Updated By: LatestGKGS Desk
Pension Fund Regulatory and Development Authority (PFRDA) features, work culture
Key highlights for Pension Fund Regulatory and Development Authority (PFRDA) features, objective and work culture
The subscribers joining NPS beyond the age of 60 years will have the same choice of the Pension Fund as well as the investment choice as available for subscribers joining NPS before the age of 60.
Subscribers joining NPS after the age of 60 years will have an option of normal exit from NPS after completion of 3 years in NPS.
In this case, the subscriber will be required to utilize at least 40% of the amount for purchase of an annuity and the remaining amount can be withdrawn.
If the subscriber wishes to exit from NPS before completion of 3 years in the NPS, he/she will be allowed to do so.
However, the subscriber will have to utilize at-least least the corpus for the purchase of an annuity and the remaining can be withdrawn in a lump sum.
In case of unfortunate death of the subscriber during his stay in NPS, the entire corpus will be paid to the nominee of the subscriber.
This initiative will enable senior citizens to obtain the benefits of NPS and plan for their regular income.
