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NPS account holders may get guaranteed pension scheme this year

NPS scheme: The National pension system (NPS) account holders may get a guaranteed pension scheme by finish of September 2022. The Pension Fund Regulatory and Development Authority (PFRDA) is mulling over a guaranteed pension programme below the NPS scheme. The PFRDA may launch this guaranteed pension scheme below NPS from thirtieth September 2022.

Informing in regards to the PFRDA plans in regard to guaranteed pension programme below the NPS scheme, Supratim Bandyopadhyay, Chairperson at PFRDA instructed PTI, “The Minimum Assured Return Scheme is under development. Tentatively, we may start from September 30,” including, “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. Always, we have given investors inflation-protected returns.”

The PFRDA Chairperson went on so as to add that the regulatory physique has at all times been conscious of the inflation and depreciation of rupee and gave the traders an inflation-protected return.

Supratim Bandyopadhyay of PFRDA additional stated that measurement of the pension belongings in India is 35 lakh crore, of which 22 per cent totaling 7.72 lakh crore is with the National Pension System (NPS), whereas the Employees’ Provident Fund Organisation or EPFO offers with 40 per cent of the funds. He stated the subscriber enrolment has considerably elevated over a time period from 3.41 lakh to 9.76 lakh in 2022.

Supratim Bandyopadhyay stated that the PFRDA is anticipating the subscriber enrolment to go as much as 20 lakh within the present fiscal i.e. FY 2022-23. He stated ease of on-boarding via digital means akin to utilization of Aadhaar, DigiLocker, CKYC for KYC, OTP-based authentications and paperless processes of onboarding/servicing are among the many many different initiatives. Further, the utmost becoming a member of age has been elevated to 70 years and age for exit elevated to 75 years.

The NPS account could be “auto continued” on the age of 60 or superannuation age. The annuity buy will be deferred as much as the age of 75 years. The chairman of the regulatory physique stated the NPS account holders can go for a untimely exit after 5 years of becoming a member of the NPS scheme and the funding selection will be modified 4 occasions in single monetary year.

(With inputs from PTI)

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