Help needed for Transfer of retirement corpus from LIC NGSCA fund to NPS Tier-1
8 months ago
I want to transfer my LIC NGSCA superannuation fund corpus to my NPS Tier-1 account. The NGSCA A/c is LIC corporate scheme opened for my employer to which I contributed through deduction from salary during my service.
Now I am retired and I want to transfer my LIC NGSCA corpus to my NPS Tier-1 account . Commutation policy and annuity rates are better in NPS compared to LIC NGSCA Scheme.
This transfer of superannuation corpus is allowed via Govt of India directives and PFRDA Circular no PFRDA/2017/11/PD/3 ( Dt. 6th March 2017) .
However, despite my repeated request, LIC P&GS Dept. is not transferring my corpus .
Please advise.
A.Dear Client,
Instead of a superannuation fund in LIC which only offers a pre-tax pension at 5.25%, you can consider shifting to NPS. You need to have an active NPS Tier-1 account. This can be done through your employer (where NPS is implemented). Alternatively, you can do it through a PoP or the eNPS portal. You can log in to npstrust.org.in to open an NPS account. You can also raise your grievance through any of the modes mentioned below:
ï‚· Call Centre/Interactive Voice Response System (IVR)
 The Subscriber can contact the CRA call center at toll-free telephone number 1-800-222080 and register the grievance by using T-PIN.
 Dedicated Call center executives.
ï‚· Physical forms direct to CRA
 The Subscriber may submit the grievance in a prescribed format to the POP–SP
who would forward it to CRA Central Grievance Management System (CGMS).
 Subscribers can directly send the form to CRA.
ï‚· Web-based interface
 The Subscriber may register the grievance at the website www.npscra.nsdl.co.in with the use of the I-pin allotted at the time of opening a Permanent Retirement Account.
Instead of a superannuation fund in LIC which only offers a pre-tax pension at 5.25%, you can consider shifting to NPS. You need to have an active NPS Tier-1 account. This can be done through your employer (where NPS is implemented). Alternatively, you can do it through a PoP or the eNPS portal. You can log in to npstrust.org.in to open an NPS account. You can also raise your grievance through any of the modes mentioned below:
ï‚· Call Centre/Interactive Voice Response System (IVR)
 The Subscriber can contact the CRA call center at toll-free telephone number 1-800-222080 and register the grievance by using T-PIN.
 Dedicated Call center executives.
ï‚· Physical forms direct to CRA
 The Subscriber may submit the grievance in a prescribed format to the POP–SP
who would forward it to CRA Central Grievance Management System (CGMS).
 Subscribers can directly send the form to CRA.
ï‚· Web-based interface
 The Subscriber may register the grievance at the website www.npscra.nsdl.co.in with the use of the I-pin allotted at the time of opening a Permanent Retirement Account.
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