The Pension Fund Regulatory and Development Authority is now considering increasing the maximum age of entry from 65 to 70 years to increase the interest of people in the National Pension System (NPS).
PFRDA Chairman Supratim Bandopadhyay said about this, “We are really looking at opening and maintaining NPS accounts even for people above 60 years of age. We want people to invest in NPS till the age of 75 years. Keep doing it. “can be contributed to the National Pension System right up to the age of 70. Bandopadhyay said that in the last 3.5 years, about 15,000 people above 60 years of age have joined NPS. In the same period, the age limit for joining NPS was increased from 60 to 65 years.
The Pension Authority, which controls the NPS and Atal Pension Yojana, has said that till March 31, the NPS subscriber base has seen a growth of 23%. Now the number of people contributing to it has increased to about four and a half crores. If we talk about total asset management under both these pension schemes, then it has reached 5.78 lakh crore rupees.
Bandopadhyay said that due to coronavirus, many challenges were faced last year, but even after this, both the number and amount of people investing in pension scheme has increased. PFRDA hopes that more than 1 crore subscribers can be added to the National Pension System and Atal Pension Yojana in the current financial year, in the last financial year these two pension schemes added more than 83 lakh subscribers.
The pension regulator is actually considering a proposal to allow withdrawal of the entire amount if the pension amount is up to ₹ 3,00,000. At this time, withdrawal of ₹ 2,00,000 or less is allowed from the pension account.
PFRDA is also going to come up with a request for proposal in which minimum guaranteed pension will be given on the investment made under NPS. This can actually be done by giving a 45-day window on the license to the pension fund manager.
