NPS account holders can get guaranteed pension scheme this year

Informing about PFRDA schemes in respect of Guaranteed Pension Program under NPS SchemePFRDA chairman Supratim Bandyopadhyay told PTI, “The minimum assured return scheme is in the works. Potentially, we can start from September 30.” 10 percent… 10.27 percent to be exact. Always, we have given investors inflation-protected returns.”

The Chairman of PFRDA further said that the regulatory body has always been aware of rupee inflation and depreciation and has given inflation-safe returns to investors.

Supratim Bandyopadhyay of PFRDA further said that the size of pension assets in India is 35 lakh crore, out of which 22 percent of the total Rs 7.72 lakh crore is with the National Pension System (NPS), while the Employees’ Provident Fund Organization or EPFO ​​manages 40 per cent of the fund. He said that the enrollment of customers has increased from 3.41 lakh to 9.76 lakh in 2022.

supreme bandyopadhyay Said that PFRDA is expecting the subscriber enrollment to go up to 20 lakhs in the current financial year i.e. FY 2022-23. Ease of on-boarding through digital means like Aadhaar access, DigiLocker, CKYC for KYC, OTP-based authentication and paperless processes of onboarding/servicing are among many other initiatives, he added. In addition, the maximum joining age has been increased to 70 years and the exit age has been increased to 75 years.

The NPS account will be “auto-continued” at the age of 60 years or retirement. Annuity purchases can be deferred until age 75. The chairman of the regulatory body said that NPS account holders can opt for premature exit after five years of joining the NPS scheme and the investment option can be changed four times in a financial year.

(with inputs from PTI)

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