Entitlement on resignation from railway service in respect of railway servant covered under the National Pension System: Railway Board RBE No. 113/2024 dated 24.12.2024
RBE No.113/2024
GOVERNMENT OF INDIA (BHARAT SARKAR)
MINISTRY OF RAILWAYS (RAIL MANTRALAY)
(RAILWAY BOARD)
No. 2024/F(E)IINM/NPS1/10
New Delhi, dated:24.12.2024.
The General Managers/Principal Financial Advisers,
All Zonal Railways/Production Units etc.,
DGs of RDSO and NAIR.
Subject: Entitlement on resignation from railway service in respect of railway servant covered under the National Pension System -reg.
The New Pension Scheme (now called as National Pension System(NPS)) was introduced vide Ministry of Finance. Department of Economic Affairs’ notification No. 5/7/2003-ECB & PR dated 22.12.2003. It was provided that the NPS would be mandatory for all new recruits to the Central Government service from 1st of January, 2004 except Armed Forces. The same was adopted on Railways vide Board’s letter No. F(E)III/2003/PN1/24 dated 31.12.2003.
2 On resignation from a service or a post, unless it is allowed to be withdrawn in the public interest by the appointing authority, the lump sum and the annuity out of the Subscriber’s accumulated pension corpus shall be paid to him in accordance with the regulations notified by the Authority as admissible in the case of exit of a Subscriber from the National Pension System before superannuation.
3. Such payment of lump sum withdrawal and annuity shall not be made before the expiry of a period of ninety days from the date on which the resignation becomes effective and the Subscriber is relieved of his duty
4 However. if the Subscriber dies before the expiry of a period of ninety days from the date on which the resignation becomes effective, the payment shall be made to the person eligible to receive such payment immediately in accordance with the regulations notified by the Pension Fund Regulatory and Development Authority (PFRDA) as admissible in the case of exit of a Subscriber from the National Pension System before superannuation.
5 The railway servant on his resignation from service, at his option, may continue to subscribe to the National Pension System with the same Permanent Retirement Account Number. as a non-Government subscriber in accordance with the regulations notified by PFRDA.
(G. Priya Sudarsani)
Director, Finance (Estt.)
Railway Board
COMMENTS