The Pension Fund Regulatory and Development Authority (PFRDA) will introduce through the second half of this yr a brand new function permitting systematic withdrawal from the National Pension Scheme (NPS), stated its chairperson Deepak Mohanty.
As per the proposal, NPS subscribers can be allowed to withdraw systematically 60% of their contributions post-retirement up to the age of 75 as a substitute of present system of one-time withdrawal, whereas 40% has to be in annuity.
“We are planning to introduce Systematic Withdrawal Plan from the second half of this year,” Mr. Mohanty stated. “The amount can be fixed by the subscriber any number of times and it can be withdrawn in lump sum or in monthly, quarterly, half yearly or annual basis. It is applicable to those in the age group of 60-75,” he instructed mediapersons.
Asserting that it’d occur over the last quarter of the calendar yr, he stated that the software program wanted to be up to date accordingly.
Mr. Mohanty stated that the Assets Under Management of NPS and the Atal Pension Yojana (APY) stood at ₹9.6 lakh crore and was anticipated to cross ₹10 lakh crore throughout September.
During the present fiscal, NPS expects to enroll 13 lakh new subscribers from the non-government sector as towards 10 lakh individuals within the year-earlier interval.
