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GO.No.62 New Pension System Exit Policy

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New Pension System Exit Policy, GOVERNMENT OF ANDHRA PRADESH PUBLIC SERVICES-New Pension System-Exit Policy-Withdrawal procedures for Subscribers from New Pension System-Orders-Issued. FINANCE (PENSION-I) DEPARTMENT G.O.Ms.No. 62 Dated: 07.03.2014

Read the following:-
1 G.O.Ms.No.653, Finance (Pen.I) Department, Dt. 22.09.2004.
2 G.O.Ms.No.655, Finance (Pen-I) Department, Dt. 22.09.2004.
3 F.No.8/97/2010-PFRDA, Dt.17.04.2012 of PFRDA, New Delhi.
4 Govt Circular Memo No.30857/422/Pen.I/A2/2010, Dt.08.03.2010.
5 Lr.No.D(II)1/3058/2013, Dt.04.02.2014 of the DTA, AP, Hyd.

ORDER:

In the G.O. 1st read above, the Government has introduced New Pension Scheme (CPS) to the AP Government employees who were appointed on or after 01.09.2004. In the G.O. 2nd read above, Government has issued operational guidelines. In the New Pension scheme, each employee shall pay a monthly contribution of 10% basic Pay + DA from his salary and the Government will contribute an equal amount as its share.

2. In reference 3rd read above the Provident Fund Regulatory Development Authority (PFRDA) has proposed an interim procedure and accordingly the Government in the reference 4th read above, have issued instructions of interim procedure pending finalization of the Guidelines.

3. In the reference 5th read above the Director of Treasuries and Accounts (DTA) has requested to consider the guidelines as proposed by the PFRDA and requested to issue orders on withdrawal procedures consequent to instructions issued vide reference 4th read above.

4. Government, after careful consideration of the matter, hereby prescribe the Exit guidelines and the procedures to be followed by the stakeholders for submitting and forwarding exit/withdrawal proposals as per the guidelines contained in Annexure-I and II enclosed herewith.

Accordingly, Government hereby withdraws the instructions issued in the Circular Memo 4th read above. However, if any payments are made in the past, they have to be adjusted against the accumulated funds in CPS.

5. All the Drawing and Disbursing Officers and Treasury Officers are requested to take necessary action immediately.

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