PFRDA Circular: Mandatory upload of Withdrawal/ KYC documents to enable Parallel Processingof Exit and Annuity

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR

PFRDA/2023/09/SUP-ASP/01 Feb 22, 2023

To

All NPS Stake Holders

Subject: Mandatory upload of Withdrawal/ KYC documents to enable Parallel Processing of Exit and Annuity for the benefit of NPS Subscribers.

PFRDA in regulatory collaboration with IRDAI had simplified the process of buying. Annuity wherein Annuity Service Providers (ASPs) shall use the NPS withdrawal form submitted at the time of exit by the Subscribers at nodal officers/ POPs for issuing Annuity. ASPs are Life Insurance Companies regulated by IRDAI and empanelled with PFRDA to serve NPS Subscribers and secure their old age with regular stream of periodical income. The detailed guidelines and benefits of parallel processing provided vide our circular dt 14th Nov 2022.

2. The common proposal for Exit from NPS and for buying annuity from ASP facilitates parallel processing of Lump sum component and Annuity due to which the time taken by ASPs while issuing Annuity Policies is significantly reduced which result in faster Subscriber servicing and timely Annuity issuance.

3. In the interest of Subscribers and to benefit them with timely payment of annuity income, the upload of the documents shall be mandatory with effect from 1st April 2023. The Subscribers and the associated nodal officers/POPs/ Corporate need to ensure that the following documents uploaded in the respective CRA user interface and the documents thus uploaded are to be legible,

A. NPS Exit/ Withdrawal Form

B. Proof of Identity and Address as specified in the Withdrawal form

C. Bank account Proof

D. Copy of PRAN card

The process flow provided at the Annexure for ready reference of stakeholders. All Nodal offices/ POPs/ Corporate can educate the associated Subscribers about the importance of upload of documents and perform suitable quality checks about the legibility of those documents.

Digitally signed by K

MOHAN GANDHI

Chief General Manager

011-26517501, 26133730, 26133730 : 011-26517507, HIC www.pfrda.org.in

B-14/A, ChhatrapatiShivaji Bhawan, autab Institutional Area, Katwaria saral, New Delhi-110 016

Phone: 011-26517501, 25133730 ,25133730 Fax: 011- 26517507 website: www.pfrda.org.in