PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Circular
Circular No. PFRDA/2020/7/REG-EXIT/1. D
Date : 09.04.2020
To,
All Stakeholders and subscribers under National Pension System (NPS).
SUBJECT: Permission of Partial withdrawals towards treatment of specified illnesses.
In continuation of the circular no. PFRDA/2018/47/Reg-Exit/4 dated 24.05.2018, issued on the applicability & handling of partial withdrawals, Authority is issuing this circular referring the terms of sub-regulation 8(1)(A)(d)(xv) of PFRDA(Exits and withdrawals under NPS) Regulations, 2015 and amendments thereunder, prescribes that-
(a). In view of the decision of Government of India, which has declared COVID-19 as a pandemic, It has been decided to declare “COVID-19” as a critical illness which is life threatening in nature.
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Hence, in view of the above, the partial withdrawals shall be permitted to fulfil financial needs of the subscribers, if required to him/her against the request placed for partial withdrawals towards treatment of illness of subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents as mentioned in regulation 8(1)(A)(d) of the said regulations.
(b). The other terms and conditions as prescribed under regulation 8 of the PFRDA(Exits and withdrawals under NPS) Regulations, 2015 and amendments thereto shall continue to be applicable regarding defining of limits and frequencies.
(c). Documentation
The Nodal Office/PoPs/Aggregators would ensure that the subscriber has provided the following document before authorising partial withdrawals.-
(1). Medical Certificate
(2). Formal request for partial withdrawal.
-s/d
Vikas Kumar Singh
General Manager
