Board of Directors
Remittance of contribution
Retirement of Employee
Joining the scheme
Retirement from service
Member Home Loan
Becoming a pensioner
Eligibility Criteria and Benefit Formula
Preparing for Retirement
Dos and Don'ts for pensioners/beneficiaries and pension disbursing agencies.
Investment Product and Service
Enrollment Form - Armed Force
Enrolment Form - Civil
Updation of Spouse /Children Form
PF Claim Form
Education Loan Form
Housing Loan Form
Member Home Loan Form
Member Loan Application Form
Loan Care Insurance Form
Student Loan Application Form
Job Application Form
Pension vesting period
Generally, a member becomes eligible for pension after ten years of membership in the scheme, provided the member attains normal retirement age as per their respective service rules. A member may however avail monthly pension five years prior to attaining the normal retirement age. The monthly pension is accordingly reduced for the number of months falling short of normal retirement age.
Pension formula and annual indexation
The amount of monthly pension depends on the basic salary upon retirement and the number of years of service. Once started, pension is paid until the death of member and is indexed annually based on CPI, up to a maximum of 5%. Thereon, surviving family members are eligible to receive other pension benefit as described in the following paragraph.
Surviving family benefits
A member must have served for a minimum of three years to be eligible for surviving family benefits. Children of deceased members, under the age of 18 years receive monthly pension. Up to three children at a time are eligible for the benefit. The benefit amount is slightly higher for orphans.
Surviving spouse of a member is also eligible for monthly pension, in addition to the children/orphan benefit. Spouse of deceased armed forces personnel start receiving monthly pension immediately upon demise of member. Spouse of civil members start receiving monthly pension only from the age of 50 years.
For deceased members who are not survived by any children or spouse, their surviving parents are eligible for monthly pension.
Option to avail lump sum benefit
A civil member (of NPPFP) who has been a member for less than 10 years isn’t eligible for monthly pension and must take lump sum refund of his/her pension contribution. On the other hand, a member with 20 or more years of service must take monthly pension. However, members between 10 and 20 years of service have the option to choose either to take lump sum refund or wait to receive monthly pension upon attaining retirement age.
For armed forces member (of AFPPFS), (s)he is eligible to receive lump sum up to the tenth year of service. After that, members have to wait till their rank-specific retirement age to receive monthly pension.
Click here. to read specific details on benefit eligibility and benefit formula/amount.
In line with RMA’s notification on the 3rd revision of MLR from 6.66% to 6.51% dated August 03, 2017, the National Pension and Provident Fund (NPPF) would like to inform that there is no change in the interest rates for member loan products. However, interest rate for corporate clients has been revised.
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