NPS UPDATES

Major NPS rule changes 2023: Systematic Lumpsum Withdrawal facility, NPS Lite exit rules, consolidated statement & more

The Pension Fund Regulatory and Development Authority (PFRDA) has implemented many rule and regulatory changes in 2023 to better facilitate and support NPS subscribers. Here is a look at a few important changes made to NPS in 2023.

Investing in NPS made easier by PFRDA for these subscribers

The process to open an National Pension Scheme (NPS) account has been made easier by Pension Fund and Regulatory and Development Authority (PFRDA). Further subscribers who have not updated their signature and photo in their accounts are now to be provided an online facility to upload one. Presently there are two CRAs in NPS: NSDL and Karvy.

NPS exit rule change: PFRDA modifies rules for withdrawal requests, modifying the subscriber's bank account details

The Pension Fund Regulatory and Development Authority (PFRDA) has made instant bank account verification mandatory to ensure timely credit of National Pension System (NPS) funds to the bank account of subscribers at the time of withdrawal or exit from the scheme.

What is the NPS preference index? Sriram Iyer explains it

HDFC Pension Management Company conducted a survey in 12 cities across India to measure people's attitude towards retirement and their understanding of the National Pension System (NPS). The survey found that familiarity, appeal, and consideration were the three factors influencing individuals' preference for NPS. The overall NPS preference index was 54, indicating that half of the surveyed individuals preferred to invest in NPS for retirement planning. The survey also revealed that retirement planning was not a top priority for most individuals.

By FY24 end, targeting Rs 12 trillion AUM for NPS and APY combined: Deepak Mohanty, PFRDA

“Professionals can certainly subscribe to pension. The other aspect is in terms of the gender distribution, one would see that this is quite imbalanced, because only 28% are women in the whole setup of NPS and given that women have longer longevity, they need the pension more. On their own, they can do it and where they cannot, the spouse should enable and give pension.”

Retirement planning: Five retirement-focused investment products

Selecting the right financial products is important when saving for retirement. For post-retirement income, there are five investment products to choose from.

NPS subscribers can view NPS statement in Consolidated Account Statement: How to use

The PFRDA has incorporated CAS with the NPS Statement of Transaction (SoT). The NPS SoT can currently be read online through the CRA login, as well as physically or via email, on an annual basis.

NPS Lite exit rules revised; what subscribers must know

Fresh enrollment under the NPS-Lite Swavalamban plan was discontinued in 2015 after the introduction of the Atal Pension Yojana (APY), with the exception of Gramin Dak Sevaks of the Department of Posts (DoP).

NPS Statement via DigiLocker: How to access NPS account statement using DigiLocker

The PFRDA is pleased to announce that NPS subscribers will be able to download their NPS Account Transaction Statement from DigiLocker for quick access and examine their pension wealth.

What are the advantages of investing in NPS? Deepak Mohanty answers

See NPS if I have to put the non-government sector, during the last financial year that 2022-23, we crossed the landmark of 10 lakhs which is the corporate sector.

Who can you add as a nominee for your NPS account?

NPS subscribers should keep in mind that they should only nominate certain individuals to their NPS account. If you name the wrong nominee, the election may be null and void.

Not linking PAN-Aadhaar can restrict your NPS transactions from April 1, 2023

Subscribers to the National Pension System are notified that NPS account will be regarded KYC non-compliant, and NPS transactions will be restricted until your PAN and Aadhaar card are linked.

These central govt employees can switch from NPS to old pension scheme: Know eligibility, last date

The Department of Pension and Pensioners’ Welfare (DoPPW) has allowed select central government employees to switch to old pension scheme (OPS) from the National Pension System (NPS). DoPPW has released a detailed guideline mentioning who are eligible to switch and when is the last date. Here’s all you need to know about it.

NPS rule change: Uploading these documents will be mandatory for withdrawal from April 1, 2023

In a bid to make annuity payments faster and simpler after exiting the National Pension System (NPS), Pension Fund Regulatory and Development Authority (PFRDA) has made uploading select documents mandatory for the subscribers

Timeline to get NPS partial withdrawal money reduced to 2 days after authorisation

Now, the processing time for partial withdrawal requests has also been decreased to T+2 across all CRAs, according to a PFRDA circular issued on February 7, 2023.

All you need to know about National Pension System (NPS) and its tax benefits

StockHolding is the recipient of the best POP (Point of Presence) award in various categories and it provides a 360-degree insight into people looking to begin their NPS journey.

Financial planning for self-employed

It is important to keep personal and business finances separate.

NPS partial withdrawal: When you can apply, how to apply explained

A partial withdrawal facility is available for NPS subscribers where they can opt for withdrawal of a certain amount out of their contributions subject to certain conditions.

Central govt employees can switch from NPS to old pension scheme in these conditions

A central government employee covered under the National Pension System (NPS), can choose between the benefits under NPS and those available under the old pension scheme by selecting the appropriate option in Form 1. All you need to know about this rule

Digilocker: Steps to update address in NPS account

How NPS corpus of deceased subscriber meant for purchase of annuity will be handled

The National Pension Scheme's exits and withdrawals are managed by the PFRDA, and any implementing changes affect how the NPS exits and withdrawals are handled.

Change in NPS pension rules proposed by PFRDA: How subscribers could gain

NPS subscribers: The PFRDA has held discussions with the IRDAI to allow NPS pensioners to port their annuity plans. All you need to know about the proposed NPS pension rules

Watch: Here are 3 ways you can save tax through National Pension Scheme