There is great news for pensioners. They will be given benefits under NPS. Preparations are being made to improve it. Under this, the account holders will be allowed to withdraw lump sum amount.
Pensioners Pension: There is big news for lakhs of pensioners of the country. Changes in NPS are being prepared by PFRDA. Pension fund regulator PFRDA can give freedom to withdraw lump sum amount as per your choice on completion of 60 years of age under pension. Arrangements are being made for this.
Lump sum discount
Pension account holders can now avail the flexibility to withdraw lump sum amount as per their choice on attaining the age of 60 years. For this, a plan is being prepared to start a systematic evacuation plan. Giving information, PFRDA Chairperson Deepak Mohanty said that the new scheme will provide the facility of withdrawal to the NPS subscriber from time to time, quarterly, monthly, half-yearly and annually till the age of 75 years.
Mohanty said that the new pension scheme which is expected to be ready by September or October this year. Can enable customers to get stable returns till the age of 50 years. NPS subscribers can withdraw up to 7 per cent of the retirement corpus in one go after attaining the age of 60 years, while 40 per cent of this is compulsorily used to buy an annuity.
The Pension Fund Regulatory and Development Authority has increased the entry age to 70 years and the exit age to 75 years keeping the people in mind. NPS Portable Retirement Savings Account Under NPS the individual makes contributions to his/her retirement account. Also make due contribution towards social security of the appointed employee.
Mohanty has clarified that the scheme will be attractive to customers who do not want to withdraw 60% of their funds in one go. The rules are being changed for them.
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