SAF to NPS Quiz - East Corp.

Choose the correct option for the statement - SAF and NPS both are Defined contribution plan only.

• True

• False

In SAF the employer can contribute a maximum of ____% of employee's basic salary?

• 27%

• 14%

• 10%

• 15%

Choose whether true or false: NPS and SAF are governed by same body PFRDA

• True

• False

One can make Pre-mature exit from Superannuation Fund after how many years?

• 5 Years completion

• 3 Years completion

• 10 Years completion

• Not allowed, but if at all withdrawn the amount is subject to tax.

At the time of retirement the NPS corpus if less than or equal to Rs. ______ can be commuted 100%, with no minimum annuitization requirement

• 800000

• 700000

• 500000

• 550000

What is a DOV?

• Legal instrument that allows us to make changes to previously settled contracts

• Standard bank account opening form

• Power of Attorney to assign powers to take financial decisions

• Will substitute

SAF to NPS portability can be done how many times by the employee ?

• Twice in working career

• Depends on type of superannuation fund

• Once in a lifetime

• Unlimited times

State whether True or false : Apart from tax benefits u/s 80C (old tax-regime), Superannuation fund also gives additional benefits of Rs. 50000 u/s 80 ccd(1b)

• True

• False

Which of the following entities is responsible for uploading and confirming the transferred funds to your NPS account?

• The Pension fund trustee

• POP

• Your employer (current or previous as per the case)

• The insurance company

NPS is regulated by PFRDA with no seperate trust whereas for SAF Trust formation is mandatory

• True

• False