The Pension Fund Regulatory and Development Authority (PFRDA) has mandated that certain documents be uploaded by subscribers as of April 1, 2023 in order to speed up and simplify annuity payments after leaving the National Pension System (NPS).
"In the interest of Subscribers and to benefit them with the timely payment of annuity income, the upload of the documents shall be mandatory with effect from 1st April 2023," PFRDA, a regulatory body for the overall supervision and regulation of pensions in India had earlier said.
What are the new changes for NPS subscribers?
The PFRDA has asked NPS subscribers to upload these documents. For the parallel processing of exit and annuity, certain withdrawal and KYC documents must be uploaded. The list of those documents are:
- NPS Withdrawal/Exit form
- Proof of identity and address as mentioned in the Withdrawal form
- Proof of your bank account
- Permanent Retirement Account Number (PRAN) Card copy
National Pension System: Calculator
You still have 26 years to make pension account payments if your monthly contribution is Rs 3,000 and you are 34 years old. Taking into account the estimated 10% annual ROI or interest rate. With a total principal investment in NPS of Rs 9.36 lakh, you will receive Rs 44.35 lakh at maturity according to NPS calculations.
