Payment of GDS Gratuity to such GDS who, though opted for the Pension (SDBS)

Payment of GDS Gratuity to such GDS who, though opted for the Pension (SDBS) but wee denied pension scheme for insufficiency of corpus in their account.

No. 17-09/2018-GDS
Government of India
Ministry of Communications
Department of Posts
(GDS Section)

Dak Bhawan, Sansad Marg
New Delhi – 110001
Dated 08.10.2021

To

Shri SS Mahadevaiah
General Secretary
AIGDSU, CHQ
PadamNagar Delhi 110007

Subject: Payment of GDS Gratuity of such GDS who, through opted for the Pension (SDBS) but were denied pension scheme for insufficiency of corpus in their Account.

Sir,

Kindly refer to your letter no. GDS/CHQ/95/2/2021 dated 28.09.2021 on the above subject.

2. In this connection, the matter has been examined by the Competent Authority and observed that Para 5 (a) (ii) of Pension Fund Regulatory and Development Authority (Exit and Withdrawals under the National Pension System) Regulations 2015 stipulates that ” if the accumulated pension wealth of the subscriber is equal to or less than a sum of one lakh rupees, such subscriber shall have option to withdraw the entire accumulated pension wealth without purchasing any annuity and upon such exercise of this option, the right of the subscriber to receive any pension under the the National Pension System shall extinguish and any such exercise of this option by the subscriber, before the regulations are notified, shall be deemed to have been made in accordance with this regulation.”

3. Therefore, I am directed to request you to refer the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations 2015 issued by the Pension Fund Regulatory and Development Authority dated 11.05.2015 along with this Directorate vide letter no. 6-11/2009-PE II dated 01.04.2011 which is very clear on the SDBS.

Yours sincerely
DK Tripathi
Assistant Director General (GDS/PCC)