National Pension System (NPS) gives the investor flexibility in terms of timing of contributionNational Pension System (NPS), a government-sponsored retirement planning, enables the subscriber to set his or her own choice for fund allocation to different asset classes.

Originally launched for the government employees in 2004 and extended to the general public in 2009, NPS gives the investor flexibility in terms of timing of contribution, choice of pension fund, and choice of allocation, according to National Securities Depository's (NSDL) website - npscra.nsdl.co.in. It allows premature withdrawal and exit from an account under certain conditions.When can a subscriber exit from NPS?Upon normal superannuation (Upon attaining 60 years of age)In case if the total accumulated corpus in the NPS account is less than Rs.

2 lakh, the subscriber can opt for a 100 per cent lump sum withdrawal, according to NSDL's website.

In other cases, at least 40 per cent of the accumulated corpus needs to be utilized for purchase of an annuity scheme, providing a monthly pension to the subscriber.

In this case, the remainder is paid as lump sum to the subscriber.Pre-mature exit (Before attaining 60 years of age)At least 80 per cent of the accumulated pension wealth of the subscriber has to be utilized for purchase of an annuity, providing the monthly pension to the subscriber and the balance is paid as a lump sum to the subscriber, according to NSDL.Upon Death At least 80 per cent of the accumulated pension wealth of the subscriber has to be utilized for purchase of an annuity, providing for monthly pension to the spouse and the balance is paid as lump sum to the nominee/legal heir.  In case the total corpus in the account is less than or equal to Rs 2 lakh as on the date of death of the subscriber (government sector), nominee/legal heir can avail the option of complete withdrawal, according to NSDL. Further, if family member opts for family pension, as per the regulations, all the accumulated pension wealth is transferred to the bank account of the nodal office for further settlement as per government directives.

In case the total corpus in the account is less than or equal to Rs 1 lakh as on the date of resignation, the subscriber can avail the option of complete withdrawal.Options for exit from NPS available for subscriber at the time of superannuationSubscriber can decide to remain invested in NPS (up to 70 years) or can exit from NPS.

Here are the options are available to NPS subscribers:Continuation of NPS accountSubscriber can continue to contribute to NPS account beyond retirement (Up to 70 years) and avail additional tax benefit on the contribution.Deferment of WithdrawalSubscriber can defer his/her withdrawal and stay invested in NPS up to 70 years of age.

However, subscriber can defer only lump sum withdrawal, defer only annuity or defer both lump sum as well as annuity.Start your pensionIf subscriber does not wish to continue/defer NPS account, he/she can exit from NPS.

He/she can initiate exit request online and as per NPS exit guidelines start receiving pension, according to NSDL.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.

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