Government of India have
introduced a new restructured defined contributory pension system,
namely ‘New Pension Scheme’ for its employees (except Armed Forces)
recruited on or after 01.01.2004 replacing existing system of defined
pension scheme vide Notification F. No.5/7/2003-ECB&PR dated 22/12/20003 Department of Economic affairs, Ministry of Finance,
Government of India. Accordingly, the scheme was made applicable to
All India Service (AIS) officers recruited to Kerala Cadre on or after
01.01.2004. As per GO (P) No.20/2013/Fin dated 07.01.2013, State
Government adopted National Pension System (NPS) and implemented for all
appointments made on or after 01.04.2013
The
System is working on a defined contribution basis and has two tiers
viz.,Tier- I and Tier - II. Contribution to Tier I is mandatory where as
Tier II is optional and at the discretion of the employee. The
employee shall make a contribution of 10% of his/her Basic Pay and
Dearness Allowance to Tier I. The Government will also make a matching
contribution. The entire amount including returns from investment will
be kept in Tier I account. The pension funds of employees will be
managed by Pension Fund Managers (PFMs) nominated by the Pension Fund
Regulatory and Development Authority (PFRDA) and records
will be maintained by National Securities Depository Limited (NSDL)
that functions as the Central Record Keeping Agency (CRA). At exit, it
would be mandatory for the employee to invest 40% of his/her pension
wealth to purchase an annuity from Annuity Service Providers (ASPs)
which will provide pension for life time of the employee
Sanctioning of pensionary benefits before clearing audit objections - Instructions issued - Circular No 64-2014-Fin dated 21-06-2014
Implementation of National Pension System-Order
Sanctioning of pensionary benefits before clearing audit objections - Instructions issued - Circular No 64-2014-Fin dated 21-06-2014
Implementation of National Pension System-Order
IMPORTANT ORDERS
GO(P)No.622/2013/Fin Dated 19/12/2013
Age limit for higher rate of family pension has been enhanced to 63 years
Age limit for higher rate of family pension has been enhanced to 63 years
G.O.(P)No.435/2012/Fin dated 01/08/2012
circular of the Government on preliminary verification Qualifying Service by the Accountant General for Voluntary Retirement
Disbursement of pensionary benefits on the date of retirement; Instructions issued
circular of the Government on preliminary verification Qualifying Service by the Accountant General for Voluntary Retirement
Disbursement of pensionary benefits on the date of retirement; Instructions issued
Government have withdrawn the unification of the date of retirement and enhanced the age of compulsory retirement of Government Employees,Teachers and staff of aided Educational Institutions -Notification - Circular
Reckoning of prior service for pensionary benefits - Instructions Issued