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These regulations may be called the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2023.
When it comes to planning for retirement, one of the most popular investment options in India is the National Pension System (NPS). This government-sponsored scheme allows individuals to save for their retirement while also providing tax benefits.
For implementation of Section 51A of UAPA, ‘Head of Department of Regulation Contribution Management shall be UAPA Nodal Officer from PFRDA
The information is not to be used in any other manner except for the purpose of providing it to the customer or Financial Information User (FIU) with respect to customer’s explicit consent. Thus, the role of AA confined to consolidation, organization, presentation of the financial information to the customer or FIU.
Pension Fund Regulatory and Development Authority Circular no.: PFRDA/2023/10/REG-POP/03 Date: 02nd March, 2023 To All Point of Presence (POPs), Central Record-keeping Agencies (CRAs) and NPS Trust Circular on “Implementation of Section 12A of The Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 (the Act)” This has reference to Order […]
Common proposal for Exit from NPS and for buying annuity from ASP facilitates parallel processing of Lump sum component and Annuity due to which the time taken by ASPs while issuing Annuity Policies is significantly reduced which result in faster Subscriber servicing and timely Annuity issuance.
Pension Fund Regulatory and Development Authority Circular no: PFRDA 2023/08/SUP-CRA 04 Dated: 21st Feb 2023 To All stakeholders under NPS Subject: NPS/APY Functionalities released by CRAs during Quarter III (FY 2022-23) The Central Record Keeping Agencies (CRAs) appointed by PFRDA develop system level functionalities as per the evolving needs of NPS/APY stakeholders. 2. CRAs have […]
PFRDA issued a notification introducing the Systematic Lump sum Withdrawal (SLW) for the benefit of National Pension System (NPS) Subscribers. The SLW process allows subscribers to withdraw a lump sum amount periodically until the age of 75. This notification provides details on the SLW facility, process flow, and its applicability to both Tier-I and Tier-II accounts.
Timeline for processing Partial Withdrawal requests has also been reduced to T+2 across all CRAs now. For instance, those partial withdrawal requests authorized on Monday till specified timelines shall be processed such that the Subscribers’ Bank Account is credited on Wednesday, considering those 3 days are settlement days.
NPS/APY Subscribers permitted to withdraw from their Permanent Retirement Account Number (PRAN) as per applicable guidelines and provisions of regulations issued by PFRDA.
