon death of the subscriber or in case of subscriber being missing and presumed dead under the provisions of the Bharatiya Sakshya Adhiniyam, 2023.

Provided that where a subscriber has more than one individual pension account, the exit and closure of each individual pension account shall be separate and to be determined in accordance with these regulations.] 11[(l) 12[***]] 13[(m) “Non-Government Sector Subscriber” means any subscriber under the National Pension System other than a Government sector subscriber;

(n) “All Citizen Model Subscriber” means any subscriber who has voluntarily subscribed to the National Pension System and registered as such with the central recordkeeping agency;

(o) “Corporate Sector Subscriber” means any non-government sector subscriber subscribed to the National Pension System and registered as such with the central recordkeeping agency;

(p) “pension scheme” means a scheme of a Pension Fund under Section 20 of the Act and shall include:

(i) common scheme(s) applicable to government and non-government sector subscribers, as the case may be;

(ii) scheme(s) approved by the Authority under Multiple Scheme Framework;

(iii) any other scheme for a specific purpose in accordance with the Guidelines issued by the Authority.

Explanation: “Common Scheme” means a scheme of a Pension Fund other than schemes under Multiple Scheme Framework.]

(2) Words and expressions used and not defined in these regulations but defined in the Act shall have the meanings assigned to them in the Act.

CHAPTER II EXIT FROM NATIONAL PENSION SYSTEM 14[15[ For the purpose of exit from the National Pension System, the subscribers are categorized and defined as, (1) Government sector, (2) Non-Government sector and (3) NPS- Lite and Swavalamban.

The regulations specified hereunder shall apply accordingly to the category to which the subscriber belongs to.]] 11Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017 12Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, clause (l) read as under: “The expression “defer” or “deferment” wherever used in these regulations shall mean the postponement or deferment of claims for receiving benefits admissible to a subscriber upon exit from National Pension System.” 13 Inserted by by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025.

14Substituted by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2021 w.e.f. 14.06.2021. Prior to substitution, it read as:

“For the purpose of exit from the National Pension System, the subscribers are categorized and defined as, (1) Government sector, (2) All citizens including corporate sector and (3) NPS- Lite and Swavalamban subscribers. The exit regulations specified hereunder shall apply accordingly to the category to which the subscribers.” 15Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “For the purpose of exit from the National Pension System, the subscribers are categorized and defined as, (1) Government sector, (2) All citizens including corporate sector and (3) NPS- Lite and Swavalamban subscribers. The exit regulations specified hereunder shall apply accordingly to the category to which the subscriber belongs to.”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] 16[3. Exit from the National Pension System for government sector subscribers. - (1) A government 16Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, regulation 3 read as under: “3. Exit from National Pension System for government sector subscribers.- A subscriber under the government sector shall exit from the National Pension System in any of the manners specified hereunder, namely :-

(a) Where the subscriber who, upon attaining the age of superannuation as prescribed by the service rules applicable to him or her, retires, then at least forty per cent out of the accumulated pension wealth of such subscriber shall be mandatorily utilized for purchase of annuity providing for a monthly or any other periodical pension and the balance of the accumulated pension wealth, after such utilization, shall be paid to the subscriber in lump sum or he shall have a choice to collect such remaining pension wealth in accordance with the other options specified by the Authority from time to time, in the interest of the subscribers:

Provided that, -

(i) [the following shall be the default annuity contract that will be applicable and wherein the annuity contract shall provide for annuity for life of the subscriber and his or her spouse (if any) with provision for return of purchase price of the annuity and on the demise of such subscriber and his or her spouse, the annuity be re-issued to the family members in the order specified hereunder, at the rate of premium prevalent at the time of purchase of such annuity by utilizing the purchase price required to be returned under the annuity contract (until the family members in the order specified below are covered):

(a) living dependent mother of the deceased subscriber;

(b) living dependent father of the deceased subscriber.

After the coverage of the family members specified above, the purchase price or the amount which was to be utilised for purchase of annuity shall be returned to the surviving children of the subscriber and in absence of children to the legal heir(s) of the subscriber, as the case may be;

In the absence of or non-availability of such a default annuity for any reason, the subscriber shall be required to exercise the option for purchase of such annuity of his choice, within the then annuity types or contracts made available by the annuity service providers empanelled by the Authority;

Further, a subscriber who wishes to opt out of the default option mentioned above and wishes to choose the annuity contract of his choice from the available annuity types or contracts with the annuity service providers, shall be required to specifically opt for such an option;]

(ii) where the subscriber does not desire to withdraw the balance amount, after purchase of mandatory annuity, such subscriber shall have the option to defer the withdrawal of the lump sum amount until he or she attains the age of [seventy-five years], provided the subscriber intimates his or her intention to do so in writing, not less than fifteen days prior to his attaining the age of superannuation, to the Central recordkeeping agency or National Pension System Trust or any other approved intermediary or entity authorized by the Authority, in the specified form or in any other manner specified by the Authority;

[The subscriber shall have an option to exit from the National Pension System at any point of time and frequency by submitting a request to National Pension System Trust or any intermediary or entity authorized by the Authority for this purpose. In case of death of subscriber during the period of deferment, such deferred amount of the subscriber shall be paid in the preferential order of nominee(s) followed by legal heir(s).] [(iii) where the subscriber desires to defer the purchase of annuity, he or she shall have the option to do so [until attaining the age of seventy- five years,] provided the subscriber intimates his or her intention to do so in writing in the specified form or in any other manner approved by the Authority, at least fifteen days prior to the attainment of age of superannuation, to the Central recordkeeping agency or National Pension System Trust or an intermediary or entity authorized by the Authority for this purpose. [The subscriber shall have an option to purchase an annuity at any point of time during the deferment period by submitting a request to National Pension System Trust or any intermediary or entity authorized by the Authority for this purpose.] It shall be a condition precedent to opt for such deferment of annuity purchase, that in case if the death of the subscriber occurs before such due date of purchase of an annuity after the deferment, the annuity shall mandatorily be purchased by the spouse (if any) providing for annuity for life of the spouse with provision for return of purchase price of the annuity and upon the demise of such spouse, be re-issued to the family members in the order of preference provided hereunder, at the rate of premium prevalent at the time of purchase of the annuity, utilizing the purchase price required to be returned under the contract (until the family members in the order specified below are covered):-

(a) living dependent mother of the deceased subscriber;

(b) living dependent father of the deceased subscriber.

After the coverage of the family members specified above, the purchase price or the amount which was to be utilised for purchase of annuity shall be returned to the surviving children of the subscriber and in absence of children to the legal heir(s) of the subscriber as the case may be;]

(iv) where the subscriber desires to defer the withdrawal of benefits available under National Pension System, the expenses, maintenance charges and fee payable under the National Pension System in respect of the individual pension account/ Permanent Retirement Account, shall continue to remain applicable;

[(v) where the accumulated pension wealth in the Permanent Retirement Account of the subscriber is equal to or less than a sum of five lakh rupees, or a limit as specified by the Authority, the subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing annuity and upon such exercise of this option, the right of such subscriber to receive any pension or other amount under the National Pension System or from the government or employer, shall extinguish;] [(vi) where the subscriber desires to continue in the National Pension System and contribute to his retirement account beyond the age of sixty years or the age of superannuation, he or she shall have the option to do so by giving in writing or in such form as may be specified, and up to which he would like to contribute to his individual pension account but not exceeding seventy-five years of age. Such option shall be exercised at least fifteen days prior to the age of attaining sixty years or age of superannuation, as the case may be to the central recordkeeping agency or the National Pension System Trust or any other intermediary or entity authorized by the Authority for the purpose. In such cases, individual pension account/ Permanent Retirement Account shall require to be shifted from Government sector to All citizens including corporate sector and the expenses, maintenance charges and fee payable under the National Pension System in respect of the said individual pension account/ Permanent Retirement Account, shall continue to remain applicable;

Provided further that such subscriber who has not exercised the option within the period of fifteen days, so stipulated, but desires to continue with his individual pension account under National Pension System, beyond the age of sixty years or the age of superannuation, as the case may be, and to the extent so permitted, may do so by making an application in writing with reasons for such delay to the National Pension System Trust. The authorized officer of the National Pension Trust, may condone such delay, if any, in exercise of such option by the subscriber, as he may deem fit, having regard to the cause so shown or on any other relevant matter.

Notwithstanding exercise of such option, the subscriber may exit at any point of time from National Pension System, by submitting a request to central recordkeeping agency or the National Pension System Trust or any intermediary or entity authorized by the Authority for this purpose;] [(vii) Provided that if the employer certifies that the subscriber has been discharged from the services of the concerned office on account ofPFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

sector subscriber:

(a) upon attaining the age of superannuation or retirement as prescribed by the service rules applicable, shall continue to remain within the National Pension System till the age of eighty-five years until the choice of exit is exercised, whereupon at least forty per cent of the accumulated pension wealth shall invalidation or disability [or premature retirement as per the applicable service rules,] the exit shall be determined as specified under sub- regulation (a).] [In case of a Central Government employee, if the subscriber is discharged from service on the following grounds, as prescribed under CCS NPS Rules 2021 and amendment thereto, the exit shall be determined as specified under sub-regulation(a).

a) Completion of twenty years' regular service. b) Benefits on retirement under Rule 56 of fundamental rules or under the special voluntary retirement Scheme. c) Entitlement on retirement on invalidation.

d) Entitlement on boarding out from service on account of disablement. e) Absorption in or under a Corporation or Company or Body wholly or substantially owned or controlled or financed by the Central Government or a State Government, if the National Pension System does not exist in the new organization.]

(b) where the subscriber who, before attaining the age of superannuation prescribed by the service rules applicable to him or her, [on resignation from service voluntarily closes individual pension account/Permanent Retirement Account or exits or dismissed or removed by the Government or employer prematurely], then at least eighty per cent out of the accumulated pension wealth of the subscriber shall mandatorily be utilized for purchase of annuity and the balance of the accumulated pension wealth, after such utilization, shall be paid to the subscriber in lump sum or [the subscriber] shall have a choice to collect such remaining pension wealth in accordance with the other options specified by the Authority from time to time, in the interest of the subscribers:

[Provided that such annuity contract shall provide for annuity for life of the subscriber and his or her spouse (if any) with provision for return of purchase price of the annuity and on the demise of such subscriber and his or her spouse, the annuity be re-issued to the family members in the order specified hereunder at the rate of premium prevalent at the time of purchase of the annuity, utilizing the purchase price required to be returned under the annuity contract (until the family members in the order specified below are covered) :-

(i) living dependent mother of the deceased subscriber;

(ii) living dependent father of the deceased subscriber.

After the coverage of the family members specified above, the purchase price or the amount which was to be utilised for purchase of annuity shall be returned to the surviving children of the subscriber and in the case of absence of children, to the other legal heir(s) of the subscriber, as the case may be;

In the absence of or non-availability of such a default annuity for any reason, the subscriber shall be required to exercise the option for purchase of such annuity of his choice, within the then annuity types or contracts made available by the annuity service providers empanelled by the Authority;

Further, a subscriber who wishes to opt out of the option mentioned above and wishes to choose the annuity contract of his choice, from the available annuity types or contracts with the annuity service providers, shall be required to specifically opt for such an option.] [Provided that if the accumulated pension wealth of the subscriber is more than two lakh fifty thousand rupees or a limit to be specified by the Authority for the purpose but the age of the subscriber is less than the minimum age required for purchasing any annuity from any of the empanelled annuity service providers as chosen by such subscriber, such subscriber shall continue to be subscribed to the National Pension System, until he or she attains the age of eligibility for purchase of any annuity:] [Provided further that if the accumulated pension wealth of the subscriber is equal to or less than two lakh fifty thousand rupees or a limit to be specified by the Authority, such subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing any annuity and upon such exercise of this option the right of the subscriber to receive any pension or other amounts under the National Pension System shall extinguish and any such exercise of this option by the subscriber, before the notification of this provision, shall be deemed to have been made in accordance with this regulation;]

(c) where the subscriber who, before attaining the age of superannuation, dies, then at least eighty percent out of the accumulated pension wealth of the subscriber shall be mandatorily utilized for purchase of annuity and balance pension wealth shall be paid as lump sum or in another manner from among the options made available by the Authority from time to time to the nominee or nominees or legal heirs, as the case may be, of such subscriber:

Provided that, - [(i) such annuity contract shall provide for annuity for life of the spouse of the subscriber (if any) with provision for return of purchase price of the annuity and upon the demise of such spouse be re-issued to the family members in the order specified hereunder at the rate of premium prevalent at the time of purchase of the annuity, utilizing the purchase price required to be returned under the contract (until the family members in the order specified below are covered) :-

(a) living dependent mother of the deceased subscriber;

(b) living dependent father of the deceased subscriber.

After the coverage of the family members specified above, the purchase price or the amount which was to be utilised for purchase of annuity shall be returned to the surviving children of the subscriber. In absence of children, the legal heir(s) of the subscriber as the case may be. In the absence of or non-availability of such a default annuity for any reason, the family member of the deceased subscriber shall be required to exercise the option for purchase of such annuity of his choice, within the then annuity types or contracts made available by the annuity service providers empanelled by the Authority;] [(ii) Provided further that if the accumulated pension wealth in the permanent retirement account of the subscriber at the time of his death is equal to or less than Five lakh rupees or a limit to be specified by the Authority, the nominee or legal heir(s) as the case may be, shall have the option to withdraw the entire accumulated pension wealth without requiring to purchase any annuity and upon such exercise of this option the right of the family members to receive any pension or other amounts under the National Pension System shall extinguish.]] [(d) Where the subscriber who, before attaining the age of superannuation is identified as missing person by the nodal office or the employer, based on the (i) First Investigation Report (FIR) lodged with the concerned police station and a report from the police that the subscriber has not been traced despite all efforts made by the police and (ii) Indemnity bond from the nominee(s) or the legal heirs(s) in favour of National Pension System Trust that all payments will be adjusted against the payment due to the subscriber in case he or she appears on the scene and makes any claim, then twenty percent of the accumulated pension wealth shall be paid as an interim relief in lump sum to the nominee(s) or legal heir(s), as the case may be, of such subscriber and the remaining eighty percent out of the accumulated pension wealth of the subscriber shall be mandatorily utilized for purchase of annuity after determination of subscriber as missing and presumed dead, as per the provisions of the Indian Evidence Act 1872 and amendments thereto:

Provided that such annuity contract shall be made as per proviso (i) of sub-regulation (c) of Regulation 3.]”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] be utilized for purchase of default annuity providing for a monthly or any other periodical pension, as opted by the subscriber, and the balance of the accumulated pension wealth shall be paid to the subscriber in lump sum or through periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority.

Notwithstanding the above where the accumulated pension wealth:

(i) does not exceed rupees eight lakh, the subscriber shall have the option to withdraw the entire accumulated pension wealth in lump sum or avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority;

(ii) is more than rupees eight lakh but does not exceed rupees twelve lakh, the subscriber shall have the option to withdraw an amount not exceeding rupees six lakh as lump sum or avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority, and the balance of the accumulated pension wealth shall be utilized to avail periodic payouts in the form of systematic unit redemption for at least six years or annuity or other options as may be approved by the Authority.

Provided that a subscriber may defer purchase of annuity or withdrawal of lump sum amount till the age of eighty-five years by submitting a request to National Pension System Trust or any intermediary or entity authorized by the Authority for this purpose and during such period the subscriber shall have an option to exit at any time.

Provided further that where a subscriber, having deferred the purchase of annuity, dies before such annuity purchase, the default annuity shall mandatorily be purchased by family member(s) in the sequence specified for the default annuity.

Provided further that where a subscriber, having deferred the withdrawal of lump sum amount, dies before such lump sum withdrawal, the said amount shall be paid to the nominee(s) or the legal heir(s), as the case may be.

(b) upon being permitted to resign from service or is issued orders of dismissal or removal from service, may voluntarily close his individual pension account, whereupon at least eighty per cent of the accumulated pension wealth shall mandatorily be utilized for purchase of a default annuity or any other annuity made available by the annuity service providers empanelled by the Authority and the balance of the accumulated pension wealth shall be paid to the subscriber in lump sum or through periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority.

Provided that if the accumulated pension wealth of the subscriber is equal to or less than rupees five lakh or any other limit approved by the Authority, such subscriber shall have the option to withdraw the entire accumulated pension wealth in lump sum or avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority.

(c) before attaining the age of superannuation, dies, then at least eighty percent of the accumulated pension wealth of the subscriber shall be mandatorily utilized for purchase of the default annuity and balance of the accumulated pension wealth shall be paid as lump sum or through periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority, to the nominee(s) or legal heir(s), as the case may be, of such subscriber.

Notwithstanding the above where the accumulated pension wealth:

(i) does not exceed rupees eight lakh, the nominee(s) or legal heir(s) shall have the option to withdraw the entire accumulated pension wealth in lump sum or avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority;

(ii) is more than rupees eight lakh but does not exceed rupees twelve lakh, the nominee(s) or legalPFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] heir(s), as the case may be, shall have the option to withdraw an amount not exceeding rupees six lakh as lump sum or avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority, and the balance of the accumulated pension wealth shall be utilized to avail periodic payouts in the form of systematic unit redemption for at least six years or annuity or other options as may be approved by the Authority.

(d) Where the employer certifies that the subscriber has been discharged from the services of the concerned office on account of invalidation or disability or premature retirement as per the applicable service rules, shall exit in the manner specified under clause (a) of sub-regulation (1).

Provided that in case of a Central Government employee, exit shall be in the manner specified under clause (a) of sub-regulation (1), if the subscriber is discharged from service on any of the following grounds, as prescribed under the CCS NPS Rules 2021:

(i) Completion of twenty years' regular service.

(ii) Benefits on retirement under Rule 56 of the Fundamental Rules or under the special voluntary retirement Scheme.

(iii) Entitlement on retirement on invalidation.

(iv) Entitlement on boarding out from service on account of disablement.

(v) Absorption in or under a Corporation or Company or Body wholly or substantially owned or controlled or financed by the Central Government or a State Government, if the National Pension System does not exist in the new organization.

Explanation: For the purpose of this regulation -

(i) Default Annuity shall provide for annuity for life of the subscriber and his or her spouse (if any) with provision for return of purchase price of the annuity and on the demise of such subscriber and his or her spouse, the annuity be re-issued to the family members in the order specified hereunder, at the rate of premium prevalent at the time of purchase of such annuity by utilizing the purchase price required to be returned under the annuity contract (until the family members in the order specified below are covered) :-

(a) mother of the deceased subscriber;

(b) father of the deceased subscriber.

After the coverage of the family members specified above, the purchase price or the amount which was to be utilised for the purchase of annuity shall be returned to the surviving children of the subscriber and in the absence of children, to the other legal heir(s) of the subscriber, as the case may be.

In case of non-availability of such a default annuity for any reason, or where the subscriber, nominee(s), or legal heir(s), as may be applicable, opts not to take the default annuity, such subscriber, nominee(s), or legal heir(s) shall be required to exercise the option for purchase of such annuity of his choice, within the then annuity options made available by the annuity service providers empanelled by the Authority;

The dispensation provided in respect of the default annuity shall also apply in case of any periodic payout availed in the form of systematic unit redemption or such other options, as may be approved by the Authority.

(ii) In respect of a subscriber who has superannuated or retired from the government sector and continues under the National Pension System in any manner, including under all citizen model or corporate sector, his exit shall be governed by regulation 3.

(iii) Where the subscriber, post superannuation or retirement, continues or defers the withdrawal of benefits available under the National Pension System, the expenses, maintenance charges and fee payable in respect of the individual pension account, shall be borne by subscriber.

(iv) The benefits available upon Exit under this Regulation are provided in tabular format under Table 1 of Schedule I.]PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] 17[4. Exit from the National Pension System for non-government sector subscribers. - (1) A non- 17Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, regulation 4 read as under: “4. Exit from National Pension System by citizens, including corporate sector subscribers. - Any subscriber, including a corporate sector subscriber, registered under the National Pension System, shall exit from the National Pension System in the manner specified hereunder,

namely: - [(a) where a subscriber attains the age of sixty years or superannuates in accordance with the service rules applicable to such subscriber, at least forty percent out of the accumulated pension wealth of such subscriber shall be mandatorily utilized for purchase of annuity providing for a monthly or any other periodical pension and the balance of the accumulated pension wealth, after such utilization, shall be paid to the subscriber in lump sum [or he shall have a choice to collect such remaining pension wealth in accordance with the other options specified by the Authority from time to time, in the interest of the subscriber]. In case, the accumulated pension wealth of the subscriber is equal to or less than a sum of five lakh rupees, the subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing

any annuity:]

Provided that-

(i) [Where the subscriber does not exit from the National Pension System beyond the age of sixty years, or the age of superannuation, as the case may be, shall continue to remain subscribed to the National Pension System till he or she attains the age of seventy-five years. Provided further that a subscriber having any employee-employer relationship, the individual pension account/ Permanent Retirement Account shall be shifted from the employer to all citizens model.

Notwithstanding in such automatic continuation, the subscriber may exit at any point of time from the National Pension System, by submitting a request to National Pension System Trust or any intermediary or entity authorized by the Authority for the purpose. In case of death of subscriber during the period of continuation, the entire accumulated pension wealth of the subscriber shall be paid to the nominee(s) or legal heir(s), as the case may be, of such subscriber. The nominee(s) or legal heir (s) of the deceased subscriber shall have the option to purchase any of the annuities being offered upon exit, if they so desire;]

(ii) the subscriber shall have the option to defer the withdrawal of lump sum amount until he or she attains the age of [seventy-five years],

provided the subscriber intimates his or her intention to do so in writing in the specified form at least fifteen days before the attainment of age of sixty years or, the age of superannuation, as the case may be, to the National Pension System Trust or any intermediary or entity authorized by the Authority for this purpose;

[The subscriber shall have an option to exit from the National Pension System at any point of time and frequency by submitting a request to National Pension System Trust or any intermediary or entity authorized by the Authority for this purpose. In case of death of subscriber during the period of deferment, such deferred amount of the subscriber shall be paid in the preferential order of nominee(s) followed by legal heir(s).]

(iii) [the subscriber shall have the option to defer the purchase of annuity [until he or she attains the age of seventy-five years, provided that] the subscriber intimates his or her intention to do so in writing in the specified form at least fifteen days before the attainment of age of sixty years or the age of superannuation, as the case may be, to the National Pension System Trust or any intermediary or other entity authorized by the Authority for this purpose. [The subscriber shall have an option to purchase an annuity at any point of time during the deferment period by submitting a request to National Pension System Trust or any intermediary or entity authorized by the Authority for this purpose.] It shall be a condition precedent to opt for such deferment of annuity purchase, that in case if the death of the subscriber occurs before such due date of purchase of an annuity after the deferment, then the entire accumulated pension wealth of the subscriber shall be paid to the nominee(s) or legal heir(s), as the case may be, of such subscriber;]

(iv) the subscriber shall be allowed to continue to subscribe, defer the withdrawal of lump sum amount or the purchase of annuity, as the case may be, provided the subscriber agrees to bear the maintenance charges of the Permanent Retirement Account, including the charges payable to the central recordkeeping agency, pension fund, Trustee Bank or any other intermediary, as may be applicable from time to time;

[(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).]

(a) where the subscriber who, before attaining the age of sixty years or the age of superannuation as prescribed by service rules, [or subscriber not having any employee-employer relationship having subscribed to the National Pension System for at least a minimum period of five years, voluntarily opts to exit from the National Pension System, then] at least eighty percent out of the accumulated pension wealth shall be mandatorily utilized for purchase of annuity and the balance of the accumulated pension wealth, after such utilization, shall be paid to the

subscriber in lump sum: [Provided that if the accumulated pension wealth of the subscriber is more than two lakh fifty thousand rupees but the age of the subscriber is less than the minimum age required for purchasing any annuity from any of the empanelled annuity service providers as chosen by such subscriber, such subscriber shall continue to subscribe to the National Pension System, until he or she attains the age of eligibility for purchase

of any annuity:] [Provided further that if the accumulated pension wealth in the individual pension account of the subscriber is equal to or less than two lakh fifty thousand rupees, or a limit to be specified by the Authority, such subscriber shall have the option to withdraw the entire accumulated pension wealth without requiring to purchase any annuity;]

(c) where the subscriber who, before attaining the age of sixty years or the age of superannuation as prescribed by the respective service rules applicable to him or her, dies, then the entire accumulated pension wealth of the subscriber shall be paid to the nominee or nominees or legal heirs, as the case may be, of such subscriber:

Provided that,-

(i) the [nominee(s) or legal heir(s)] of the deceased subscriber shall have the option to purchase any of the annuities being offered upon exit, if they so desire, while applying for withdrawal of benefits on account of deceased subscribers’ Permanent Retirement Account;

(ii) [in case, the nomination is not registered by the deceased subscriber before his death, the accumulated pension wealth shall be paid to the family members on the basis of the legal heir certificate issued by the competent authorities of the State concerned or the succession certificate issued by a court of competent jurisdiction.] [(d) [Exit from National Pension System by subscribers, joining such pension system on or after attaining the age of sixty years (but before attaining seventy years of age):]

(i) [In case of a subscriber, joining National Pension System under all citizens model or in corporate model, on or after attaining the age of sixty years, (but before attaining seventy years of age) and after having subscribed to such pension system for at least a period of three yearsPFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] government sector subscriber shall remain within the system until attaining the age of eighty-five years unless an option of exit is exercised in the manner specified hereunder, namely: -

(a) where a subscriber exercises the choice of exit upon having subscribed to the National Pension System for a period not less than fifteen years or such other higher period stipulated in accordance with provisions of such scheme, or upon attaining the age of sixty years; or upon superannuation or retirement in accordance with the terms and conditions applicable to such subscriber by virtue of his employment, then at least twenty percent of the accumulated pension wealth of such subscriber shall be mandatorily utilized for purchase of annuity providing for a monthly or any other periodical pension and the balance of the accumulated pension wealth shall be paid to the subscriber in lump sum or through periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority.

Notwithstanding the above where the accumulated pension wealth:

(i) does not exceed rupees eight lakh, the subscriber shall have the option to withdraw the entire accumulated pension wealth in lump sum or avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority;

(ii) is more than rupees eight lakh but does not exceed rupees twelve lakh, the subscriber shall have the option to withdraw an amount not exceeding rupees six lakh as lump sum or avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority, and the balance of the accumulated pension wealth shall be utilized to avail periodic payouts in the form of systematic unit redemption for at least six years or annuity or other options as may be approved by the Authority.

Provided that a subscriber may defer purchase of annuity or withdrawal of lump sum amount till the age of eighty-five years by submitting a request to National Pension System Trust or any intermediary or entity authorized by the Authority for this purpose and during such period the subscriber shall have an option to exit at any time.

Provided further that where a subscriber, having deferred the purchase of annuity or withdrawal of the lump sum amount, dies before such annuity purchase or lump sum withdrawal, the accumulated pension wealth of the subscriber meant for the purchase of annuity or withdrawal of the lump sum shall be paid to the nominee(s) or legal heir(s), as the case may be.

Provided further that a corporate sector subscriber of a statutory body or any body corporate or other from the date of such joining and thereafter till he attains the age of seventy five years, on exit, at least forty percent out of the accumulated pension wealth of such subscriber shall be mandatorily utilized for purchase of annuity providing for a monthly or any other periodical pension and the balance of the accumulated pension wealth, after such utilization, shall be paid to the subscriber in lump sum. In case, the accumulated pension wealth of the subscriber is equal to or less than a sum of five lakh rupees or a limit to be specified by the Authority, the subscriber shall have the option to withdraw the entire accumulated pension wealth without there being any requirement of purchasing an annuity;] [Provided that such clause shall not be applicable to the subscribers of a body corporate or other entity under the ownership and control, either of the Central Government or any State Government or a Government Company, and their exit shall be governed by other sub- regulations of Regulation 4, as may be applicable;]

(ii) where a subscriber under sub-clause(i) who, before completion of three years in such pension system, voluntarily opts to exit from the National Pension System, at least eighty percent out of the accumulated pension wealth shall be mandatorily utilized for purchase of annuity and the balance of the accumulated pension wealth, after such utilization, shall be paid to the subscriber in lump sum.

[Provided further that if the accumulated pension wealth in the individual pension account of the subscriber is equal to or less than a sum of Rupees two lakh fifty thousand, or a limit to be specified by the Authority, such subscriber shall have the option to withdraw the entire accumulated pension wealth without there being any requirement of purchase of an annuity;]

(iii) Where a subscriber under sub-clause (i) dies, while being subscribed to National Pension System, the entire accumulated pension wealth of the subscriber shall be paid to the nominee or nominees or legal heirs, as the case may be, of such subscriber, in accordance with the provisions of these regulation.] [(e) where the subscriber who, before attaining the age of superannuation is identified as missing person by National Pension System Trust, based on the (i) First Investigation Report (FIR) lodged with the concerned police station and a report from the police that the subscriber has not been traced despite all efforts made by the police and (ii). Indemnity bond from the nominee(s) or the legal heirs(s) in favour of National Pension System Trust that all payments will be adjusted against the payment due to the subscriber in case he or she appears on the scene and makes any claim, then twenty percent of the accumulated pension wealth shall be paid as an interim relief in lump sum to the nominee(s) or legal heir(s), as the case may be, of such subscriber and after determination of subscriber as missing and presumed dead as per the provisions of the Indian Evidence Act 1872 and amendments thereto, the remaining eighty percent out of the accumulated pension wealth of the subscriber shall be paid to the nominee (s) or legal heir(s), as the case may be, of such subscriber:

Provided that that proviso (i) and (ii) of sub-regulation (c) of Regulation 4 shall be applicable.]”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] entity under the ownership and control, either of the Central Government or any State Government or a Government Company, upon superannuation or retirement in accordance with the service rules applicable, his exit shall be governed by clause (a) of sub-regulation (1) of regulation 3.

(b) where a subscriber before being eligible to exit under clause (a) of sub-regulation (1), voluntarily opts to exit from the National Pension System, then at least eighty percent of the accumulated pension wealth shall be mandatorily utilized for purchase of annuity and the balance of the accumulated pension wealth shall be paid to the subscriber in lump sum or through periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority.

Provided that if the accumulated pension wealth of the subscriber is equal to or less than rupees five lakh or any other limit approved by the Authority, such subscriber shall have the option to withdraw the entire accumulated pension wealth in lump sum or avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority.

(c) where a subscriber dies before exit, the entire accumulated pension wealth of the subscriber shall be paid in lump sum to the nominee(s) or legal heir(s), as the case may be, of such subscriber.

Provided that the nominee(s) or legal heir(s) of the deceased subscriber shall have an option to avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or annuity or in accordance with other options approved by the Authority.

Provided further that in case the nomination is not registered by the deceased subscriber before his death, the accumulated pension wealth shall be paid to the legal heir(s) on the basis of the legal heir certificate issued by the competent authorities of the State concerned or the succession certificate issued by a court of competent jurisdiction.

(d) In case of a subscriber being physically incapacitated or has suffered a bodily disability leading to his incapability to continue with his individual pension account under the National Pension System, the exit in such cases shall be determined as per the provisions of clause (a) of sub-regulation (1) 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:

(i) the affected subscriber is not 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

(ii) 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).

(e) In case of an individual subscribing to the National Pension System, on or after attaining the age of sixty years but before attaining the age of eighty-five years, upon exit, at least twenty percent of the accumulated pension wealth of such subscriber shall be mandatorily utilized for purchase of annuity providing for a monthly or any other periodical pension and the balance of the accumulated pension wealth shall be paid to the subscriber in lump sum or through periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority

Provided that if the accumulated pension wealth of the subscriber is equal to or less than rupees twelve lakh or any other limit approved by the Authority, the subscriber shall have the option to withdraw the entire accumulated pension wealth in lump sum or avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or in accordance with other options approved by the Authority.

Provided further that if such subscriber dies, while being subscribed to the National Pension System, the entire accumulated pension wealth of the subscriber shall be paid to the nominee(s) or legal heir(s), as the case may be, of such subscriber.

Provided further that the nominee(s) or legal heir(s) of the deceased subscriber shall have an option toPFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] avail periodic payouts in the form of systematic lump sum withdrawal or systematic unit redemption or annuity or in accordance with other options approved by the Authority.

Explanation: For the purpose of this regulation -

(i) A corporate sector subscriber, upon superannuation or retirement in accordance with the service rules applicable, shall continue within the National Pension System under the ‘All Citizen model’ unless an exit is exercised.

(ii) Where the subscriber, after being eligible to exit under clause (a) of sub-regulation (1), continues or defers the withdrawal of benefits available under the National Pension System, the expenses, maintenance charges and fee payable in respect of the individual pension account, shall be borne by subscriber.

(iii) The benefits available upon Exit under this Regulation are provided in tabular format under Table 2 of Schedule I.] 18[4A. Exit and withdrawal in case of specific purpose scheme under the National Pension System.- Notwithstanding anything contained in these regulations, an individual subscribing to any specific purpose scheme under the National Pension System shall be governed by the guidelines issued by the Authority in respect of such scheme. Such guidelines shall include the scheme features, the terms of exit and withdrawal and such other stipulations in respect of each of such scheme.]

5. Exit from National Pension System by NPS-Lite and Swavalamban subscribers. –19[(1)] Any subscriber registered under National Pension System as NPS-Lite or Swavalamban subscriber, can exit from the National Pension System, in the manner specified hereunder, namely: -]

(a) Upon a subscriber, attaining the age of sixty years, at least forty percent of the accumulated pension wealth of such subscriber shall be mandatorily utilized for purchase of annuity providing for a monthly or any other periodical pension and the balance of the accumulated pension wealth 20[***], shall be paid

to the subscriber in lump sum:

Provided that, -

(i) for a Swavalamban subscriber the annuity purchased by utilizing the mandatory minimum of forty percent. of the accumulated pension wealth of the subscriber shall yield at least a monthly annuity or pension of one thousand rupees, failing which the entire accumulated pension wealth shall be annuitised in such a manner so as to yield at least a monthly annuity or pension of one thousand rupees and balance if any thereafter shall be paid in lump sum to the subscriber. However, there shall be no implicit or explicit guarantee that the annuity purchased even with entire accumulated pension wealth would yield a monthly annuity or pension of one thousand rupees;

(ii) 21[if the accumulated pension wealth of the subscriber is equal to or less than rupees two lakh, such subscriber shall have the option to withdraw the entire accumulated pension wealth in lump sum;] 22[(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:

18Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

19Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

20Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “, after such utilization” 21Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, proviso (ii) read as under: “if the accumulated pension wealth of the subscriber is equal to or less than a sum of one lakh rupees, such subscriber shall have the option to withdraw the entire accumulated pension wealth without purchasing any annuity and upon such exercise of this option, the right of the subscriber to receive any pension under the National Pension System shall extinguish and any such exercise of this option by the subscriber, before the regulations are notified, shall be deemed to have been made in accordance with this regulation;” 22 Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Third Amendment) Regulations, 2018 w.e.f.

02.02.2018.PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] 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).]

(b) 23[At any time, before attaining the age of sixty years, subject however that at least eighty percent out of the accumulated pension wealth shall be mandatorily utilized for purchase of annuity and the balance of the accumulated pension wealth 24[***] shall be paid to the subscriber in lump sum or he shall have a choice to collect such remaining pension wealth in accordance with the other options specified by the Authority from time to time, in the interest of the subscribers;

Provided that for a Swavalamban subscriber, the annuity purchased by utilizing the mandatory minimum of eighty percent 25[***] of the accumulated pension wealth ought to yield at least a monthly annuity or pension of one thousand rupees per month, failing which the entire accumulated pension wealth shall be annuitised in such a manner so as to yield at least a monthly annuity or pension of one thousand rupees and balance if any thereafter shall be paid as lump sum to the subscriber. However, there shall be no implicit or explicit guarantee that the annuity purchased even with entire accumulated pension wealth would yield a monthly annuity or pension of one thousand rupees;

26[Provided further that, where the accumulated pension wealth does not exceed 27[rupees two lakh] or a limit to be specified by the Authority, the whole pension wealth shall be paid without annuitisation to the subscribers who have not availed any Swavalamban co-contribution, and also to the subscribers who though have availed Swavalamban co-contribution but are not eligible for auto migration to Atal Pension Yojana, after deducting the Government’s co-contribution with returns thereon without requiring them to continue in the scheme for minimum period of twenty-five years.

Explanation—The migration of a Swavalamban subscriber to any other pension scheme of Government of India, including Atal Pension Yojana, as approved by the Authority, shall not be deemed as an exit and withdrawal for the purposes of these regulations.]] 23 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to the substitution, it read as under: “at any time, before attaining the age of sixty years, subject however that at least eighty percent out of the accumulated pension wealth shall be mandatorily utilized for purchase of annuity and the balance of the accumulated pension wealth, after such utilization shall be paid to the

subscriber in lump sum:

Provided that for a Swavalamban subscriber the annuity purchased by utilizing the mandatory minimum of forty percent. Out of the accumulated pension wealth shall yield at least a monthly annuity or pension of one thousand rupees per month, failing which the entire accumulated pension wealth shall be annuitised in such a manner so as to yield at least a monthly annuity or pension of one thousand rupees and balance if any thereafter shall be paid as lump sum to the subscriber. However, there shall be no implicit or explicit guarantee that the

annuity purchased even with entire accumulated pension wealth would yield a monthly annuity or pension of one thousand rupees:

Provided that subject to the provisions of this clause, where the accumulated pension wealth does not exceed one lakh rupees, the whole of the pension wealth shall be paid to the subscriber, without any annuitisation if the subscriber has continued in the scheme for a minimum period of twenty-five years;

Provided further that the migration of Swavalamban subscriber or subscribers to any other pension scheme of Government of India and as approved by the Authority shall not be deemed as an exit and withdrawal for the purposes of these regulations.” 24 Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “, after such utilization” 25Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “out” 26Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Sixth Amendment) Regulations, 2017 w.e.f.

20.09.2019. Prior to substitution, it reads as under: “Provided that subject to the provisions of this clause, where the accumulated pension wealth does not exceed one lakh rupees, or a limit to be specified by the Authority basing on the instructions issued by the appropriate regulator on the minimum value of annuities to be made available by the life insurers, the whole of the pension wealth up to the limit so specified shall be paid to the subscriber, who have not availed any Swavalamban co-contribution, without any requirement of annuitization and further this provision shall be applicable to a subscriber who has availed a Swavalamban co-contribution only if such subscriber has continued in the scheme for a minimum period of twenty-five years;

Provided further that the migration of Swavalamban subscriber or subscribers to any other pension scheme of Government of India and as approved by the Authority shall not be deemed as an exit and withdrawal for the purposes of these regulations.” 27Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “one lakh rupees”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

(c) where a subscriber who, before attaining the age of sixty years, dies, the entire accumulated pension wealth of the subscriber shall be paid to the nominee, or the legal heir of such subscriber and there shall not be any condition of mandatory purchase of annuity and provision of a monthly or periodical pension and there shall not be any requirement of the annuitization of the accumulated pension wealth of such deceased subscriber. The 28[nominee(s) or legal heir(s)] of the deceased subscriber shall have the option to purchase any of the annuities being offered upon exit, if they so desire:

Provided that, whereas nomination is not registered by the subscriber before his death, the accumulated pension wealth of such subscriber shall be paid to the 29[legal heir(s)] on the basis of the legal heir certificate issued by the Revenue authorities of the State concerned or the succession certificate issued by a court of competent jurisdiction.

30[Explanation: The benefits available upon Exit under this Regulation are provided in tabular format under Table 3 of Schedule I.] 31[5A. Exit in case of Renunciation of Citizenship. - (1) Where a subscriber under the National Pension System ceases to be a citizen of India, he shall have the option to close the individual pension account and withdraw the entire accumulated pension wealth in lump sum, in accordance with the guidelines or circular issued by the Authority.] 32[5B. Exit in case of missing and presumed dead person. - (1) The exit of subscribers, covered under regulations 3, 4, 4A and 5 who are missing and presumed dead, shall be dealt with as under:

(a) the nominee(s) or the legal heir(s), as the case may be, of the subscriber identified as missing, shall be entitled to be paid twenty percent of the accumulated pension wealth as an interim relief in lump sum and the balance eighty percent shall remain invested and be paid upon determination of such subscriber as missing and presumed dead as per the provisions of the Bharatiya Sakshya Adhiniyam,

2023.

(b) For the purpose of release of such interim relief, the nominee(s) or legal heir(s), as the case may be, shall submit to the National Pension System Trust a copy of the First Investigation Report (FIR) lodged with the concerned police station and a report from the police that the subscriber has not been traced despite all efforts made by the police along with an Indemnity bond in favour of National Pension System Trust that neither such Trust nor any other entity or the Authority shall be liable, either to the subscriber, or any other person in respect of the interim relief so paid.

(c) Where the nominee(s) or the legal heir(s), as the case may be, submit an order from a competent court declaring that the subscriber who is missing is presumed to be dead in accordance with the provisions of the Bharatiya Sakshya Adhiniyam, 2023, the balance eighty percent of the accumulated pension wealth shall be dealt with in accordance with the provisions of clause (c) of sub-regulation (1) of Regulation 3 or clause (c) of sub-regulation (1) of regulation 4 or clause (c) of sub-regulation (1) of regulation 5, or the guidelines issued by the Authority for specific purpose schemes, as the case may be.

Provided that where the subscriber who had been reported to be missing, is subsequently reported to be alive before a declaration being made by the competent court of his being dead, in such an event the individual pension account of the subscriber shall continue for all purposes and the twenty percent of the accumulated pension wealth paid to his nominee(s) or the legal heir(s), as the case may be, shall be adjusted from the lump sum withdrawal payment to be made to the subscriber at the time of his exit.

Explanation: In case of a Government Sector subscriber, the identification as missing person or reported to be alive shall be on the basis of certification provided by the nodal office or employer and that in 28Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “nominee or family members” 29Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “family members” 30Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

31 Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

32 Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] case of a non-Government Sector subscriber, by National Pension System Trust.]

6. 33[Conditions to apply for exit and withdrawal.- 34[(1) A subscriber registered under the National Pension System shall not exit there from, and no withdrawal from the accumulated pension wealth shall be permitted, except in the manner so specified under regulations 3, 4, 4A, 5, 5A and 8, and further as mentioned in these provisions, namely: -]

(a) 35[subject to provisions of sub-regulation (b), no pension or accumulated pension wealth in the individual pension account] of the subscriber under the National Pension System on account of past or present services, shall be liable to seizure, attachment or sequestration by process of any court at the instance of a creditor, for any demand against the subscriber, or in the satisfaction of a decree or order of any such Court except where the National Pension System Trust or its authorised representative has accorded prior sanction for assignment of the pension wealth accumulated in the pension account of the subscriber, which shall be restricted to such limit as prescribed in Regulation 8.

(b) 36[the subscriber shall have the right to seek financial assistance from a regulated financial institution to the extent permitted under regulation 8 and for which purpose, the subscriber may make any assignment, pledge, contract, order, sale or security of any kind with respect to any benefit receivable under the National Pension System in favour of the lender. The lender may mark a lien or charge on the individual pension account to the extent permitted under regulation 8. The National Pension System Trust shall permit such facility in respect of a request received in accordance with the guidelines or

circular issued by the Authority;] 37[(c) the President of India or the Governor of a State, or the head of the organisation, in respect of a body corporate or other entity under the ownership and control, either of the central government or any state government or a government company, as the case may be, if so specifically provided in the service 33 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to the substitution, it read as under: “Conditions to apply for exit and withdrawal.- A subscriber registered under the National Pension System shall not exit therefrom, and no withdrawal from the accumulated pension wealth in the Tier-1 of the Permanent Retirement Account of such subscriber shall be permitted, except as specified hereunder, namely:-” 34Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “A subscriber registered under the National Pension System shall not exit there from, and no withdrawal from the accumulated pension wealth in the Tier-1 of the Permanent Retirement Account of such subscriber shall be permitted, except in the manner so specified under regulations 3, 4, 5 and 8 and further as mentioned in these provisions, namely:-]” 35Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “no pension or accumulated pension wealth in Tier-I account of the Permanent Retirement Account” 36Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, clause (b) read as under: “any assignment, pledge, contract, order, sale or security of any kind made by any subscriber of the National Pension System, with respect to any benefit receivable by him or her under the National Pension System, or in respect of any money payable at or on account of any such benefit to such subscriber under the National Pension System, or for giving or assigning any future interest therein shall be null and void except where the National Pension System Trust or its authorized representative has accorded prior permission for such assignment of the pension wealth accumulated in the pension account of the subscriber and which shall be restricted to such limit as prescribed in Regulation 8 to which the assignment was agreed or approved by the National Pension System Trust or its authorised representative;” 37 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Fourth Amendment) Regulations, 2018 w.e.f.

18.05.2018. Prior to the substitution, it read as under: “(c) the President of India or the Governor of a State, as the case may be, if so provided in the service rules, governing the employment of the subscriber, reserves the right of withholding the part of pension wealth, accumulated through co-contributions made by the Central Government or the State Government, as employer to the Tier-I account of the National Pension System account of the subscriber and the investment income accruing thereon, for the purpose of recovery of the whole or part of any pecuniary loss caused to the Central Government or the State Government, provided such loss is established, in any departmental or judicial proceedings, initiated against such subscriber by the employer concerned.

Such right of withholding shall have to be exercised prior to the date of superannuation of the subscriber, pursuant to a notice to be given to the National Pension System Trust or an entity to whom such authorization has been given, and seeking to withhold the said pension wealth of such subscriber. Upon such right of withholding being validly exercised:-

(i) the pension wealth which are payable under the National Pension System shall not be paid to such subscriber until the conclusion of the departmental or judicial proceedings, as the case may be and subject to the final orders, passed in such proceedings.;

(ii) the amount withheld as specified in sub-clause (i) shall remain subscribed to the scheme in the mode and manner in which it was held prior to resorting to such action by the concerned Government and the final settlement of the withheld amount shall be made by the National Pension System Trust, or any intermediary or other entity, authorized for this purpose by the Authority, normally within ninety days of the receipt of an appropriate order from the concerned Government;

(iii) the amount withheld becomes payable to the subscriber on the final settlement, as certified by the concerned Government department which has sought withholding of such benefits, and shall be paid to the subscriber as soon as possible and in no case beyond ninety days of receipt of the final order by the National Pension System Trust or any other entity or person, authorized for the purpose by the Authority;”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] rules, governing the terms of employment of the subscriber with it, reserves the right of withholding the part of pension wealth, accumulated through co-contributions made by the Central Government or the State Government or any entity under the ownership and control, either of the central government or any state government or a government company, as the case may be, as employer to the Tier-I account of the National Pension System account of the subscriber and the investment income accruing thereon, for the purpose of recovery of the whole or part of any pecuniary loss caused, provided such loss is established, in any departmental or judicial proceedings, initiated against such subscriber by the employer concerned.

38[In case of Central Government employees, the provisions of CCS NPS Rules 2021 and amendments thereto shall be applicable.] Such right of withholding shall have to be exercised prior to the date of superannuation of the subscriber, pursuant to a notice to be given to the National Pension System Trust or an entity to whom such authorization has been given, and seeking to withhold the said pension wealth of such subscriber. Upon

such right of withholding being validly exercised:- 39[(i) the amount withheld which are payable under the National Pension System shall not be paid to such subscriber until the conclusion of the departmental or judicial proceedings, as the case may be and subject to the final orders, passed in such proceedings;]

(ii) the amount withheld as specified in sub-clause (i) shall remain subscribed to the scheme in the mode and manner in which it was held prior to resorting to such action by the employer specified, and the final settlement of the withheld amount shall be made by the National Pension System Trust, or any intermediary or other entity, authorized for this purpose by the Authority, in normal course within ninety days of the receipt of an appropriate order from the concerned employer;

40[(iii) the amount withheld becomes payable to the subscriber on the final settlement, as certified by the employer specified, which has sought withholding of such benefits, and shall be paid to the subscriber as per applicable regulation while executing exit as soon as possible and in no case beyond ninety days of receipt of the final order by the National Pension System Trust or any other entity or person, authorized for the purpose by the Authority.

Provided that, in case the amount withheld becomes payable after the death of subscriber, on the final settlement, the benefits, shall be paid to the nominee(s) or legal heir(s), as the case may be of such subscriber as per the applicable regulations;]]

(e)41[The family members as specified under the service rules or on the basis of the legal heir certificate 38 Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f.

28.12.2021.

39 Substituted by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2021 w.e.f. 14.06.2021. Prior to substitution, it read as:

“(i) the pension wealth which are payable under the National Pension System shall not be paid to such subscriber until the conclusion of the departmental or judicial proceedings, as the case may be and subject to the final orders, passed in such proceedings.” 40 Substituted by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2021 w.e.f. 14.06.2021. Prior to substitution, it read as:

“the amount withheld becomes payable to the subscriber on the final settlement, as certified by the employer specified, which has sought withholding of such benefits, and shall be paid to the subscriber as soon as possible and in no case beyond ninety days of receipt of the final

order by the National Pension System Trust or any other entity or person, authorized for the purpose by the Authority;” 41 Substituted by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021. Prior to the substitution, sub-reg. (e) of reg. 6 read as under:

“If the subscriber or the family members of the deceased subscriber, upon his death, avails the option of additional relief on death or disability

provided by the Government or employer, the Government or employer shall have the right to adjust or seek transfer of the entire accumulated pension wealth of the subscriber to itself. The subscriber or family members of the subscriber availing such benefit shall specifically and unconditionally agree and un dertake to transfer the entire accumulated pension wealth to the Government or employer, in lieu of enjoying or obtaining such additional reliefs like family pension or disability pension or any other pensionary benefit from such Government or employer. With the release of such family pension to the eligible family members of the deceased subscriber, the right to claim any benefits under the National Pension System, by any person shall extinguish thereupon including the rights of the nominee as recorded for the purpose of receiving benefits under National Pension System.”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] of the deceased subscriber, as the case may be, or subscriber upon invalidation or disability during service, avails the option of additional pensionary relief provided by the Government or employer, the Government or employer shall have the right to adjust or seek transfer the part or full accumulated pension 42[wealth] of the subscriber to itself as per the applicable service rules. The subscriber or family members of the deceased subscriber availing such benefit shall specifically and unconditionally agree and undertake to transfer the part or full accumulated pension 43[wealth] as per the applicable service rules to the Government or employer, in lieu of enjoying or obtaining such additional reliefs like family pension on death or pension or any other pensionary benefit on invalidation or disability provided by the Government or employer. The remaining accumulated pension 44[wealth], if any, in case of death shall be paid in lump sum to the nominees (s) or the legal heir(s), as applicable. In case of invalidation or disability, the same shall be paid to the subscriber:

Provided in case of Central Government employees, the provisions of CCS NPS Rules 2021 and amendments thereto shall be applicable]

(g) all benefits receivable, including the purchase of annuity as specified under these regulations, shall be arranged to be paid by the National Pension System Trust or the central record keeping agency or any other entity authorized for the purpose by the Authority after processing the withdrawal applications in accordance with the provisions of these regulations, or any guidelines, order or notification, as may be issued by the Authority, from time to time;

(h) 45[46[Upon exit of a subscriber from tier-I of the National Pension System, the tier-II account of the subscriber shall also be simultaneously closed and amounts under the said account shall be paid to the subscriber or his nominees or legal heirs as the case may be.]

Provided that except in the case of death of the subscriber, the Tier-II account activated by the Authority in accordance with National Pension Scheme Tier II-Tax Saver Scheme, 2020 notified by the Central Government shall be closed only after completion of lock-in period specified under the said scheme.]

(i) 47[***] 42Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “corpus” 43Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “corpus” 44Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “corpus” 45 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Seventh Amendment) Regulations, 2020 w.e.f.

29.09.2020. Prior to the substitution, sub-reg. (h) of reg. 6 read as under: “Upon exit of a subscriber from tier-I of the National Pension System, the tier-II account of the subscriber shall also be simultaneously closed and amounts under the said account shall be paid to the subscriber or his nominees or legal heirs as the case may be.” 46 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to the substitution, sub-reg. (h) of reg. 6 read as under: “(h) for a subscriber, exiting from tier-I under National Pension System, the amount lying in the tier-II account shall also be monetized and closed simultaneously upon payment of the eligible benefit;” 47Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “[With respect to subscribers who have not submitted the withdrawal application as is required under regulation 7 and within one month from the date of attainment of the age of sixty years or the age of normal superannuation as the case may be, for withdrawal of benefits upon exit from national pension system, the accumulated pension wealth in the account of such subscriber (both under tier I and tier II) would be monetized and kept separately as per the guidelines or directions issued by the Authority for the said purpose. The income earned from such safe keeping of the monetized accumulated pension wealth of the subscriber shall form part of the benefits that the subscriber is entitled under the National Pension System. This provision shall apply in respect of such subscribers who have deferred the withdrawal of benefits or have partly withdrawn the benefits and have not taken the steps to completely withdraw the benefits as is required under the regulations and or in the guidelines or directions issued by the Authority for the purpose.

Provided that the above provision shall be applicable to Tier-II account activated by the Authority in accordance with National Pension Scheme Tier II-Tax Saver Scheme, 2020 notified by the Central Government, only after completion of lock-in period specified under the said scheme.]”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] 48[(j) With respect to settlement of claims arising out of the accumulated pension 49[wealth] of deceased subscribers, where no valid nomination as specified in these regulations exist on the date of death, the Authority may issue suitable directions in the interest of subscribers for settlement of such claims in favour of the 50[legal heir(s)] 51[on the basis of the legal heir certificate] of the deceased subscriber, upto a specified limit, by requiring such heirs to submit such documents as may be specified.]

CHAPTER III WITHDRAWALS, PURPOSE, FREQUENCY AND LIMITS UNDER NATIONAL PENSION SYSTEM

7. 52[53[Conditions of exit or withdrawals or the claim settlement under National Pension System.-

(1) A subscriber or the nominee(s), family member(s) as specified under the service rules or legal heir(s), as the case may be shall submit the exit, withdrawal or the claim settlement application along with the required documents, for the purpose of 54[receiving] benefits 55[***] as provided in these regulations, on or before the expected date of exit from the National Pension System to the National Pension System Trust or the central recordkeeping agency, acting on behalf of it or any other entity authorized by the Authority. Central recordkeeping agency or National Pension System Trust may on receipt of such an application for exit, withdrawal or claim settlement from a subscriber or the nominee(s), family member(s) as specified under the service rules or legal heir(s), as the case may be in the specified form and subject to fulfillment of conditions so specified, may allow exit or, withdrawals or the claim settlement from the National Pension System in the mode and manner permitted under these regulations and guidelines, circulars, orders or notifications issued by the Authority for the purpose.]] 48 Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017.

49Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “corpus” 50Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “family members” 51 Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f.

28.12.2021.

52Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to the substitution, it read as under: “Conditions of withdrawals under National Pension System.- The National Pension System Trust or the central recordkeeing agency acting on behalf of the National Pension System Trust or any other entity authorized by the Authority for the purpose, may on receipt of the application for withdrawal from a subscriber in the specified form and subject to fulfilment of conditions so specified may allow withdrawal from the National Pension System in the mode and manner permitted under these regulations, guidelines, circulars, orders or notifications issued by the Authority from time to time.

Provided that the subscriber shall be required to submit the application form for withdrawal, specified for the purpose, alongwith documents, so specified and comply with the requirements contained in the operational guidelines issued by the Authority with respect to the permissible withdrawals under the National Pension System.” 53Substituted by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021. Prior to substitution, Reg. 7 read as under:

“Conditions of withdrawals under National Pension System.- a subscriber shall submit the withdrawal application along with the required documents, for the purpose of withdrawing the benefits upon exit as provided in these regulations, on or before the expected date of exit from the National Pension System to the National Pension System Trust or the central recordkeeping agency, acting on behalf of it or any other entity authorized by the Authority. Central recordkeeping agency or National Pension System Trust may on receipt of such an application for exit or withdrawal from a subscriber in the specified form and subject to fulfillment of conditions so specified, may allow exit or withdrawals from the National Pension System in the mode and manner permitted under these regulations and guidelines, circulars, orders or notifications issued by the Authority for the purpose.” 54Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “withdrawing the” 55Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “upon exit”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

8. 56[The following withdrawals shall be permitted under National Pension System.- (1) A partial withdrawal 57[from accumulated pension wealth of the subscriber, not exceeding twenty-five per cent of the own contributions made by the subscriber,] subject to the terms and conditions, purpose,

frequency and limits specified below :-

(A) Purpose: A subscriber on the date of submission of the withdrawal form, shall be permitted to withdraw 58[***] for any of the following purposes only :-

(a) for Higher education of his or her children including a legally adopted child;

(b) for the marriage of his or her children, including a legally adopted child;

(c) 59[one-time withdrawal] for the purchase or construction of a residential house or flat in his or her 56 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to the substitution, reg. 8 read as under; “8. The following withdrawals shall be permitted under National Pension System.- (1) A partial withdrawal of accumulated pension wealth of the subscriber, not exceeding twenty-five per cent of the contributions made by the subscriber and excluding contribution made by employer, if any, at any time before exit from National Pension System subject to the terms and conditions, purpose, frequency and limits specified

below:-

(A) Purpose: A subscriber on the date of submission of the withdrawal form, shall be permitted to withdraw not exceeding twenty-five percent of the contributions made by such subscriber to his individual pension account, for any of the following purposes only:-

(a) for Higher education of his or her children including a legally adopted child;

(b) for the marriage of his or her children, including a legally adopted child;

(c) for the purchase or construction of a residential house or flat in his or her own name or in a joint name with his or her legally wedded spouse.

In case, the subscriber already owns either individually or in the joint name a residential house or flat, other than ancestral property, no withdrawal under these regulations shall be permitted;

(d) for treatment of specified illnesses: if the subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents suffer from any specified illness, which shall comprise of hospitalization and treatment in respect of the following diseases:

(i) Cancer;

(ii) Kidney Failure (End Stage Renal Failure);

(iii) Primary Pulmonary Arterial Hypertension;

(iv) Multiple Sclerosis;

(v) Major Organ Transplant;

(vi) Coronary Artery Bypass Graft;

(vii) Aorta Graft Surgery;

(viii) Heart Valve Surgery;

(ix) Stroke;

(x) Myocardial Infarction

(xi) Coma;

(xii) Total blindness;

(xiii) Paralysis;

(xiv) Accident of serious/ life threatening nature.

(xv) Any other critical illness of a life threatening nature as stipulated in the circulars, guidelines or notifications issued by the Authority from time to time.

(B) Limits: the permitted withdrawal shall be allowed only if the following eligibility criteria and limit for availing the benefit are complied

with by the subscriber:-

(a) the subscriber shall have been in the National Pension System at least for a period of last ten years from the date of his or her joining;

(b) the subscriber shall be permitted to withdraw accumulations not exceeding twenty-five percent. of the contributions made by him or her and standing to his or her credit in his or her individual pension account, as on the date of application for withdrawal;

(C) Frequency: the subscriber shall be allowed to withdraw only a maximum of three times during the entire tenure of subscription under the National Pension System and not less than a period of five years shall have elapsed from the last date of each of such withdrawal. The mandatory requirement of five years having elapsed between two withdrawals shall not apply in case of “treatment for specified illnesses or in case of withdrawal arising out of exit from National Pension System due to the death of the subscriber. The request for withdrawal in the specified form, shall be submitted by the subscriber, along with relevant documents to the central recordkeeping agency or the National Pension System Trust, as may be specified, for processing of such withdrawal claim. Provided that where a subscriber is suffering from any illness, specified in sub-clause (d), the request for withdrawal may be submitted, through any family member of such subscriber.

(2) A subscriber having a valid and active Tier-II account of the Permanent Retirement Account can withdraw the accumulated wealth either in full or part, at any time by applying for such withdrawal, on such application form and in such mode and manner, as may be specified by the Authority in this behalf. There shall be no limit on such withdrawals till the account has sufficient amount of accumulated pension wealth

to take care of the applicable charges and the withdrawal amount:

Provided that the Tier-II account shall stand automatically closed at the time of exit of the subscriber from the National Pension System, even if an application so specified for the purpose has not been received from the subscriber, and the accumulated wealth in such account shall be transferred to the bank account provided by the subscriber, while submitting his application for exit from the National Pension System.” 57Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “of accumulated pension wealth of the subscriber, not exceeding twenty-five per cent of the contributions made by the subscriber and excluding contributions made by employer, if any, at any time before exit from National Pension System” 58Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “not exceeding twenty-five percent. of the contributions made by such subscriber to his individual pension account,” 59Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] own name or in a joint name with his or her legally wedded spouse. In case, the subscriber already owns either individually or in the joint name a residential house or flat, other than ancestral property, no withdrawal under these regulations shall be permitted;

60[(d) for medical treatment or hospitalisation of self or legally wedded spouse, children, including legally adopted children or parents.] 61[(e) to meet medical and incidental expenses arising out of the disability or incapacitation suffered by the subscriber.] 62[(f) 63[***] 64[(g) 65[***] 66[(h) towards settlement of a financial obligation availed by a subscriber from a regulated financial institution against the lien or the charge marked on the individual pension account.]

(B) Limits: The permitted withdrawal shall be allowed only if the following eligibility criteria and limit

for availing the benefit are complied with by the subscriber :-

(a) the subscriber shall have been in the National Pension System at least for a period of three years from the date of his or her joining;

(b) the subscriber shall be permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her and standing to his or her credit in his or her individual pension account, as on the date of application for withdrawal;

(C) 67[ Frequency: subject to sub-regulation (1), 60Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, sub-clause (d) read as under: “for treatment of specified illnesses: if the subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents suffer from any specified illness, which shall comprise of hospitalization and treatment in respect of the following diseases:

(i) Cancer;

(ii) Kidney Failure (End Stage Renal Failure);

(iii) Primary Pulmonary Arterial Hypertension;

(iv) Multiple Sclerosis;

(v) Major Organ Transplant;

(vi) Coronary Artery Bypass Graft;

(vii) Aorta Graft Surgery;

(viii) Heart Valve Surgery;

(ix) Stroke;

(x) Myocardial Infarction

(xi) Coma;

(xii) Total blindness;

(xiii) Paralysis;

(xiv) Accident of serious/ life threatening nature.

(xv) any other critical illness of a life-threatening nature as stipulated in the circulars, guidelines or notifications issued by the Authority from time to time.” 61 Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Third Amendment) Regulations, 2018 w.e.f.

02.02.2018.

62 Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Fourth Amendment) Regulations, 2018 w.e.f.

18.05.2018.

63Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “Towards meeting the expenses by subscriber for skill development/re-skilling or for any other self-development activities, as may be permitted by the Authority by issuance of appropriate guidelines, in that behalf.” 64 Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Fourth Amendment) Regulations, 2018 w.e.f.

18.05.2018.

65Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “Towards meeting the expenses by subscriber for establishment of own venture or any start-ups, as may be permitted by the Authority by issuance of appropriate guidelines, in that behalf.” 66Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

67Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, clause (C) read as under: “(C) Frequency: the subscriber shall be allowed to withdraw only a maximum of three times during the entire tenure of subscription under the National Pension System. The request for withdrawal shall be submitted by the subscriber, along with relevant documents to the central recordkeeping agency or the National Pension System Trust, as may be specified, for processing of such withdrawal claim through their nodal office. Provided that where a subscriber is suffering from any illness, specified in sub-clause (d), 67[of sub-regulation (1)(A) of Regulation 8, the request for withdrawal may be submitted, through any family member of such subscriber, as specified under the service rules or as may be identified or determined through a document issued by Government.”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

(a) subscriber shall be allowed to withdraw up to a maximum of four times prior to attaining the age of sixty years or prior to superannuation or retirement, whichever is later, with a minimum interval of four years between successive withdrawals.

(b) subscriber who remains in the National Pension System beyond the age of sixty years or beyond superannuation or retirement, whichever is later, shall be eligible to make partial withdrawal from an individual pension account, with a minimum interval of three years between successive withdrawals, of an amount not exceeding twenty-five per cent of:

(i) Contribution, in case there is only one contribution stream, or

(ii) Own contribution, in case there is more than one contribution stream.]

(2) 68[In case of Tier-II account:] 69[(i) A subscriber having a valid and active tier-II account 70[may] withdraw the accumulated wealth either in full or part, at any time by applying for such withdrawal, on such application form and in such mode and manner, as may be specified by the Authority in this behalf. There shall be no limit on such withdrawals till the account has sufficient amount of 71[accumulated wealth] to take care of the applicable charges and the withdrawal amount.

Provided that no withdrawal shall be allowed in Tier-II account activated by the Authority in accordance with National Pension Scheme Tier II-Tax Saver Scheme, 2020 notified by the Central Government, before the completion of lock-in period specified under the said scheme.

(ii) The Tier-II account 72[opened with respect to an Individual Pension Account,] shall stand automatically closed 73[upon exit and closure of such Individual pension account], even if an application so specified for the purpose has not been received from the subscriber, and the accumulated wealth in such account shall be transferred to the bank account provided by the subscriber, while submitting his application for exit from the National Pension System.

Provided that except in the case of death of the subscriber, the Tier-II account activated by the Authority in accordance with National Pension Scheme Tier II-Tax Saver Scheme, 2020 notified by the Central Government shall be closed only after completion of lock-in period specified under the said scheme.]]

9. 74[Withdrawal process.- (1) The National Pension System Trust or any other intermediary or entity authorized by the Authority for the said purpose shall be responsible for processing, authorizing and approving the withdrawal and exit claims lodged by the subscriber in accordance with the provisions of the Act, regulations, directions, guidelines issued by the Authority and the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015, where applicable. The National 68Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

69 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Seventh Amendment) Regulations, 2020 w.e.f.

29.09.2020. Prior to its substitution, the regulation read as under: “A subscriber having a valid and active Tier-II account of the Permanent Retirement Account can withdraw the accumulated wealth either in full or part, at any time by applying for such withdrawal, on such application form and in such mode and manner, as may be specified by the Authority in this behalf. There shall be no limit on such withdrawals till the account has sufficient amount of accumulated pension wealth to take care of the applicable charges and the withdrawal amount.

Provided that the Tier-II account shall stand automatically closed at the time of exit of the subscriber from the National Pension System, even if an application so specified for the purpose has not been received from the subscriber, and the accumulated wealth in such account shall be transferred to the bank account provided by the subscriber, while submitting his application for exit from the National Pension System.” 70Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “of the Permanent Retirement Account can” 71 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “accumulated pension wealth” 72Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

73Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “at the time of exit of the subscriber from the National Pension System” 74Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to the substitution, it read as under: “Withdrawal process.- (1) The National Pension System Trust or any other intermediary or entity authorized by the Authority for the said purpose shall be responsible for processing and authorizing approving the withdrawal and exit claims lodged by the subscriber in accordance with the provisions of the Act, these regulations, directions, guidelines issued by the Authority and the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015, where applicable. The National Pension System Trust shall frame suitable operational processes or guidelines for facilitating withdrawals and Exit of subscribers from National Pension System”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] Pension System Trust shall frame and issue suitable operational processes including online processes or guidelines including the exit or withdrawal forms for facilitating withdrawals and Exit of subscribers from National Pension System after taking due approval from the Authority.]

CHAPTER IV ANNUITY PURCHASE AND ANNUITY SERVICE PROVIDERS

10. 75[Conditions of annuity purchase upon exit.- (1) The subscriber, at the time of exit, shall mandatorily purchase an annuity providing for a monthly or periodical annuity or pension as specified in these regulations, excepting those cases where exempted or provided otherwise and to the extent so exempted. Such annuity shall be purchased from an annuity service provider who is empaneled by the Authority.]

(2) The exercise of option of the annuity and the type thereof shall be made by the subscriber at the time of exit from the National Pension System, unless otherwise specified by the Authority through circulars, notifications or guide lines issued by it from time to time.

(3) Once an annuity is purchased, the option of cancellation and reinvestment with another annuity service provider or in another annuity scheme shall not be allowed unless the same is within the time limit specified by the annuity service provider, for the free look period as provided in the terms of the annuity contract or as specifically provided by the Insurance Regulatory and Development Authority.

(4) The subscriber shall have an option to choose from various types of annuities, provided by the annuity service provider and the annuity so chosen shall be provided by the empaneled annuity service provider.

(5) There shall be a default annuity service provider and a default annuity scheme for the benefit of subscribers exiting from the National Pension System. The information on the default annuity service provider and default annuity scheme applicable shall be such as may be specified by the Authority and placed on its website, apart from communicating to the subscriber through circulars, guidelines or notification issued by it. Such default annuity scheme shall not be available or applicable in the case of government subscribers covered under regulation 3.

11. Empanelment of annuity service providers.- (1) On and from the commencement of these regulations, an applicant, meeting the eligibility criteria as specified in these regulations for grant of an empanelment certificate to act as an empaneled annuity service provider, shall make an application in the specified form accompanied by a empanelment fee referred to in sub-regulation (2) and such documents in support thereon, as may be specified by the Authority.

(2) One-time empanelment fee of rupees one lakh shall be submitted along with the application, to the Authority. The empanelment fee shall be realized by the Authority within fifteen days from the date of sending intimation of grant of certificate of empanelment under regulation 17:

Provided that every empaneled annuity service provider shall, at the time of renewal of empanelment certificate pay such renewal fees, if any, as may be specified by the Authority, from time to time through a circular, order or notification issued by it.

(3) An application not complete in all respects and not conforming to the instructions specified in the application form and these regulations shall be rejected. Provided that, before rejecting any such application, the applicant shall be given a reasonable opportunity to withdraw or complete the application in all respects and rectify the errors, if any. The Authority may seek such additional information for disposal of the application from the Applicant as may be deemed relevant.

(4) An annuity service provider empaneled by the Interim Pension Fund Regulatory and Development Authority prior to the commencement of these regulations, may continue to act as such, for a period of ninety days from the notification of these regulations or, if it makes an application for grant of empanelment till the disposal of its application by the Authority.

75 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to the substitution, it read as under: “Conditions of annuity purchase upon exit.- (1) The subscriber, at the time of exit, shall mandatorily purchase an annuity providing for a monthly or periodical annuity or pension as specified in these regulations. Such annuity shall be purchased from an annuity service provider who is empanelled by the Authority.”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

12. Eligibility criteria for grant of certificate.- (1) The following shall be the eligibility criteria for

any applicant to act as an empaneled annuity service provider:-

(a) any Life Insurance Company registered and regulated by the Insurance Regulatory and Development Authority and dealing with annuity products in the domestic market for the last three years;

(b) the applicant having a minimum net worth of rupees two hundred and fifty crores;

(c) the applicant shall have competency in design, development and offering of annuity products, which is demonstrable by the details of the annuity products filed with the Insurance Regulatory and Development Authority;

(d) not barred from dealing with or selling annuity products in the market by the Insurance Regulatory and Development Authority;

(e) any other criteria as may be specified by the Authority from time to time through resolutions, notifications, circulars, guidelines, norms or memoranda.

(2) The Authority reserves the right to waive or modify some or all of the above criteria for reasons to be recorded in writing.

13. Disclosure of information.- (1) The Authority, having regard to the interest of the subscribers may, have the right to disclose to the public, of the information on the application made by the applicant.

(2) Any material change in the information furnished to the Authority while making the application for empanelment or subsequently shall be intimated to the Authority by the annuity service provider promptly but not later than thirty days of the occurrence of such change.

14. Furnishing of information and clarification.- (1) The Authority may require the applicant to furnish any further information or clarification, for the purpose of disposal of the application for empanelment, and, thereafter, in regard to any other matter as may be deemed necessary by the Authority. The applicant or its principal officer shall, if so required, appear before the Authority for a personal representation in connection with the application;

(2) The applicant shall furnish such information and clarification to the satisfaction of the Authority, within the time specified in this regard by the Authority.

15. Verification of information.- (1) While considering the application and the information furnished by the applicant and its eligibility, the Authority may, if it so desires, verify the information in any manner, as it deems necessary, including by physical verification of documents, office space, and inspection of the availability of office space, infrastructure, and technological support which the applicant is required to have.

(2) For the purpose of verification of information, the Authority may appoint any person including any of its officers or an auditor or an external agency.

16. Consideration of application.- (1) For considering the eligibility of the applicant and grant of certificate of empanelment to such applicant, the Authority shall take into account all matters which it deems relevant to the activities in the pension sector and the National Pension System, including but

not limited to the following:-

(a) whether the applicant or any of its associates have in the past been refused grant of empanelment certificate by any of the financial sector regulators in India including the Reserve Bank of India, the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority and the Authority and if so, the ground for such refusal;

(b) whether the applicant has in the past five years been imposed with penalties by any of the financial regulators such as the Reserve Bank of India, the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority and the Authority or by a court of law or tribunal, on matters concerning violation of provisions of the laws, the regulations made or directions, guidelines and circulars issued by the respective regulator and if so, the ground for such refusal;

(c) whether the applicant satisfies the eligibility criteria and other requirements as specified in these regulations;PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

(d) whether the grant of a certificate to the applicant is in the interest of the subscribers and or the orderly development of pension sector or of the National Pension System.

(2) While considering the application, the Authority may invite the applicant to make a presentation to the Authority on such a date, time and place determined by the Authority. The purpose of such presentations shall be to allow the applicants to present its proposal to the Authority and to explain the key strengths in its proposal.

(3) Any application for grant of certificate of empanelment, -

(a) which is not complete in all respects and does not conform to the requirements in the and the requirements specified in these regulations;

(b) which does not contain such additional information as required by the Authority;

(c) which is incorrect, false or misleading in nature;

(d) where the applicant is not in compliance with the eligibility requirements as set out under these regulations;

(e) which in the opinion of the Authority is not in the interest of subscribers and or the objective of orderly development of the pension sector or the National Pension System;

(f) where the applicant is not a ‘fit and proper person’; shall be rejected by the Authority for reasons to be recorded by it in writing.

(4) Before rejecting an application, the applicant shall be given an opportunity in writing to make good the deficiencies within the time specified by the Authority, for the purpose:

Provided that where an application is rejected for the reason that it contains false or misleading information, no such opportunity may be given and the applicant shall not make any application for grant of certificate under these regulations or any other regulations for a period of one year from the date of such rejection.

(5) An application for grant of certificate of empanelment, under these regulations, which is complete in all respects, shall be disposed of by the Authority, within a period of sixty days from the date of receipt of such request.

17. Procedure for grant of certificate of empanelment.- (1) The Authority on being satisfied that the applicant is eligible, shall grant a certificate of empanelment in the form specified in Annexure III and

send an intimation to the applicant in this regard:

Provided that where a pending proceeding before the Authority or any court or tribunal may result in the suspension or cancellation of the certificate, the Authority may give a conditional certificate of empanelment.

76[(2) Within thirty working days of the date of receipt of certificate of empanelment, the annuity service provider shall initiate action to operationalise the system and process to be specified by the Authority for purchase of annuities by the subscribers of the National Pension System.]

18. Conditions of certificate of Empanelment.- Any certificate of empanelment granted by the Authority to an annuity service provider shall be subject to the following conditions, namely,-

(a) where the annuity service provider proposes to change its status or constitution, it shall intimate to the Authority of such information along with the approval obtained from the Insurance Regulatory and Development Authority, for continuing to act as an annuity service provider;

(b) it shall pay the applicable fees in accordance with these regulations;

(c) it shall abide by the provisions of the Act, the rules and the regulations made or any direction, guidelines or circulars as may be issued by the Authority thereunder;

(d) it shall abide by the provisions of the Insurance Act, 1938, Insurance Regulatory and Development Authority Act, 1999 and the rules and regulations framed thereunder.

76 Substituted by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2021 w.e.f. 14.06.2021. Prior to substitution, it read as:

“(2) Within thirty working days of the date of receipt of certificate of empanelment, the annuity service provider shall enter into an agreement with the National Pension System Trust or the central recordkeeping agency for the purpose of operationalization of the process for purchase of annuities by the subscribers of the National Pension System.”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

(e) it shall meet the eligibility criteria and other requirements specified in these regulations throughout

the tenure of the certificate of empanelment:

Provided that the Authority may impose such other and further conditions as it may deem fit in the interest of subscribers or for orderly development of the National Pension System or the Pension sector.

19. Effect of refusal to grant certificate of empanelment or expiry of certificate of empanelment.-

(1) Where an existing annuity service provider has failed to apply for renewal of empanelment of certificate and upon expiry of certificate of empanelment or has been refused grant of certificate of empanelment under these regulations, or has surrendered its certificate, or has been directed to be wound up by an order of a court, such annuity service provider shall,-

(a) forthwith cease to act as an annuity service provider for subscribers of National Pension System;

(b) make provisions as regards liability incurred or assumed by the annuity service provider, if any;

(c) take such other action, within the time limit and in the manner, as may be required under the relevant regulations or as may be directed by the Authority.

(2) While refusing grant of certificate of empanelment under these regulations to an annuity service provider, the Authority may impose such conditions upon the annuity service provider as it deems fit for protection of interest of the subscribers and such conditions shall be complied with.

20. Period of validity of certificate of empanelment.- (1) Subject to compliance with the provisions of the Act, these regulations, the certificate granted to an annuity service provider shall be valid unless surrendered by it or suspended or cancelled in accordance with these regulations.

(2) An Annuity Service Provider who has been granted a certificate of empanelment, to keep such empanelment in force, shall pay a fee of rupees twenty-five thousand within ninety days before the expiry of five years from the date of first empanelment or date of the payment of fee last accepted by the Authority, by way of making an application in the specified form to the Authority.

21. Exemptions in certain cases from eligibility criteria- (1) If any of the applicants does not fulfill any of the eligibility criteria as specified for the annuity service provider, it may request the Authority through an application seeking exemption from such criteria.

(2) The Authority, if in its opinion feels, that the non-fulfillment of the eligibility conditions of which relaxation is sought would not prejudicially affect the interest of the subscribers, and such relaxation would not hamper orderly development of the pension sector and more specifically the National Pension System, it may grant exemption from some of the criteria to such entity for reasons to be recorded in writing. The Authority may in such circumstances impose such additional conditions as it may deem fit for grant of empanelment.

22. Duties and responsibilities of empaneled annuity service providers.- (1) The main functions of a empaneled annuity service provider is,-

(a) to provide different kinds of immediate annuities to the subscribers at the time of exit from the National Pension System;

(b) to provide minimum immediate annuity variants options as required by the Authority and to be able to provide any new variant as required by the Authority from time to time in the interest of subscribers in conformity with the Insurance Act, 1938 (4 of 1938) and the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), and the rules, regulations and guidelines made thereunder;

(c) to provide monthly or any other periodical annuity payment to the subscriber for the annuity contract purchased by the subscriber under the National Pension System;

(d) the annuity service provider shall be responsible for handling the grievances and issues related to or arising out of the entering into the annuity contract with the subscribers under the National Pension System.

(2) The initial customer interaction for the National Pension System, shall be-

(a) addressing queries of potential subscribers regarding purchase of annuities;PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

(b) providing and displaying of Insurance Regulatory and Development Authority approved information on annuities and application form or offer document or other publicity material pertaining to immediate annuities available including the annuity calculators.

(3) Subscriber registration for purchase of annuity-

(a) to make available the necessary infrastructure required for receipt and acceptance of applications with the specified premiums and issuance of annuity contracts in line with the approvals granted by the Insurance Regulatory and Development Authority;

(b) facilitate or provide infrastructure required for online purchase of annuity products by the subscribers through the central record keeping agency registered and regulated by the Authority, including the necessary software support. The annuity service provider shall provide the necessary application forms, literature on the available annuities and other facilities available to the subscribers through the central recordkeeping agency system or any other mode specified for the purpose;

(c) issuance of the annuity contract as per the choice of the subscriber provided in the annuity application in line with these regulations and guidelines specified by the Insurance Regulatory and Development Authority;

(d) the annuity service provider shall be responsible for delivering the monthly, quarterly, or annual pension or annuity as chosen by the subscriber under the National Pension System in the annuity application form and the annuity contract entered by such subscriber. However, in case of government sector subscribers, the annuity payable shall be on monthly basis only;

(e) the annuity service provider shall be responsible for collection, verification and subsequent actions for issuance of annuity contracts against purchases by subscribers under the National Pension System from the central recordkeeping agency or its representative or other entity which is authorized by the Authority for the purpose;

(f) the annuity service provider shall provide the information on annuity purchases made by the subscribers under the National Pension System to the National Pension System Trust and the central recordkeeping agency in the form, format and interval to be specified by the National Pension System Trust.

(4) The handling of subscriber requests such as receiving, processing and effecting requests from the subscribers for change in address, nomination or any other activity in connection with the annuity contract entered into by the annuity service provider.

(5) The annuity service provider shall be responsible for receiving from, and resolving the, grievances of subscribers under the National Pension System who had purchased the annuity from it and follow them up till their redressal in accordance with the grievance redressal guidelines or regulations for insurers issued by the Insurance Regulatory and Development Authority.

(6) Any complaint from a subscriber relating to the services provided shall be dealt by the annuity service provider and settled in accordance with the provisions of the Insurance Regulatory and Development Authority, Act 1999 (41 of 1999), and the rules and regulations made thereunder, by the annuity service provider under intimation to the National Pension System Trust. This shall be without prejudice to the powers of the Authority to cancel or suspend the empanelment of the annuity service provider or take such other measures as deemed necessary in the subscriber’s interest.

23. Fees and charges to be charged from the subscribers.- There shall not be any additional fees or charges other than the premium as approved by the Insurance Regulatory and Development Authority for the product but excluding any taxes imposed by the Government. There shall not be any additional intermediation expense or charge for the product issued to the subscribers.

24. Appointment of compliance officer.- (1) Each annuity service provider shall appoint a compliance officer who shall be responsible for monitoring compliance of duties of annuity service provider as

provided under these regulations and any other rules, regulations, guidelines issued by the Insurance Regulatory and Development Authority and for redressal of grievances reported by the subscribers who have purchased the annuities from the annuity service provider upon exit from the National PensionPFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] System. The name and details of such compliance officer shall be intimated to the Authority within thirty days of such appointment.

(2) The compliance officer shall be responsible for activities related to the coordination with other entities in the National Pension System like the National Pension System Trust, the central recordkeeping agency, Trustee Bank or any other specific entity connected with annuity purchases or any activity related to it.

25. Code of conduct.-The empaneled annuity service provider shall at all times observe the code of conduct for insurers or any other similar rules, guidelines or regulations specified by the Insurance Regulatory and Development Authority for fair dealing in activities related to the annuity purchase by subscribers.

26. Power of the Authority to take up any of the matters associated with Insurance Regulatory and Development Authority.- In order to remove any difficulties in the annuity purchase, grievances arising out of annuity purchase or any other matter associated with annuity purchase by subscribers under the National Pension System, the Authority may take up the matter directly with the Insurance Regulatory and Development Authority.

27. Confidentiality.- The empaneled annuity service provider shall maintain absolute confidentiality with respect to all records, data and information received by it under the National Pension System including information received from a subscriber. The annuity service provider shall not, without the prior permission of the Authority, produce or share such data or information as evidence, or for any other purpose, except as required by the due process of law.

28. Cancellation of empanelment.- The Authority may cancel the empanelment of an annuity service provider, after giving a reasonable opportunity of hearing and for reasons to be recorded in writing.

CHAPTER V INSPECTION AND AUDIT

24. Inspection and audit.-(1) The powers of the Authority with respect to audit and inspection of intermediaries entrusted with the functions of managing the withdrawals from the National Pension System shall be in accordance with the regulations governing the specific intermediaries under the National Pension System.

CHAPTER VI INQUIRY

30. Conduct of inquiry.- (1) The inquiry proceedings and action in case of default shall be in accordance with the regulations governing the specific intermediaries like the National Pension System Trust, the central recordkeeping agency or any other intermediary.

(2) Where the default involves, the National Pension System Trust, the central recordkeeping agency and or any other intermediary, a common inquiry may be held for the purpose.

CHAPTER VII MISCELLANEOUS

31. Prevention of fraud or mismanagement.- The National Pension System Trust or the central recordkeeping agency or the annuity service provider or any other intermediary or entity entrusted with the functions of managing the withdrawals from the National Pension System by the Authority shall take all possible steps to prevent fraud or mismanagement of the withdrawals of the subscribers upon exit from the National Pension System.

32. Nomination.- Notwithstanding anything contained in these regulations or in any other law for the time being in force, a subscriber, at the time of joining the National Pension System is required to make a nomination, in the specified form, conferring on one or more persons the right to receive the amountPFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] that may stand to 77[the subscriber’s] credit in the accumulated wealth or fund in the event of 78[the subscriber’s] death 79[or the subscriber missing and presumed dead as per the provisions of the 80[Bharatiya Sakshya Adhiniyam, 2023]], before that amount becomes payable or having become payable has not been paid. The nominee or nominees, as the case may be, shall be entitled, on the death of the subscriber 81[or the subscriber missing and presumed dead], to receive, to the exclusion of all other persons, all such moneys which have so remained unpaid:

Provided that, -

(i) if the nominee predeceases the subscriber, the nomination shall so far as it relates to the right conferred upon the said nominee, become void and of no effect;

(ii) where a provision has been duly made in the nomination, in accordance with these regulations, conferring upon some other person the right to receive all such moneys, which have so remained unpaid, in the event of the nominee predeceasing the subscriber, such right shall, upon the nominee being deceased, pass to such other persons standing as nominees;

(iii) a subscriber may in his nomination distribute the amount that may stand to his credit in the fund amongst his nominees at his own discretion;

(iv) if a subscriber has a family at the time of making a nomination, the nomination shall be in favour of one or more persons belonging to his family. Any nomination made by such subscriber in favour of a person not belonging to his family shall be invalid;

(v) a fresh nomination shall be made by the subscriber on his marriage and any nomination made before such marriage shall be deemed to be invalid;

(vi) if at the time of making a nomination the subscriber has no family, the nomination may be in favour of any person or persons but if the subscriber subsequently acquires a family, such nomination shall forthwith be deemed to be invalid and the subscriber shall make a fresh nomination in favour of one or more persons belonging to his family;

(vii) where the nomination is wholly or partly in favour of a minor, the subscriber may, for the purposes of this Scheme, appoint a major person of his family, to be the guardian of the minor nominee in the event of the subscriber predeceasing the nominee and the guardian so appointed;

(viii) where there is no major person in the family, the subscriber may, at his discretion, appoint any other person to be a guardian of the minor nominee;

(ix) a nomination made under the National Pension System may at any time be modified by a subscriber after giving a written notice of his intention of doing so in the 82[mode as may be] specified. A nomination or its modification so made shall take effect to the extent that it is valid on the date on which it is received by the intermediary 83[or nodal office] under the National Pension System;

(x) if a subscriber proves that his spouse has ceased, under the personal law governing him or her, or the customary law of the community to which the spouses belong, to be entitled to maintenance he or she shall no longer be deemed to be a part of the subscriber’s family for the purpose of this 77 Substituted for the words “his or her” by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.

78 Substituted for the words “his or her” by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.

79 Inserted by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.

80Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f.

16.12.2025. Prior to its substitution, it read as under: “Indian Evidence Act 1872 and amendments thereto” 81 Inserted by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.

82 Substituted for “form” by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.

83 Inserted by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] Scheme, unless the subscriber subsequently intimates by express notice in writing to the designated intermediary for the purpose that he or she shall continue to be so regarded; and

(xi) if a subscriber by notice in writing to the designated intermediary for the purpose expresses her desire to exclude her husband from the family, the husband and his 84[***] parents shall no longer be deemed to be a part of the subscriber’s family for the purpose of this Scheme, unless the subscriber subsequently cancels in writing any such notice.

85[(xii) In respect of subscribers covered under sub-clause(c) of Regulation 3 and sub-clause(c) of Regulation 4, where no valid nomination exists in accordance with these regulations, at the time of exit of such subscriber on account of death, the nomination, if any existing in the records of such subscriber with his or her employer for the purpose of receiving other admissible terminal benefits shall be treated as nomination exercised for the purposes of receiving benefits under the National Pension System. The employer shall send a confirmation of such nomination in its records, to the National Pension System Trust or the central recordkeeping agency, while forwarding the claim for processing.]

Explanation I - For the purposes of 86[nomination wherever provided in this regulation,]-

(a) the expression “family”,

(i) in relation to a male subscriber, 87[shall mean] his legally wedded wife, his children, whether married or unmarried, his 88[***] parents and his deceased son’s widow and children;

(ii) in relation to a female subscriber, 89[shall mean] her legally wedded husband, her children, whether married or unmarried, her 90[***] parents, her husband’s 91[***]parents and her deceased son’s widow and children;

92[(iii) in relation to any subscriber who does not identify themselves as male or female, shall mean their legally wedded spouse, their children, whether married or unmarried, their 93[***] parents and their deceased son’s widow and children;]

Explanation II –In 94[any of above three], if the child of a subscriber or as the case may be, the child of a deceased son of the subscriber has been adopted by another person and if, under the personal law of the adopter, adoption is legally recognized, such a child shall be considered as excluded from the family of the subscriber.

84Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “dependent” 85 Inserted by Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f. 10.08.2017 86 Substituted for the words “this Chapter” by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.

87 Substituted for the words “means” by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.

88Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “dependent” 89 Substituted for the word “means” by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.

90Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “dependent” 91Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “dependent” 92 Inserted by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.

93Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025.

Prior to its omission, it read as under: “dependent” 94 Substituted for “either of the above two” by the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2021 w.e.f. 28.12.2021.PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025]

33. 95[***]

34. 96[***]

35. 97[Providing bank account details.- A subscriber seeking benefits upon exit or withdrawals as permitted under these regulations shall provide the Bank details mandatorily apart from details or copy of Aadhar card issued by Unique Identification Authority of India or details of or copy of Permanent Account Number (PAN) card issued by Income-Tax Department, in order to have the facility of credit of the eligible benefits directly in to the subscriber’s or claimants Bank account as applicable.]

36. Mode of payments under National Pension System.- All payments pertaining to withdrawals under National Pension System shall be made through electronic transfer only and the withdrawal amount shall be directly credited to the subscriber or claimant’s bank account as furnished in the withdrawal form.

37. 98[Stoppage of last month’s deductions by employer.- The monthly contribution consisting of both the employer and employee, as may be applicable and that is required to be deducted for crediting to the subscribers account under the National Pension System by the employers from the salary of such subscriber shall be stopped at least one month prior to the date of superannuation. The employer shall pay such eligible contributions directly to the employee subscriber along with the monthly salary or remuneration that such subscriber is eligible to receive from the employer.]

38. Reports and disclosures.-The annuity service provider, the National Pension System Trust or the central recordkeeping agency shall submit such information and reports as required by the Authority in the mode, manner and frequency as specified by the Authority from time to time.

39. 99[Power of the Authority to issue directions and clarifications.- (1) The Authority shall have the power to issue necessary directions, restricting the provisions relating to withdrawals and exit, as the case may be, under these regulations for complying with any requirements to move from any other pension or superannuation schemes or funds to the National Pension System.

(2) The Authority shall also have the power to issue clarifications and guidelines in order to remove any difficulties in the application or interpretation of these regulations or any provision thereof.] 95 Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to its omission, this clause read as under: “33. Submission of withdrawal application. - A subscriber seeking withdrawal from Tier-I account of the National Pension System shall submit his withdrawal application along with the requirements mentioned thereon to the central recordkeeping agency as per the operational withdrawal and exit guidelines issued by the Authority from time to time 96 Omitted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to its omission, this clause read as under: “34. Requirement of submission of documents - A subscriber seeking withdrawal from Tier-I account of the National Pension System shall submit all the documents as specified on the withdrawal application form. The withdrawal application forms applicable to various categories of the subscribers shall be as per the forms provided by the Authority from time to time.” 97 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to the substitution, it read as under: “Providing bank account details. -A subscriber seeking withdrawal from Tier-I account of the National Pension System shall provide the Bank details mandatorily apart from Aadhar card or PAN card issued by Income-Tax Department, whichever is available in the section

provided in the withdrawal form in order to provide credit of the National Pension System claim amount directly in to their Bank accounts.” 98 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to the substitution, it read as under: “Stoppage of last three months deductions by employer. - Contributions deductions under the National Pension System made by the employers from the salary of such subscriber shall be stopped at least three months prior to the date of superannuation, as may be applicable, to ensure that the exit and withdrawal of the subscriber is smooth and effective. The employer shall settle directly the said last three months’ contributions at their end with the concerned employee.” 99 Substituted by PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 w.e.f.

10.08.2017. Prior to the substitution, it read as under: “Power of the Authority to issue directions and clarifications. -The Authority shall have power to issue necessary directions, restricting the provisions relating to withdrawals and exit, as the case may be, under these regulations, so as to comply with any requirements to move from any other pension or superannuation schemes not covered under the Act, to the National Pension System. The Authority may issue clarifications and guidelines in order to remove any difficulties in the application or interpretation of these regulations.”PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] 100[SCHEDULE I [See Regulations 3, 4 and 5] Table 1 - Government Sector Exit Scenario / Accumulated Utilization of Accumulated Pension Wealth (APW) Event Pension Wealth Lump Sum Systematic Unit Annuity

(APW) at the (Entire Lump Sum or Redemption for at least time of exit systematic lump sum six years (₹) withdrawal or systematic unit redemption or as per other approved option) 100% Not Applicable Not Applicable ≤ 8 lakh Or Up to 60% Not Applicable At least 40% Upon retirement as Balance of APW per regulation Up to ₹6 lakh remaining after lump Not Applicable 3(1)(a) sum

(or) Or > 8 lakh ≤ 12 Upon discharge Balance of APW lakh from service as per Up to ₹6 lakh Not Applicable remaining after regulation 3(1)(d) lump sum Or Up to 60% Not Applicable At least 40% > 12 lakh Up to 60% Not Applicable At least 40% Upon resignation / 100% Not Applicable Not Applicable removal from ≤ 5 lakh Or service as per Up to 20% Not Applicable At least 80% regulation 3(1)(b) > 5 lakh Up to 20% Not Applicable At least 80% 100% Not Applicable Not Applicable ≤ 8 lakh Or Up to 20% Not Applicable At least 80% Balance of APW Up to ₹6 lakh remaining after lump Not Applicable sum Upon death as per Or regulation 3(1)(c) > 8 lakh ≤ 12 Balance of APW lakh Up to ₹6 lakh Not Applicable remaining after lump sum Or Up to 20% Not Applicable At least 80% > 12 lakh Up to 20% Not Applicable At least 80% Table 2 - Non-Government Sector Exit Scenario / Accumulated Utilization of Accumulated Pension Wealth (APW) Event Pension Wealth Lump Sum Systematic Unit Annuity

(APW) at the (Entire Lump Sum or Redemption for at least time of exit systematic lump sum six years (₹) withdrawal or 100Inserted by PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 w.e.f. 16.12.2025PFRDA (Exits and Withdrawals under the NPS) Regulations, 2015 [Last amended on 16th December, 2025] systematic unit redemption or as per other approved option) Upon ≥ 15 years of 100% Not Applicable Not Applicable subscription, or on ≤ 8 lakh Or attaining 60 years, Up to 80% Not Applicable At least 20% or on Balance of APW Up to ₹6 lakh Not Applicable superannuation as remaining after lump sum per regulation Or 4(1)(a) > 8 lakh ≤ 12 Balance of APW

(or) lakh Up to ₹6 lakh Not Applicable remaining after Upon physical lump sum incapacitation as Or per regulation Up to 80% Not Applicable At least 20% 4(1)(d) > 12 lakh Up to 80% Not Applicable At least 20% 100% Not Applicable Not Applicable Upon voluntary ≤ 5 lakh Or exit as per Up to 20% Not Applicable At least 80% regulation 4(1)(b) > 5 lakh Up to 20% Not Applicable At least 80% Upon death as per Any APW Up to 100% Not Applicable Up to 100% regulation 4(1)(c) Exit by individuals 100% Not Applicable Not Applicable who joined on or ≤ 12 lakh Or after 60 years as per Up to 80% Not Applicable At least 20% regulation 4(1)(e) > 12 lakh Up to 80% Not Applicable At least 20% Upon death of individuals who joined on or after Any APW Up to 100% Not Applicable Up to 100% 60 years as per regulation 4(1)(e) Table 3 - NPS-Lite Swavalamban Exit Scenario / Accumulated Utilization of Accumulated Pension Wealth (APW) Event Pension Wealth Lump Sum Annuity

(APW) at the (Entire Lump Sum) time of exit (₹) 100% Not Applicable Upon attaining 60 ≤ 2 lakh Or years as per Up to 60% At least 40% regulation 5(1)(a) > 2 lakh Up to 60% At least 40% 100% Not Applicable Before attaining 60 ≤ 2 lakh Or years as per Up to 20% At least 80% regulation 5(1)(b) > 2 lakh Up to 20% At least 80% Upon death as per Any APW Up to 100% Up to 100% regulation 5(1)(c) ____