Entitlement on resignation from railway service in respect of railwayservant covered under the National Pension System: Railway Board Order dated 24.12.2024

Resignation from railway service in respect of railway servant covered under the National Pension System (NPS).

 

 

 

GOVERNMENT OF INDIA (BHARAT SARKAR)

MINISTRY OF RAILWAYS (RAIL MANTRALAY)

(RAILWAY BOARD)

RBE No.113/2024

No. 2024/F(E)/NPS1/10

 

The General Managers/Principal Financial Advisers,

All Zonal Railways/Production Units etc.,

DGs of RDSO and NAIR.

New Delhi, dated:24.12.2024.

 

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 On resignation from a service or a post, unless it is allowed to be withdrawn in the public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

Sudamani

(G. Priya Sudarsani)

Director, Finance (Estt.)

Railway Board