Current Affairs · Pension Regulations
Under the National Pension System (NPS) exit regulations, if a subscriber who joined the NPS after the age of 60 years decides to exit the scheme before completing 3 years for reasons other than superannuation or death, what is the regulatory requirement regarding the annuitization of the corpus?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The subscriber is allowed to withdraw 100 percent of the corpus as a lump sum provided the total accumulated value does not exceed 5 lakh rupees.
- 2The subscriber must utilize at least 80 percent of the accumulated pension wealth for the purchase of an annuity, and the remaining 20 percent can be withdrawn as a lump sum.✓
- 3The subscriber is strictly prohibited from exiting before the completion of five years.
- 4The subscriber can withdraw 60 percent of the corpus tax-free while the remaining 40 percent must be utilized to purchase an annuity.
Correct answer
The subscriber must utilize at least 80 percent of the accumulated pension wealth for the purchase of an annuity, and the remaining 20 percent can be withdrawn as a lump sum.
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