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. “A new incentive towards increasing persistency has been introduced under which POPs will receive an incentive of Rs50 per account per annum for every account which continues to contribute a minimum of Rs1,000 in a financial year,” according to the statement. According to the ministry, PFRDA has taken several initiatives in the past to increase pension coverage, notably introducing e-NPS, reducing minimum contribution levels, new investment instruments, and aggressive life cycle funds.

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History of this topic

Unified Pension Scheme: Who can join and how much to contribute
6 days, 18 hours ago

Unified Pension Scheme: Who can join and how much to contribute

India Today  

The Pension Fund Regulatory and Development Authority has announced new rules for the Unified Pension Scheme, which will be effective from April 1, 2025. The said rules, called “Pension Fund Regulatory and Development Authority Regulations, 2025” have been notified on March 19, 2025. This scheme will be available as an option for central government employees who are currently under the …

UPS: PFRDA notifies assured pension scheme for government employees
1 week ago

UPS: PFRDA notifies assured pension scheme for government employees

The Hindu  

The Pension Fund Regulatory and Development Authority on Thursday notified the operationalisation of the Unified Pension Scheme which promises an assured pension of 50% of the average basic pay drawn over the last 12 months prior to superannuation. This follows the UPS notification dated January 24, by the government for Central government employees covered under the National Pension System. These …

Why NPS should be a part of your retirement plan? 5 things to know
1 month ago

Why NPS should be a part of your retirement plan? 5 things to know

India Today  

Retirement planning is essential to a stress-free and financially secure future. Higher Returns with NPS When compared to traditional fixed-income investments like fixed deposits and Public Provident Funds, NPS offers superior returns over the long run. Investments under NPS are overseen by qualified pension fund managers, ensuring the majority of your contributions are invested towards wealth creation rather than paying …

Centre finally notifies Unified Pension scheme option for government staff covered by NPS
2 months ago

Centre finally notifies Unified Pension scheme option for government staff covered by NPS

The Hindu  

Five months after the Centre announced a new Unified Pension Scheme with assured benefits for government employees, the Finance Ministry late on Friday notified the scheme as an option for workers covered by the National Pension System to be effective from April 1, 2025. The NPS, originally known as the New Pension Scheme, did not offer an assured pension to …

How AI and digitalisation can make India's pension schemes more accessible and efficient
2 months, 2 weeks ago

How AI and digitalisation can make India's pension schemes more accessible and efficient

Live Mint  

India’s pension sector has historically been limited in scope, with coverage predominantly available to government employees and a small fraction of the private-sector workforce. These barriers were particularly significant for India’s rural population, which struggled to access pension schemes due to limited infrastructure and awareness. AI tools like machine learning can analyse how individuals interact with pension systems, helping develop …

NPS Assets to Reach Rs 15 Lakh Crore by Year End
3 months ago

NPS Assets to Reach Rs 15 Lakh Crore by Year End

Deccan Chronicle  

Mumbai: The assets under management of the National Pension System are projected to reach Rs 15 lakh crore by the end of the current fiscal year, according to Pension Fund Regulatory and Development Authority Chairman Deepak Mohanty. “The total subscribers at this moment are more than 8 crore, out of which in NPS there are about 1.6 crore subscribers and …

NPS Assets To Reach Rs 15 Lakh Crore By End Of Fiscal Year: PFRDA Chairman
3 months ago

NPS Assets To Reach Rs 15 Lakh Crore By End Of Fiscal Year: PFRDA Chairman

ABP News  

The assets under management of the National Pension System are projected to reach Rs 15 lakh crore by the end of the current fiscal year, according to Pension Fund Regulatory and Development Authority Chairman Deepak Mohanty. The newly formed association includes pension fund managers, points of presence, central record-keeping agencies, trustee banks, custodians, aggregators, annuity service providers, pension agents, retirement …

Kerala reports encouraging growth in National Pension System adoption
3 months, 3 weeks ago

Kerala reports encouraging growth in National Pension System adoption

New Indian Express  

KOCHI: Kerala has emerged as a frontrunner in the adoption of the National Pension System. According to statistics released by the Pension Fund Regulatory and Development Authority, the state has shown impressive growth in NPS adoption, particularly among corporate subscribers under the age of 30. As of November 2024, the total Assets Under Management for NPS and the Atal Pension …

Labour Ministry to launch centralised EPFO pension payments nationwide by 2025
Trending News
4 months, 2 weeks ago

Labour Ministry to launch centralised EPFO pension payments nationwide by 2025

India Today  

Starting in 2025, the Labour Ministry will transition to a centralised pension payment system, allowing retirees to receive their monthly pensions from any bank branch, anywhere in the country. Labour Minister Mansukh Mandaviya says the new platform, designed for subscribers of the Employees’ Provident Fund Organisation —the state-run retirement fund—aims to streamline the process by reducing paperwork and enabling faster …

Trial run of centralised PF pension system is successful, says Centre
4 months, 2 weeks ago

Trial run of centralised PF pension system is successful, says Centre

The Hindu  

The pilot run of the proposed Centralised Pension Payments System under the employees’ pension scheme of the Employees Provident Fund Organisation is successful, the Union Labour Ministry said on Friday, November 8, 2024. The new system, to be implemented nationwide by January 2025, will help more than 78 lakh EPS pensioners to receive their pension from any bank, any branch, …

Over ₹10 lakh crore under its watch, NPS to ease withdrawal options
1 year, 6 months ago

Over ₹10 lakh crore under its watch, NPS to ease withdrawal options

The Hindu  

State governments that have ostensibly opted out of the National Pension System for their employees and have reverted to the Old Pension Scheme that guaranteed 50% of final salary as monthly pension, continue to remit due contributions to the NPS corpus. State government employees account for the largest chunk of the savings pool which crossed ₹10 lakh crore on August …

Rethink on NPS for govt. employees: Committee formed under Finance Secretary, no deadline set
1 year, 11 months ago

Rethink on NPS for govt. employees: Committee formed under Finance Secretary, no deadline set

The Hindu  

The Finance Ministry on Thursday notified the formation of a committee to review the pension system for government employees as announced by Finance Minister Nirmala Sitharaman in Parliament, while moving amendments to the Finance Bill of 2023. The order does not specify a deadline for the panel, which Ms. Sitharaman had said was being formed as “representations have been received …

Time to streamline the Provident Fund pension scheme
2 years, 2 months ago

Time to streamline the Provident Fund pension scheme

The Hindu  

For around 70 lakh pensioners, the end to the agonising wait for higher pension under the Employees’ Pension Scheme, 1995, appears to be no where in sight even though it has been over two months since the Supreme Court of India reiterated, as a matter of principle, its approval of the idea of higher pension. In October 2016, the top …

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 …

PFRDA Looks to Offer Guaranteed Pension Programme Under NPS
2 years, 7 months ago

PFRDA Looks to Offer Guaranteed Pension Programme Under NPS

News 18  

Bengaluru, Aug 5: The Pension Fund Regulatory and Development Authority is mulling over a guaranteed pension programme under the National Pension System and it may launch it from September 30. “Over a 13-year period, we have given a compounded annual growth of more than 10 per cent… 10.27 per cent to be precise. The PFRDA chairman said the size of …

EPFO’s pension scheme likely to get a reboot
3 years, 1 month ago

EPFO’s pension scheme likely to get a reboot

Live Mint  

Retirement fund body Employees’ Provident Fund Organisation is toying with the idea of bringing out a new pension product for organised sector workers not covered under the Employees’ Pension Scheme, 1995. Public Provident Fund: PPF is a government-backed savings vehicle with quarterly fixed returns determined by the government. We showcase some of the key differences between NPS and PPF: National …

Govt Likely to Introduce 2 Key Financial Sector Bills in Winter Session
3 years, 5 months ago

Govt Likely to Introduce 2 Key Financial Sector Bills in Winter Session

News 18  

The government may introduce two key financial sector bills, including the proposed law for facilitating privatisation of public sector banks as announced by the finance minister in the Budget. The government is also likely to table amendments to the Pension Fund Regulatory and Development Authority Act, 2013, to enable separation of the National Pension System Trust from the PFRDA for …

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 …

Govt May Hike FDI Limit in Pension Sector to 74%, Bill Likely in Monsoon Session
3 years, 11 months ago

Govt May Hike FDI Limit in Pension Sector to 74%, Bill Likely in Monsoon Session

News 18  

The government may hike foreign direct investment limit in the pension sector to 74 per cent and a Bill in this regard is expected to come in the next Parliament session, according to sources. Last month, Parliament approved a Bill to increase FDI limit in the insurance sector from 49 per cent to 74 per cent. The Insurance Act, 1938 …

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 National Pension System
4 years, 2 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 …

PFRDA to Engage Consultancy for Separating NPS Trust and 'Appropriate' Structuring
4 years, 5 months ago

PFRDA to Engage Consultancy for Separating NPS Trust and 'Appropriate' Structuring

News 18  

The Pension Fund Regulatory and Development Authority will engage a consultancy that will make suggestions for its organisational structuring as it seeks to segregate the NPS Trust. Keeping in view the wider interest of the subscribers and to maintain arm's length relationship of the NPS Trust with the PFRDA, steps will be taken to separate the NPS Trust from the …

Here are 7 benefits to invest in National Pension System
4 years, 9 months ago

Here are 7 benefits to invest in National Pension System

India Today  

While we all are dealing with the covid-19 pandemic crisis, the topmost priority for all of us is to be safe. Subscriber contributing to NPS enjoys the following tax benefits: Tax Benefit 1: Deductions on subscriber’s contribution NPS contributions are eligible for tax deduction u/s 80 CCD of ITax Act or 20% of Gross Income for others) within the overall …

7 benefits of National Pension System
4 years, 9 months ago

7 benefits of National Pension System

India Today  

The Central Government has introduced the National Pension System with effect from January 01, 2004. Pension Fund Regulatory and Development Authority, the regulatory body for NPS, has appointed NSDL as Central Recordkeeping Agency for National Pension System. National Pension System, Regulated By PFRDA, is an important milestone in the development of a sustainable and efficient voluntary defined contribution pension system …

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 …

Union Budget 2020-21: Pension fund regulator wants govt to double tax benefit under NPS to Rs 1 lakh
5 years, 3 months ago

Union Budget 2020-21: Pension fund regulator wants govt to double tax benefit under NPS to Rs 1 lakh

Firstpost  

Pension fund regulator PFRDA is pitching for doubling the tax benefit under the NPS to Rs 1 lakh in the upcoming Budget, according to a whole-time member of the authority New Delhi: Pension fund regulator PFRDA is pitching for doubling the tax benefit under the NPS to Rs 1 lakh in the upcoming Budget, according to a whole-time member of …

Now Overseas Citizens of India can also subscribe to National Pension System: Govt
5 years, 4 months ago

Now Overseas Citizens of India can also subscribe to National Pension System: Govt

Firstpost  

New Delhi: Overseas Citizens of India will now be eligible to apply for the National Pension System at par with NRIs, the government said on Wednesday. Pension Fund Regulatory and Development Authority has now permitted Overseas Citizen of India to enroll in NPS at par with Non-Resident Indians vide circular dated 29 October, 2019, the Finance Ministry said in a …

PFRDA chairman Hemant G Contractor hopes to reach 2.72 cr subscribers under APY, NPS by March-end
6 years, 1 month ago

PFRDA chairman Hemant G Contractor hopes to reach 2.72 cr subscribers under APY, NPS by March-end

Firstpost  

Pension fund regulator PFRDA has reached a subscriber base of 2.65 crore in its flagship National Pension System and Atal Pension Yojana schemes and hopes to cover nearly 2.72 crore subscribers by the end of the current financial year New Delhi: Pension fund regulator PFRDA has reached a subscriber base of 2.65 crore in its flagship National Pension System and …

Govt brings NPS on a par with PF, makes it tax-free
6 years, 3 months ago

Govt brings NPS on a par with PF, makes it tax-free

Live Mint  

New Delhi: The government has decided to make the National Pension System entirely tax-free and let central government employees choose savings schemes offering equity exposure up to half of their corpus. Contribution to the NPS corpus is included in the basket of investments wherein income tax deduction of ₹ 1.5 lakh per year is allowed for social security schemes. The …

NPS bonanza for govt employees: More tax benefits, higher centre’s contribution
6 years, 3 months ago

NPS bonanza for govt employees: More tax benefits, higher centre’s contribution

Live Mint  

New Delhi: Finance Minister Arun Jaitley today announced big changes to the National Pension System or NPS, making it more attractive for central government employees. Apart from higher government contribution to NPS, Jaitley also announced additional tax benefits for the pension scheme for all categories of employees. Here are the changes to NPS announced by Jaitley for government employees: 1) …

Will the new incentives structure help NPS?
7 years, 4 months ago

Will the new incentives structure help NPS?

Live Mint  

Turning global regulatory lessons on front commissions harming the way a financial product is sold, the Pension Fund Regulatory and Development Authority has revised commissions for Points of Presence. If your PoP is empanelled with PFRDA, you can also use the eNPS facility to open an NPS account online, using your Permanent Account Number or Aadhaar number. In the do-it-yourself …

Pension watchdog PFRDA for auto-enrolment option
8 years, 6 months ago

Pension watchdog PFRDA for auto-enrolment option

Live Mint  

New Delhi: Looking to bring the informal sector under pension coverage, the board of the Pension Fund Regulatory and Development Authority has approved a concept note wherein employers will need to automatically enrol workers under the Atal Pension Yojana. PFRDA initially plans to target Anganwadi workers, accredited social health activists, construction workers, those working in small-scale industries and non-governmental organizations …

PFRDA to train 75K people to drive NPS
9 years ago

PFRDA to train 75K people to drive NPS

India Today  

Pension fund regulator PFRDA proposes to train 75,000 people who will form a "totally committed" workforce for the implementation of governments National Pension System. Pension Fund Regulatory and Development Authority is in the process of hiring training institute that "has/ have the capability to train and create a totally committed workforce that would become the driving force for implementation of …

FM's steps will make NPS attractive; ball in pension fund authority's court now
10 years ago

FM's steps will make NPS attractive; ball in pension fund authority's court now

Firstpost  

While life insurance may not be strictly necessary for those who are not going to leave behind dependants, pension is a must for the non-propertied class One must provide for the rainy day especially if s/he does not have a prime property that yields steady stream of income to take care of post-retirement needs including for geriatric Medicare that is …

PFRDA moves to grey areas in regulation of old age income security schemes
10 years, 5 months ago

PFRDA moves to grey areas in regulation of old age income security schemes

Live Mint  

New Delhi: The pension fund regulator is exploring the possibility of regulating superannuation funds that are at present not regulated by any regulator, as it moves towards setting up a unified regulatory regime for old age income security post the Pension Fund Regulatory and Development Authority Act. While the insurance regulator Insurance Regulatory and Development Authority regulates pension schemes of …

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