NPS Nominee Change

Updating your National Pension System (NPS) nominee details is a crucial aspect of financial planning that ensures your retirement savings are transferred to the right beneficiaries. Life events such as marriage, childbirth, or the unfortunate demise of a nominee may necessitate changes in your NPS nomination. In this article, we will guide you through the rules, processes, and eligibility criteria for changing your NPS nominee, both online and offline.

What is NPS nominee change?

The National Pension System (NPS) allows subscribers to nominate individuals who will receive the accumulated pension corpus in case of the subscriber's demise. Nomination is a mandatory requirement for Tier 1 accounts but optional for Tier 2 accounts. Subscribers can update or change their nominee details at any time, ensuring their retirement savings align with their current financial and familial circumstances.

Updating your NPS nominee is essential for safeguarding your retirement savings and ensuring they are transferred to the right individuals. Here are some common reasons for changing your NPS nominee:

• Changes in family dynamics: Life events such as marriage, divorce, childbirth, or the demise of a previously nominated individual may require updating your nomination.
• Financial planning updates: Aligning nominee details with your evolving financial goals ensures your retirement corpus is distributed as intended.
• Multiple nominees: You can redistribute the percentage of benefits among different family members to reflect your current priorities.

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The Pension Fund Regulatory and Development Authority (PFRDA) has established clear guidelines for NPS nominations to ensure transparency and ease of management:

• Subscribers can nominate up to three individuals as beneficiaries.
• The percentage allocation of the pension corpus must total 100% across all nominees.
• If a nominee is a minor, guardian details must be provided.
• Nomination is mandatory for Tier 1 accounts but optional for Tier 2 accounts.
• Subscribers can update or modify their nominee details at any time through online or offline processes.

Any individual can be nominated under the NPS, provided they meet the eligibility criteria. Below is a quick overview of the eligibility requirements:

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Changing your NPS nominee can be done through both online and offline methods. Here is a step-by-step guide for each process:

Online process

1. Visit the CRA portal: Log in to the NSDL CRA or Karvy (Protean eGov) portal using your PRAN and password.
2. Navigate to nominee update: Under the ‘Update Personal Details’ section, select ‘Modify Nominee’.
3. Enter new nominee details: Provide the nominee’s name, date of birth, and percentage allocation.
4. Authenticate and submit: Authenticate the changes using OTP or e-sign. Confirmation will be sent via SMS or email.

Offline process

1. Download the nomination change form: Obtain Annexure S2 from the NPS website or your Point of Presence (PoP) service provider.
2. Fill in the details: Include your PRAN, nominee’s details, and percentage allocation.
3. Attach supporting documents: Provide ID proof of the nominee, if required.
4. Submit the form: Submit the completed form at your nearest NPS PoP or Nodal Office.
5. Receive confirmation: After verification, you will receive an update confirmation.

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Changing your NPS nominee is a simple yet vital step in ensuring your retirement savings are distributed according to your wishes. Whether you choose the online or offline process, staying proactive about updating your nominee details helps you align your financial plan with your life circumstances.

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