No provision to refund accumulated corpus under NPS to state govt: FinMin

MoS for finance says five states have reverted to Old Pension Scheme for their staff

There is no provision in the Pension Fund Regulatory and Development Authority Act, 2013 under which the accumulated New Pension Scheme (NPS) corpus can be refunded to the state governments that have reverted to the old pension scheme (OPS), the minister of state for finance Bhagwat Karad informed the Lok Sabha on Monday.

“There is no provision under PFRDA Act, read along with PFRDA (Exits and Withdrawals under the National Pension System) Regulations, 2015, and other relevant Regulations, vide which the accumulated corpus of the subscribers viz Government contribution, Employees' contribution towards NPS along with accruals, can be refunded and