PFRDA Provides Online Option to Subscribers to Exit from National Pension System
4 years, 3 months ago

PFRDA Provides Online Option to Subscribers to Exit from National Pension System

News 18  

Pension fund regulator PFRDA on Wednesday said the subscribers can now use the online mode also to exit from the National Pension System. The subscribers are required to submit the NPS withdrawal forms along with other supporting documents for authorization by POPs, the Pension Fund Regulatory and Development Authority said. "Now in addition to the existing offline process as mentioned above, the subscribers shall also have an online option to submit the withdrawal documents and authorizing their withdrawal request by using OTP/e-sign to make the process seamless in a paperless manner," it said. In the online process, it said, subscribers associated to a POP will initiate the exit request in Central Record Keeping Agency system using login credentials and provide the relevant details of exit namely corpus allocation for lump sum/annuity, Annuity Service Provider, annuity scheme etc and would upload the withdrawal documents including KYC.

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History of this topic

Do you want to exit National Pension Scheme? Follow these steps
2 years, 1 month ago

Do you want to exit National Pension Scheme? Follow these steps

Hindustan Times  

The Pension Fund Regulatory and Development Authority, the regulatory body which oversees the regulation of pensions in India, has announced making it mandatory to submit know your customer documents for seamless exit and annuity of the National Pension Scheme subscriber. In a statement, the PFRDA said in collaboration with Insurance Regulatory and Development Authority of India had simplified the process …

PFRDA makes mandatory upload of withdrawal/ KYC documents to exit from NPS
2 years, 1 month ago

PFRDA makes mandatory upload of withdrawal/ KYC documents to exit from NPS

Live Mint  

The Pension Fund Regulatory & Development Authority has made the mandatory upload of withdrawal/ KYC documents to enable seamless processing of exit and annuity for the benefit of National Pension System subscribers. NPS withdrawal documents According to PFRDA, the NPS subscribers and the associated nodal officers/POPs/ corporate need to ensure that the following documents uploaded in the respective CRA user …

NPS subscribers to get systematic lumpsum withdrawal: PFRDA
2 years, 5 months ago

NPS subscribers to get systematic lumpsum withdrawal: PFRDA

Live Mint  

Just like systematic withdrawal plan of mutual funds, PFRDA has proposed the introduction of Systematic Lumpsum Withdrawal. This will enable NPS subscribers to stay invested with their lumpsum benefit that they get after attaining retirement to generate regular income till 75 years of age. Currently, NPS subscribers get lumpsum benefit of 60 percent of the total accumulated corpus and the …

NPS proposes systematic lump sum withdrawal plan for pensioners; invites suggestions till 19 October
2 years, 5 months ago

NPS proposes systematic lump sum withdrawal plan for pensioners; invites suggestions till 19 October

Firstpost  

As per the current rules, NPS subscribers can withdraw a maximum of 60 percent of their investments as lump sum The Pension Fund Regulatory and Development Authority which oversees the National Pension Scheme is seeking public feedback on a proposed plan for Systematic Lump sum Withdrawal. Under the offered SLW plan, NPS is going to allow subscribers to make monthly, …

PFRDA announces amendments to e-nomination process for NPS subscribers
2 years, 6 months ago

PFRDA announces amendments to e-nomination process for NPS subscribers

Firstpost  

If a nodal officer did not act on a nomination request within 30 days, it will automatically get approved in the Central Recordkeeping Agency system. The revised e-nomination process flow for government and corporate sector subscribers will come into effect from 1 October, 2022 The Pension Fund Regulatory and Development Authority has announced that the e-Nomination facility for the National …

NPS rule change: PFRDA issues new norms on trail commission. Details here
2 years, 7 months ago

NPS rule change: PFRDA issues new norms on trail commission. Details here

Live Mint  

NPS rule change: In a bid to support the Points of Presence, the Pension Fund Regulatory and Development Authority has allowed trail commission payment through POPs for the National Pension System or NPS accountholders. However, the pension fund regulator made it clear that trail commission on NPS contributions made through D-Remit will be similar to eNPS by those subscribers who …

NPS Subscribers: NPS Withdrawal Becomes Easy with Online Exit Option. Know Details
3 years, 5 months ago

NPS Subscribers: NPS Withdrawal Becomes Easy with Online Exit Option. Know Details

News 18  

The Pension Fund Regulatory and Development Authority has announced the advent of online, paperless exit or withdrawal process for the beneficiaries of the government sector, in addition to the existing physical mode of exiting the NPS account. “The online exit would commence with an instant bank account verification according to the existing guidelines complying with subscribers’ interest. Once the online …

NPS Rule Change: Now, Withdraw Full Contributions Without Buying Annuity; Check Conditions Here
3 years, 9 months ago

NPS Rule Change: Now, Withdraw Full Contributions Without Buying Annuity; Check Conditions Here

ABP News  

New Delhi: Here is a news for NPS subscribers looking to withdraw their corpus! In a notification, the Pension Fund Regulatory and Development Authority has allowed subscribers to withdraw the entire accumulated pension wealth without purchasing annuity if the pension corpus is less than Rs 5 lakh. According to the existing rule, NPS subscribers with a corpus of over Rs …

PFRDA permits withdrawal of pension corpus of Rs 5 lakh without buying annuity
3 years, 9 months ago

PFRDA permits withdrawal of pension corpus of Rs 5 lakh without buying annuity

India TV News  

The Pension Fund Regulatory and Development Authority has allowed subscribers to withdraw the entire accumulated pension wealth without purchasing annuity if the pension corpus is less than Rs 5 lakh. Currently, NPS subscribers having a corpus of over Rs 2 lakh at the time of retirement or attaining the age of 60 years need to buy an annuity, offered by …

NPS New Rule: These Subscribers May be Able to Withdraw the Entire Contribution Soon
3 years, 10 months ago

NPS New Rule: These Subscribers May be Able to Withdraw the Entire Contribution Soon

News 18  

In a bid to provide relief to thousand of pensioners amid the second wave of coronavirus pandemic, the regulatory body may soon allow the retired people to withdraw their entire lifetime contributions. National Pension System subscribers will soon be permitted to withdraw their entire money at one go if pension corpus is up to Rs 5 lakh, news agency IANS …

Good news for National Pension System and Atal Pension Yojana subscribers: PFRDA to begin e-KYC services
4 years, 1 month ago

Good news for National Pension System and Atal Pension Yojana subscribers: PFRDA to begin e-KYC services

India TV News  

The Pension Fund Regulatory and Development Authority will soon begin undertaking e-KYC services for National Pension System and Atal Pension Yojana subscribers. National Pension System and Atal Pension Yojana are the two flagship schemes of the PFRDA. PFRDA said it has enabled various digital enablers such as OTP-based authentication, paperless on-boarding, e-sign-based authentication, video customer identification to facilitate remote on-boarding, …

PFRDA provides online option to subscribers to exit from NPS
4 years, 3 months ago

PFRDA provides online option to subscribers to exit from NPS

Live Mint  

Pension fund regulator PFRDA on Wednesday said the subscribers can now use the online mode also to exit from the National Pension System. The subscribers are required to submit the NPS withdrawal forms along with other supporting documents for authorization by POPs, the Pension Fund Regulatory and Development Authority said. "Now in addition to the existing offline process as mentioned …

NPS account opening becomes easier with OTP-based authentication. How to use it
4 years, 9 months ago

NPS account opening becomes easier with OTP-based authentication. How to use it

Live Mint  

Opening a National Pension System account has become easier than ever. The Pension Fund Regulatory and Development Authority has announced that the subscribers can open their new NPS accounts through one-time password based authentication process. It has also permitted Aadhaar-based offline paperless KYC process for the new customers while opening a NPS account. Here's how subscribers can open a NPS …

NPS withdrawal process eased temporarily: Key things to know
4 years, 9 months ago

NPS withdrawal process eased temporarily: Key things to know

Live Mint  

NPS withdrawal, both lump-sum and partial, process has been eased due to the coronavirus pandemic. NPS or National Pension Scheme subscribers who want to withdraw funds from their account are required to submit duly filled-up withdrawal forms along with supporting documents to the associated nodal officers or point of presence service providers for processing their request. But due to the …

Covid-19: Time for liberal withdrawal options for retirement funds
4 years, 10 months ago

Covid-19: Time for liberal withdrawal options for retirement funds

Hindustan Times  

We are in the midst of a severe economic and financial crisis. The Employees’ Pension Scheme IS one of the three schemes administered by EPFO that enables a subscriber to receive monthly pension payments As the Nobel laureate, Milton Friedman, writes: “Only a crisis – actual or perceived – produces real change. It is akin to full provident fund withdrawal …

Govt to allow Atal Pension subscribers for partial withdrawal from PF fund amid Covid-19: PFRDA
4 years, 11 months ago

Govt to allow Atal Pension subscribers for partial withdrawal from PF fund amid Covid-19: PFRDA

Live Mint  

The government is planning to allow subscribers of the Atal Pension Yojana for a partial withdrawal from employees' contribution as the current lockdown to battle Covid-19 has crippled the monetary power of workers in the unorganised sector. The government circular would be out in a day or two for adding Covid-19 as one of the conditions for partial withdrawal from …

Govt to Allow Atal Pension Yojana Subscribers for Partial Withdrawal from PF fund Amid COVID-19, Says PFRDA
4 years, 11 months ago

Govt to Allow Atal Pension Yojana Subscribers for Partial Withdrawal from PF fund Amid COVID-19, Says PFRDA

News 18  

The government is planning to allow subscribers of the Atal Pension Yojana for a partial withdrawal from employees' contribution as the current lockdown to battle Covid-19 has crippled the monetary power of workers in the unorganised sector. The government circular would be out in a day or two for adding Covid-19 as one of the conditions for partial withdrawal from …

Centre permits partial withdrawal to NPS subscribers
6 years, 10 months ago

Centre permits partial withdrawal to NPS subscribers

ABP News  

New Delhi, May 5 : Partial withdrawals will now be allowed to subscribers under the National Pension System, who wish to improve their employability or acquire new skills by pursuing higher education/ acquiring professional and technical qualifications, the Centre stated on Friday. Following the Board meeting of the Pension Fund Regulatory and Development Authority, it was decided that individual NPS …

Pension fund regulator makes bank account, mobile number mandatory for NPS subscribers
6 years, 11 months ago

Pension fund regulator makes bank account, mobile number mandatory for NPS subscribers

Live Mint  

New Delhi: Pension fund regulator PFRDA has made bank account details and mobile number mandatory for subscribers of national pension scheme, the finance ministry said on Friday. Further, in compliance with the Prevention of Money Laundering Act guidelines, the Pension Fund Regulatory and Development Authority has also made Foreign Account Tax Compliance Act and Central Registry of Securitization Asset Reconstruction …

Pension fund regulator PFRDA hikes incentives for distributors to promote NPS
7 years, 5 months ago

Pension fund regulator PFRDA hikes incentives for distributors to promote NPS

Live Mint  

To expand pension coverage in the country, financial institutions and post office branches will be paid better for enrolling people in pension schemes, the finance ministry said on Friday. The Pension Fund Regulatory and Development Authority has increased the incentives payable to points of presence, the principal distributive points for the National Pension System, the ministry said in a statement. …

PFRDA allows subscribers lump sum withdrawal on exit
12 years ago

PFRDA allows subscribers lump sum withdrawal on exit

Firstpost  

Stakeholders informed PFRDA that subscribers be given a specific option to defer or time the entire lump sum withdrawal at the time of exit. New Delhi: Pension fund regulator PFRDA has allowed investors in the New Pension Scheme to withdraw lump sum amount at the time of their exit, as against the current practice of ‘phased withdrawals’ every year. Stakeholders …

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