Income Tax Rebate in NPS

PFRDA ने सेक्शन 80 C के तहत नेशनल पेंशन सिस्टम (NPS) tier-II इनकम टैक्स सेविंग स्कीम के लिए नई गाइडलाइंस जारी की है। NPS Tier II स्कीम के तहत केवल केंद्र सरकार के कर्मचारी ही इनकम टैक्स का लाभ हासिल करने के लिए पात्र हैं। यह Tier I NPS स्कीम के तहत मौजूद इनकम टैक्स लाभ के अतिरिक्त है।

सिर्फ सरकारी कर्मचारियों के लिए NPS Tier II अकाउंट के लाभ

केंद्र सरकार के कर्मचारी का हर साल 1.50 लाख रुपये तक का NPS के Tier-II अकाउंट मं किया जाने वाला योगदान तीन साल के लिए लॉक-इन पीरियड में रहेगा। इस 3 साल के लॉक-इन पीरियड में कोई विदड्रा नहीं होगा। हालांकि सब्सक्राइबर की मौत की स्थिति में नॉमिनी या लीगल उत्तराधिकारी पैसा निकाल सकता है।  

 

केंद्र सरकार के कर्मचारी जो इस टैक्स का बेनिफिट उठाना चाहते हैं, उनके तीन NPS अकाउंट हो सकते हैं।

1 - Tier-I में अनिवार्य (mandatory) अकाउंट हो।

2 - Tier-II में ऑप्शनल और स्वतंत्र रूप से पैसे निकाल सकते हों।

3 – तीसरा अकाउंट Tier-II होगा। यह ऑप्शनल अकाउंट होगा। इसमें सेक्शन 80 C के तहत लाभ मिलेगा। जिसमें 3 साल का लॉक-इन पीरियड जरूरी है। 

NPS इनकम टैक्स बेनिफिट – प्राइवेट और सरकारी कर्मचारी दोनों के लिए

NPS Tier 1 अकाउंट में किए गए योगदान पर सेक्शन 80CCD (1B) के तहत 50,000 डिडक्शन (छूट) मिलता है। यह छूट सेक्शन 80CCD (1) के तहत 1.5 लाख रुपये तक के योगदान पर मिलने वाले डिडक्शऩ के अतिरिक्त है। लेकिन इस बात का ध्यान रखने की जरूरत है कि सेक्शन 80 सी, 80CCC (किसी इंश्योरर की तरफ से दिए पे पेंशन प्लान में निवेश) और सेक्शन 80CCD (1) (NPS) के तहत मिलने वाली छूट की राशि किसी फिस्कल ईयर में 1.5 लाख रुपये से ज्यादा नहीं होनी चाहिए।

इसके अलावा अगर कोई NPS सब्सक्राइबर इसी अप्रैल से प्रभावी नए इनकम टैक्स स्लैब या दर का विकल्प अपनाता है तो सेक्शन 80CCD (1B) के तहत मिलने वाला 50, 000 रुपये का विशेष डिडक्शन या सेक्शन 80CCD (1) के तहत मिलने वाली 1.5 लाख रुपये की छूट और सेक्शन 80C के तहत मिलने वाली छूट लागू नहीं होगी।     

अगर आप टैक्स स्लैब नहीं चुनते हैं तो पुराना टैक्स नियम आपके ऊपर लागू रहेगा। लेकिन अगर आप नए टैक्स रेट के लिए अपलाई करते हैं तो भी आप कर्मचारी के NPS अकाउंट में कंपनी के योगदान पर इनकम टैक्स डिडक्शऩ के लिए क्लेम कर सकते हैं।

NPS in detail in Hindi एन पी एस को समझें हिंदी में

The Lallantop news portal has explained  it very well
द लल्लनटॉप न्यूज़ पोर्टल में एन पी एस को आसान भाषा में समझाया गया है इसे देखिये

इस खबर का  श्रेय लल्लन टॉप को साभार

Government had changed OPS (Old pension scheme) with NPS (National pension scheme) for central govt. employee in the year 2005. Few years later it was also opened for all Indian citizens including NRIs. However reports are coming that other than Govt. employee (for whom the scheme is mandatory) others has shown very less interest in enrolling for NPS. This edition of Aasan Bhasha Mein (Explainer) digs the reason, why NPS has failed?

Withdrawl and Exit from NPS

Credit goes to source :  NSDL website

1. What is an Exit?

An exit is defined as closure of individual pension account of the subscriber under National Pension System.

2. When can a Subscriber exit from NPS?

As per PFRDA (Exits & Withdrawals under NPS) Regulations 2015, following Withdrawal categories are allowed:

• Upon Normal Superannuation – At least 40% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of an Annuity providing for monthly pension to the Subscriber and the balance is paid as lump sum to the Subscriber.
  In case the total corpus in the account is less than or equal to Rs. 2 lakh as on the Date of Retirement, Subscriber can avail the option of complete Withdrawal.
• Upon Death – At least 80% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of an Annuity providing for monthly pension to the Spouse and the balance is paid as lump sum to the nominee/legal heir.
  In case the total corpus in the account is less than or equal to Rs. 2 lakh as on the Date of Death of the Subscriber (Government sector), nominee/legal heir can avail the option of complete Withdrawal.
  Further, if family member opts for family pension, as per the Regulations, all the accumulated pension wealth shall be transferred to the bank account of the Nodal Office for further settlement as per Government directives.
• Pre-mature Exit – At least 80% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of an Annuity providing the monthly pension to the Subscriber and the balance is paid as a lump sum to the Subscriber.

In case the total corpus in the account is less than or equal to Rs. 1 lakh as on the Date of Resignation, the Subscriber can avail the option of complete Withdrawal.

3. What options for exit from NPS are available for Subscriber at the time of Superannuation/at the age of 60?

Subscriber can decide to remain invested in NPS (Up to 70 years) or can exit from NPS. Following options are available to NPS Subscribers:

• Continuation of NPS account: Subscriber can continue to contribute to NPS account beyond Retirement (Up to 70 years) and avail additional tax benefit on the contribution.
• Deferment of Withdrawal: Subscriber can defer his/her Withdrawal and stay invested in NPS upto 70 years of age. Subscriber can defer only lump sum Withdrawal, defer only Annuity or defer both lump sum as well as Annuity.
• Start your Pension: If Subscriber does not wish to continue/defer NPS account, he/she can exit from NPS. He/she can initiate exit request online and as per NPS exit guidelines start receiving pension.

4. Where shall Subscriber/Nodal Office find the withdrawal forms? What are the different types of Withdrawal Forms?

You can find the withdrawal form of respective sector from "Form" section available on this website. Based on the different types of Withdrawal request, following forms are made available:

• Superannuation
• Premature
• Death

5. Whether voluntary retirement is treated as pre-mature exit or superannuation?

In the context of NPS, voluntary retirement is treated as pre-mature Exit.

6. What is an Exit Claim ID and what is its relevance?

• In case of Superannuation, Exit Claim ID is generated 6 months before the Date of Retirement. It enables nodal office or Subscriber to make any changes (like DOB, address etc.) in the system until one day before Date of Retirement. Withdrawal request cannot be raised without generation of Claim ID.
• Generation of Claim ID is not required to process death online Withdrawal request. Nodal office can directly raise the Withdrawal request for death cases., the Subscriber needs to contact the Nodal office for generation of Claim ID for Withdrawal of NPS funds. Generation of Claim ID is not required if Withdrawal request is initiated by Nodal Office.

Generation of Claim ID is not required to process death online Withdrawal request. Nodal office can directly raise the Withdrawal request for death cases.

7. When Nodal Office/Subscriber will be able to initiate online Withdrawal request for retired Subscriber?

Claim ID will be generated by the CRA six months before the Date of Retirement. Once the claim ID is generated, Subscriber/Nodal Office will be able to initiate the online Withdrawal request in CRA system.
Withdrawal request will be processed once the nodal office verifies (if initiated by Subscriber) and authorize the Withdrawal request and Subscriber attains his/her Date of Retirement.

8. Who have to initiate the online Withdrawal request in CRA system?

Online Withdrawal request can be initiated by the Subscribers using I-PIN provided to them. Such requests need to be verified and authorized by the nodal office. In case Subscriber is not able to initiate online Withdrawal request, Subscriber need to submit the physical Withdrawal form along with the required documents to the nodal office based on which Nodal Office will initiate online Withdrawal request on behalf of the Subscriber.

9. How can Nodal Office capture an online Withdrawal request?

• For Superannuation Withdrawal: In case Subscriber is not able to initiate online Withdrawal request, Nodal Office can capture (on behalf of Subscriber) the online Withdrawal request six months in advance from the date of Retirement. Nodal Office can initiate the request by logging using I Pin provided into the CRA website (www.cra-nsdl.com) under the menu ‘Exit Withdrawal Request’. Nodal Office can refer Demo for capturing online Withdrawal request which is available on CRA website (www.npscra.nsdl.co.in).
• For Pre-mature Exit & Death Withdrawal: Nodal Office can initiate the request by logging using I Pin provided into the CRA website (www.cra-nsdl.com) under the menu ‘Exit Withdrawal Request’. Nodal Office can refer Demo for capturing online Withdrawal request which is available on CRA website (www.npscra.nsdl.co.in).

10. Is maker-checker concept applicable for Nodal Office in Withdrawal request?

Yes maker-checker concept is applicable in Withdrawal request.
Nodal Office has to capture the Withdrawal request using one user Id (maker) and authorize the same using other user Id (checker).
Further, if superannuated Subscriber has captured the Withdrawal request in CRA system, Nodal Office has to verify that Withdrawal request in CRA system using one user Id (maker) and authorize the Withdrawal request in CRA system using other user Id (checker).

11. What are the documents to be obtained from the Subscriber in case of Superannuation & Pre-mature Exit?

Following documents are to be obtained along with the completely filled Withdrawal form for Superannuation & Pre-mature Exit:

• Advanced stamped receipt needs to be duly filled and cross-signed on the Revenue stamp by the Subscriber.
• KYC documents (address and photo-id proof)
• Cancelled Cheque’ (having Subscriber’s Name, Bank Account Number and IFS Code) or ‘Bank Certificate’ on Bank Letterhead having Subscriber’s name, Bank Account Number and IFS Code required to be submitted as bank proof. ‘Copy of Bank Passbook’ can be accepted, however, it should have Subscriber’s photograph, Name and IFS Code on it and should be self-attested by the Subscriber.
• "Request Cum Undertaking" form if eligible for complete Withdrawal.

After obtaining required documents, Nodal Office should capture the online Withdrawal request through maker and checker concept. Nodal Office should authorize Withdrawal form & supporting documents and attach covering letter and forward the same to CRA for storage purpose.

12. Can a Subscriber claim for 100% Withdrawal in case of Superannuation and Pre-mature Exit?

• Advanced stamped receipt needs to be duly filled and cross-signed on the Revenue stamp by the Subscriber.
• In case of Superannuation, a Subscriber can claim 100% Withdrawal if the total accumulated corpus is less than Rs. 2,00,000 at the time of Superannuation/attaining age of 60 years.
• In case of Pre-mature Exit, if the total accumulated corpus is less than Rs. 1 Lakh, the Subscriber can avail the option of complete Withdrawal.

13. Can a Non-IRA (Non – Individual Retirement Account) Subscriber submit Withdrawal request?

No, Non-IRA Subscriber has to submit CSRF form to become IRA compliant. Once the Subscriber is IRA compliant he/she can initiate the online Withdrawal request in CRA.
However, in case of exit due to death, Subscriber need not be IRA Compliant. Nodal Office can capture the online request even though Subscriber is non IRA Compliant.

14. What are the documents to be obtained from nominee/claimant in cases of death Withdrawal request?

Following documents are to be obtained along with the completely filled Withdrawal forms:

• Advanced stamped receipt need to be duly filled and cross-signed on the Revenue stamp by the Claimant.
• KYC documents (address and photo-id proof)
• 'Cancelled Cheque’ (having claimant’s Name, Bank Account Number and IFS Code) or ‘Bank Certificate’ on Bank Letterhead having claimant’s name, Bank Account Number and IFS Code required to be submitted as bank proof. ‘Copy of Bank Passbook’ can be accepted, however, it should have claimant’s photograph, Name and Bank IFS Code on it and should be self attested by the claimant.
• Copy of Death Certificate issued by the Registrar of birth and death
• NO objection Certificate (NOC) is required to be submitted by the mapped nodal office.

After obtaining required documents, Nodal Office should capture the online Withdrawal request through maker and checker concept. Nodal Office should authorize Withdrawal form & supporting documents and attach covering letter and forward the same to CRA for storage purpose.

15. How to process the death cases if there is no nominee is registered in CRA system?

Nominee available in the office record with his or her employer for the purpose of receiving other admissible terminal benefits shall be treated as nominee for the purposes of receiving benefits under the National Pension System.

16. How to process death cases where multiple nominees are registered in CRA system?

Such Withdrawal request will be processed as per below mentioned scenario:

• Withdrawal form needs to be submitted by all the nominees registered in CRA system.
  If some nominee/s doesn’t not want to claim the NPS corpus:
  • Relinquishment deed is to be submitted by the nominee/s who doesn’t want to claim the NPS benefits.
  • Indemnity Bond is to be submitted by the nominee who is claiming the NPS benefits.
• In case one nominee is a major and other is a minor,
  • Major nominee will submit his/her Withdrawal form.
  • Guardian (on behalf of minor) will submit the Withdrawal form along with the birth proof of the minor.

17. How to process the Withdrawal cases where disability/family pension is being paid?

Nodal Office has to submit following documents where disability/family pension is being paid:
Annexure 1: Declaration by Nodal Office (disability/family pension is being paid) mentioning bank account details of Nodal Office.
Annexure 2: Declaration from nominee/legal heir mentioning that nominee/legal heir will not get NPS benefits.
The employer shall send a confirmation of such nominations in its records, to the National Pension System Trust or the NSDL-CRA, while forwarding the claim for processing.

18. Whether Nodal Office can submit physical Withdrawal request of the underlying NPS Subscribers?

No, Withdrawal proceeds are credited electronically to the bank account of the Subscriber/Claimant, as the case maybe. It is necessary for the Subscriber /Claimant to have a bank account.

19. What communications are sent to subscribers providing status of his /her requests?

No, w.e.f. April 1, 2016, PFRDA has made it mandatory for all the nodal office to raise the Withdrawal request online using the 'Online Withdrawal' module available in CRA system. Physical Withdrawal request submitted by the Nodal Office will not be processed by CRA.

20. Where will Nodal Offices submit the Withdrawal forms?

The Withdrawal form needs to be submitted at the following address for further processing:
NPS Claim Processing Cell
Central Recordkeeping Agency,
NSDL e-Governance Infrastructure Limited,
1st Floor, Times Tower, Kamala Mills Compound,
SenapatiBapatMarg, Lower Parel,
Mumbai-400013.

21. How does the Subscriber/Claimant receive the Withdrawal proceeds?

The Withdrawal proceeds are credited in Subscriber/Claimant bank account (as per the bank details provided at the time of initiating online Withdrawal request) through electronic mode only.

22. How Nodal Office/Subscriber can check the status of Withdrawal request?

Nodal Office/Subscriber can check Withdrawal status as per below mentioned option:

• Nodal Office/Subscriber can check through the ‘Limited Access View’ (Pre Login) functionality which is available at CRA website home page (www.cra-nsdl.com).
• Nodal office/Subscriber can also check the status under the menu ‘Exit Withdrawal Request’>>'Withdrawal Request Status View’ by logging into website (www.cra-nsdl.com).

23. Can Subscriber avail loan against his/her NPS account?

No, NPS Subscriber can't avail loan against his/her NPS account.

24. Can Subscriber opt for Withdrawal during his/her service period?

Yes, Partial Withdrawal facility is available for NPS Subscribers whereby Subscriber can opt for Withdrawal of certain amount out of his own contribution.

25. What are the conditions for Partial Withdrawal?

Following are the conditions of Conditional Withdrawal:

• Subscriber should be in NPS system for 3 years
• Withdrawal amount will not exceed 25% of the contributions made by the Subscriber
• Withdrawal is allowed only against the specified reasons-
  • Higher education of children
  • Marriage of children
  • For the purchase/construction of residential house or flat in his or her own name or in a joint name with his or her legally wedded spouse. In case, the Subscriber already owns either individually or in the joint name a residential house or flat, other than ancestral property, no Withdrawal under these regulations shall be permitted.
  • For treatment of specified illnesses - suffered by Subscriber, his legally wedded spouse, children including a legally adopted child and dependent parents.
• Withdrawal can happen maximum of three times during the entire tenure of subscription.

26. How can the Partial Withdrawal be processed?

If Subscriber has initiated the Withdrawal request in CRA system, Nodal Office is required to ‘Verify’ and ‘Authorize’ the Withdrawal request in CRA system.

• The PAO/DTO will verify Withdrawal request in CRA system using one user Id by clicking sub-menu ‘Verify Conditional Withdrawal Request’ under ‘Transaction’ menu.
• PAO/DTO is required to authorize the request in CRA system using another User Id. User is required to click sub-menu ‘Authorise Conditional Withdrawal Request’ under ‘Authorise Request’ Menu to authorize the Partial Withdrawal Request.

Alternatively, Nodal Office can also initiate the Partial Withdrawal request on behalf of Subscriber as mentioned below:

• The PAO/DTO will capture Withdrawal request in CRA system using one user Id by clicking sub-menu ‘Initiate Conditional Withdrawal’ under ‘Transaction’ menu.
• PAO/DTO is required to authorize the request in CRA system using another User Id. User is required to click sub-menu ‘Authorise Conditional Withdrawal Request’ under ‘Authorise Request’ Menu to authorize the Partial Withdrawal Request.

27. How can a Subscriber withdraw from Tier II Account?

In order to withdraw from Tier II account, the Subscriber needs to submit a duly filled form (______) to the associated Nodal Office. Subscriber can also put an online withdrawal request after logging into the CRA system or through Mobile App.

For more detail please click here 

Forgot your NPS PRAN Password ... ?

What to do if your forget your NPS PRAN login password.
Please see in detail  in this video

How to login and operate online NPS

This video describes how to login and view your nps statement :

 

FAQ about NPS Grievance

 Credit goes to : NPS website 

e-mail: grc@pfrda.org.in
NPS Information Desk Toll Free No. (at PFRDA): 1800 110 708
To Register your NPS grievance Click here

1. How can a subscriber register grievances/complaints?

A Subscriber can contact the PAO/ DTO through his DDO, for resolving his/her grievance, if against the PAO/ DTO. In case grievance pertains to other intermediaries, PAO will lodge the grievance on behalf of subscriber in CGMS. A Subscriber can also raise a grievance/ compliant in any of the following manner:

1. Through the CRA Helpline using the T-PIN to register the complaint.
2. Raise an online grievance through the CRA website using I-PIN.
3. Approach the concerned PAO, who can raise a grievance on Subscriber's behalf.
4. Send a physical letter to CRA or an e-mail to info.cra@nsdl.co.in mentioning the grievance.

A subscriber may also write to Grievance Redressal Cell, PFRDA, 1st Floor, ICADR Building, Vasant Kunj Institutional Area, Ph II New Delhi 70 (Email: grc@pfrda.org.in) for taking appropriate action. The Subscriber can check the status of the grievance in CRA website at www.cra-nsdl.com

 2. How will the grievance get resolved?

Whenever a subscriber raises a grievance, a system generated alert goes to the entity against which the grievance is raised. The respective entity then resolves the grievance and post resolution details in CRA system.

3. How can a Subscriber check the the status of the grievance lodged by him/her?

When a subscriber registers a grievance in the CRA website (www.cra-nsdl.com), an unique token number is assigned to each and every grievance. Subscriber can use that token no. to know about the status of the grievances either through the call centre or through the CRA web-site.

4. What are the type of grievances for which a Subscriber can approach the Nodal Office directly?

A Subscriber can approach the Nodal Office in case of the following grievances:

1. Non receipt of PRAN Card.
2. Re-issue of PRAN Card.
3. Re-issue of I-PIN/T-PIN.
4. Submission of request for modification (Form S2) in subscriber details such as personal details, nomination details, employment details, etc.
5. Incorrect/non updation of suscribers details (after submission of Form S2).
6. Submission of request for Shifting of Subscriber (Form ISS-1).
7. Contribution not uploaded by PAO.
8. Delay in contribution upload by PAO.
9. Submission of request for Transaction Statement.
10. Queries regarding submission of PRAN application, change in subscriber details, shifting of subscriber etc.
11. Queries relating to service term such as amount of NPS deduction, payment of salary, retirement benefits etc.
12. Submission of request for withdrawal.

5. Whom can a Subscriber approach in case of non resolution of grievance by any of the concerned entities?

In case a Subscriber is dissatisfied with the resolution of their grievances, they may write to Grievance Redressal Cell (GRC), PFRDA at the below mentioned address for taking appropriate action.
Grievance Redressal Cell,
Pension Fund Regulatory and Development Authority,
1st, Floor, ICADR Building, Vasant Kunj Institutional Area Phase II, New Delhi 110070
e-mail: grc@pfrda.org.in
NPS Information Desk Toll Free No. (at PFRDA): 1800 110 708

6. How can a Subscriber get the latest updates on NPS?

The latest updates on NPS procedure/guidelines etc., are available on the PFRDA website www.pfrda.org.in / CRA website – www.npscra.nsdl.co.in Subscribers may visit the said websites for details of NPS.

FAQ about NPS

Detailed video help is available here
https://www.youtube.com/channel/UCHu3qDE4hRaoIYc2OpZUbYA

1. What is National Pension System?

National Pension System (NPS) is a pension cum investment scheme launched by Government of India to provide old age security to Citizens of India. It brings an attractive long term saving avenue to effectively plan your retirement through safe and regulated market-based return. The Scheme is regulated by Pension Fund Regulatory and Development Authority (PFRDA).National Pension System Trust (NPST) established by PFRDA is the registered owner of all assets under NPS.

2. What are different sectors in NPS?

NPS can be broadly classified into two categories and it is further customised for different sectors as mentioned below:

1. Government Sector:
   1. Central Government:
      The Central Government had introduced the National Pension System (NPS) with effect from January 1, 2004 (except for armed forces). All the employees of Central Autonomous Bodies who have joined on or after the above mentioned date are also mandatorily covered under Government sector of NPS.Central Government/CABs employee contributes towards pension from monthly salary along with matching contribution from the employer.
   2. State Government:
      Subsequent to Central Government, various State Governments adopted this architecture and implemented NPS with effect from different dates. A State Autonomous Body (SAB) can also adopt NPS if the concerned State Government/UT have adopted the NPS architecture and initiated implementation of the same. State Government/SABs employees also contribute towards pension from monthly salary along with matching contribution from the employer.
2. Private Sector (Non-Government Sector):
   1. Corporates:
      NPS Corporate Sector Model is the customized version of NPS to suit various organizations and their employees to adopt NPS as an organized entity within purview of their employer-employee relationship.
   2. All Citizens of India:
      Any individual not being covered by any of the above sectors has been allowed to join NPS architecture under the All Citizens of India sector from May 01, 2009.

3. Why should I open NPS Account?

Opening NPS account has its own advantages as compared to other pension product available. Below are few features which make NPS different from others:

1. Low cost product
2. Tax breaks for Individuals, Employees and Employers
3. Attractive market linked returns
4. Easily portable
5. Professionally managed by experienced Pension Funds
6. Regulated by PFRDA, a regulator set up through an act of Parliament

4. Who can join NPS?

Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years (as on the date of submission of NPS application) can join NPS.

5. Can an NRI join NPS?

Yes, an NRI can open an NPS account. Contributions made by NRI are subject to regulatory requirements as prescribed by RBI and FEMA from time to time.However, OCI (Overseas Citizens of India) and PIO (Person of Indian Origin) card holders and HUFs are not eligible for opening of NPS account.

6. Can I open multiple NPS accounts?

No, opening multiple NPS accounts for an individual is not allowed under NPS. However an Individual can have one account in NPS and another account in Atal Pension Yojna.

7. Can I open an NPS account jointly with my spouse, child, relative, etc.?

No, NPS account can be opened only in individual capacity and cannot be opened or operated jointly or for and on behalf of HUF

8. How NPS works?

Upon successful enrolment, a Permanent Retirement Account Number (PRAN) is allotted to the subscriber under NPS. Once the PRAN is generated, an email alert as well as a SMS alert is sent to the registered email ID and mobile number of the subscriber by NSDL-CRA (Central Record Keeping Agency).Subscriber contributes periodically and regularly towards NPS during the working life to create the corpus for retirement. On retirement or exit from the scheme, the Corpus is made available to the Subscriber with the mandate that some portion of the Corpus must be invested in to Annuity to provide a monthly pension post retirement or exit from the scheme.