Pension Fund Regulatory and Development Authority News

The overarching goal of the PFRDA-Connect project is to significantly enhance the digital presence of PFRDA by overhauling its official website, leading to improved user experience throughout the user journey. 

The Indian government introduced the National Pension System (NPS), a pension cum investment plan to give people security for their old age. The Pension Fund Regulatory and Development Authority (PFRDA) oversees the scheme. After turning sixty years old, the NPS members start receiving their pension. Nevertheless, before turning 60 or upon attaining superannuation, some members desire to withdraw their accumulated wealth in NPS. Let's go into more detail on early pension withdrawal and the requirements. 

PFRDA came up with the announcement in an official notification dated August 3, 2022. Meanwhile, the PFRDA and Bank of India launched the digital platform for NPS enrolment.

The equity exposure for the NPS subscribers from other than the government sector was increased to 75 per cent three years ago. The investment option for government employees was eased after a lot of discussions in 2019. Subscribers are also allowed to change their fund managers once a year.

Over 3.68 crore subscribers have joined Atal Pension Yojana. PFRDA administers the Atal Pension Yojana. The minimum age to invest in Atal Pension Yojana is 18 years.

Till now, subscribers can change the investment pattern twice in a financial year under the NPS scheme. PFRDA allows investors to allocate their NPS investments in a fixed ratio between several investment opportunities. Investors can change their investment ratios accordingly.

The asset under management increased to Rs 20,000 crore. 56 per cent of the total subscribers are male while 44 per cent are female. This flagship social security scheme of the Government of India was launched on May 9, 2015.

The NPS encourages investors to invest in pension accounts on a regular basis. When opening an NPS account, the account holder is given two options: active or auto mode. The NPS rules require that an annuity be purchased for at least 40% of the net NPS maturity amount.

The online exit would be integrated with Instant Bank Account Verification as per the existing guidelines as part of enhanced due diligence in the interest of Subscribers.   

NPS age entry increased. Check new age entry. What are the benefits people can avail.

For subscribers joining the retirement plan beyond the age of 65 years, the maximum equity exposure will be capped at 15%. NPS contributions are invested by the PFs in different investment instruments. The pension fund regulating body has also guidelines on entry and exit.

Penny drop facility for NPS subscribers. Instant Bank Account Verification by ‘penny drop'. Know what it means and why money is not deposited.

In order to resolve the issue of return of remittances and to protect the interest of subscribers with timely credit of amount, PFRDA has devised a facility called ‘penny drop’.

Lot of NPS services moved online. Who can open NPS Account? PFRDA allows video-based customer identification.

POPs and CRAs have been advised by PFRDA to provide the required functionality of OTP based authentication, PFRDA said.

APY is guaranteed pension scheme announced by the government on May 9, 2015.

Atal Pension Yojana is a government scheme administered by PFRDA through NPS architecture.

NPS is government's flagship social security programme. Any Indian citizen, resident or non-resident, between the age of 60- 65 years, can join NPS and continue up to the age of 70 years in NPS.

Any Indian citizen between the age of 60- 65 years, can join NPS and continue up to the age of 70 years in NPS.

The Aadhaar mandatory linking of Aadhaar Atal Pension Yojana will be applicable with effect from January 1, 2018.