How to Change Nominee in NPS

The National Pension System (NPS) allows subscribers to designate a nominee who will receive the accumulated pension corpus in case of the subscriber’s demise. Over time, circumstances may change, requiring an update in nomination details. This guide explains how to change a nominee in NPS, covering both online and offline methods.

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Why Change a Nominee in NPS?

1. Change in Family Situation: marriage, divorce, birth of a child, or death of a previously nominated individual.
2. Updating Financial Planning: To align your retirement plan with changing financial priorities.
3. Multiple Nominees: To redistribute the percentage of benefits among family members.

Rules for Nomination in NPS

• Up to three nominees can be designated for an NPS account.
• Percentage allocation must be mentioned for each nominee.
• If the nominee is a minor, guardian details must be provided.
• Nomination is mandatory for Tier 1 accounts but optional for Tier 2 accounts.

How to Change Nominee in NPS Online

Step-by-Step Process

1. Visit the CRA Portal
   • Go to the official NPS Central Recordkeeping Agency (CRA) portal:
   • NSDL CRA Portal
   • Karvy (Protean eGov) Portal
2. Login to Your Account
   • Use PRAN (Permanent Retirement Account Number) and password.
   • Authenticate via OTP sent to the registered mobile number.
3. Navigate to the Nominee Section
   • Under the ‘Update Personal Details’ or ‘Demographic Changes’ section, click on ‘Modify Nominee’.
4. Enter New Nominee Details
   • Provide nominee name, date of birth, and percentage share (if multiple nominees).
5. Upload Supporting Documents (if required)
   • In some cases, an additional declaration form (Annexure S2) may be required.
6. Submit the Changes
   • Confirm and authenticate changes using OTP or e-sign.
7. Receive Confirmation
   • Once processed, a confirmation message will be sent via SMS or email.

How to Change Nominee in NPS Offline

Step-by-Step Process

1. Download Nomination Change Form (Annexure S2)
   • Available on the NPS website or through your Point of Presence (PoP) service provider.
2. Fill in the required details.
   • PRAN, nominee’s name, date of birth, percentage allocation.
3. Attach Supporting Documents
   • ID proof of the nominee (if required).
4. Submit the Form
   • Submit at the nearest NPS POP or send it to the Nodal Office.
5. Processing & Confirmation
   • Upon successful verification, an update confirmation will be sent.

Common Issues & Troubleshooting

• Mismatch in Records: Ensure the details match the registered data.
• Delayed Processing: Follow up with the NPS nodal office if confirmation is not received.
• Technical Errors in Online Update Try clearing browser cache or using an alternative browser.

Key Points to Remember

• Nominee changes do not require financial transactions but must be properly documented.
• Corporate NPS accounts may require employer approval before updating nominee details.
• Keep a record of the updated nominee details for reference.

Conclusion

Updating nominee details in NPS ensures that your pension savings are transferred to the rightful beneficiary in case of unforeseen events. Whether using online or offline methods, the process is straightforward and should be reviewed periodically to reflect changes in family and financial planning.