State Act

the Andhra Pradesh Guaranteed Pension System Act, 2023.

6. Amount of Guaranteed Pension:-(1) Upon retirement of the employee, the purchase of the annuity plan from an Annuity Service Provider shall be made in accordance with the rules notified under this Act, duly utilizing the accumulated pension corpus in the individual pension account. (2) The Guaranteed Pension shall consist of the Annuity Component and the Top-up Component as specified below: (a) The Annuity Component is the annuity receivable by the APGPS subscriber based on the annuity plan selected as per sub-section (1) of section 6 above. (b) Top-up Component is the amount receivable by the APGPS subscriber, if any, so that the Subscriber receives Guaranteed Pension as specified under this Act. (3) Calculation of Guaranteed Pension and the Top- up Component shall be as prescribed in the rules notified under this Act. (4) The part withdrawals and the final withdrawal made by the APGPS subscriber shall result in a proportional reduction in the Guaranteed Pension as prescribed in the rules notified under this Act. (5) It shall be competent for the Government to withhold or withdraw the Top Up component or a part there from, in accordance with the prescribed rules.