NPS withdrawal: e-Nomination process flow for subscribers changed. Details here

The Pension Fund Regulatory and Development Authority (PFRDA) has made certain changes to the process flow of e-nomination for subscribers. As per the new process flow, after the subscriber initiate e-nomination, the nodal office would have the option to either reject or accept the request. In case, no action is initiated by the nodal office within 30 days of the request then it would get accepted in the CRA system.

The revision in the e-nomination process flow shall be effective from 1st October 2022.

“In the interest of subscribers, it has been decided that once the subscriber initiates the nomination request, the nodal office would be given an option of either accept or reject the nomination request. In case, the nodal office has not initiated any action against the request within the 30 days period, the request would get accepted in CRA system,” the PFRDA said in a circular.

An NPS subscriber must make a nomination in the prescribed form when they sign up for the National Pension System.

Currently, the existing subscribers of NPS who wish to change their nomination in their PRAN can use 'e-nomination’ through their login credentials. The subscribers can also opt to submit the application for changes in the nomination, physically to the associated nodal officers, corporate or points of presence (POPs) as applicable.

In case of e-nomination of the subscribers associated with the government/identified corporate, the e-nomination requests need to be authorized by the associated nodal office/identified corporate for changing the nomination in the PRAN of subscribers as maintained by the respective CRA.

"There are a large number of pendency of e-nomination requests of subscribers, which are attributed to the non-authorization by the associated Nodal Office/Corporate," stated PFRDA in its latest circular.

In the e-nomination, the subscribers will also need to submit an online declaration stating that “I understand and consent to that nomination being made by me now shall be invalid ab initio if it is not consistent with Regulation 32 of the PFRDA (Exits and Withdrawals) Regulations, 2015 and amendments", the PFRDA stated.