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MCQ On NPS

1) The New Pension Scheme (NPS) applies to all new entrants to the Odisha state government service joining on or after January 1, 2005. 2) NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). Subscribers can make partial withdrawals from their pension funds for approved purposes like children's education or medical emergencies after contributing for at least 3 years. 3) Subscribers contribute 10% of their basic pay plus dearness allowance each month to Tier 1, while the government contributes 14% to the employee's account. Partial withdrawals are limited to 25% of contributions and can only be done up to 3 times during employment.

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6K views2 pages

MCQ On NPS

1) The New Pension Scheme (NPS) applies to all new entrants to the Odisha state government service joining on or after January 1, 2005. 2) NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). Subscribers can make partial withdrawals from their pension funds for approved purposes like children's education or medical emergencies after contributing for at least 3 years. 3) Subscribers contribute 10% of their basic pay plus dearness allowance each month to Tier 1, while the government contributes 14% to the employee's account. Partial withdrawals are limited to 25% of contributions and can only be done up to 3 times during employment.

Uploaded by

Subash Senapati
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© © All Rights Reserved
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OBJECTIVE QUESTION & ANSWER ON NEW PENSION

SCHEME (NPS)

1) New Pension Scheme is applicable to all new entrance to State


Government of Odisha Service joining on or after-Ans-1st January 2005.
2) PFRDA stands for-Ans- Pension Fund Regulatory and Development
Authority.
3) Who are exempted from the NPS-Ans- Armed Forces.
4) What is the monthly rate of contribution by Govt-Servants TO Tier -I-Ans-
10% of basic pay plus DA.
5) What is the rate of contribution by the Govt to the employee’s account
under Tier-1 of the NPS- Ans-14% basic pay plus DA.
6) A person joins Odisha Govt.Service in the month of June 2022. When will
the deductions towards Tier-1 contribution start from his pay bill?- July-
2022.
7) Who is regulating NPS, subscribed by employees of Govt. of India, State
Govts.- Pension Fund Regulatory and Development Authority
8) A subscriber permitted a partial withdrawal from the Pension fund under
NPS, if he should have been in the NPS for a period of ______ from the
date of joining.- Ans-Atleast 3 years.
9) A partial withdrawl of accumulated pension wealth of the subscriber not
exceeding ______ of the contributions made by the subscriber is permitted-
Ans- 25%.
10) _____ times can withdrawl under NPS be allowed during entire tenure of
subscription. Ans- 3 times.
11) For which purpose is withdrawl under NPS allowed to a subscriber? Ans-
a) Higher education of children b) for treatment of critical illnesses c) For
the purchase/contraction of residential house etc.
12) Who is the competent to process a withdrawl from the pension wealth
fund under NPS. Ans-Central Record Keeping Agency (CRA).
13) Pension Fund Regulatory and Development Authority (PFRDA) the
regulatory body for NPS has appointed- Ans- NSDL.

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14) Under New Pension Scheme, the employee subscriber shall draw pension
based on length of his qualifying service- Ans- Incorrect one. (It is required
for Old Pension Scheme not for NPS)
15) During Extra Ordinary Leave (EOL) on Medical Grounds no contribution
is payable to NPS, either by Govt or by the employee- Ans- Correct One.
16) ____ contribution shall be made during suspension under NPS. Ans- No
contribution.
17) In case of Half Pay Leave (HPL), the subscription of the employer and the
Govt would be _____ Ans- Proportionate to Leave Salary.
18) At ___ age can a subscriber covered under NPS normally exit from the
pension account ? Ans- 60 years.
19) Subscriber can contribute to NPS account beyond the age of 60
years/superannuation upto ___ year Ans-70 years.
20) If NPS subscriber opt for premature exit or voluntary retirement then
minimum Annuitization is _____ of accumulated wealth. Ans- 80%.
21) If NPS subscriber opt for premature exit or voluntary retirement then
maximum lump-sum withdrawl is ____ of accumulated wealth. Ans-20%
22) In case of pre-mature exit, if total accumulated corpus is_________ the
subscriber can avail the option of complete withdrawl. However, you can
exit from NPS only after completion of 10 years. Ans- Less than or equal to
Rs.1 Lakh.
23) When NPS subscriber retired at the time of superannuation then
minimum annuitization is _______ of accumulated wealth. Ans-40%.
24) When NPS subscriber retied at the time of superannuation then
maximum lumpsum withdraw1 is______of accumulated wealth. Ans-60%
25) NSDL founded on____ Ans- August 1996.
26) 16 digit permanent Pension Account Number (PPAN) allotted by _____
Ans- Pay and Accounts Office (PAO)
(* The first four digit of this number indicate the calendar year of joining Govt.service, the next digit indicates whether
it is Civil or Non-Civil Ministry, the next six digits would represent the PAO code (which is used for the purpose of
compiling monthly accounts) and the last five digit will be running serial number of the individual govt. servant which
will be allotted by the PAO concerned)
27) ____ will prepare the annual account statements for each employee at the
end of each financial year. Ans-Central pension Accounting Officer
(CPAO).

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