PFRDA has reduced the time limit for taking final payment from NPS. The Custodian of Pension Funds on behalf of PFRDA has made changes in the system interface of NPS. Under this, it has enhanced its information technology capabilities to reduce the time limit of various transactions.

Under this change, the withdrawal requests of the subscribers will be made on T+2 days instead of T+4. Here T means the day the shareholder requested. That is, after the request, it will take two days and that is, a total of 3 days. Earlier this work was done in five days.

Under the new system, the requests related to CRA will be settled on T+2 basis till 10:30 am. At the same time, the requests received from the stakeholders of Keffin Technologies Limited and CAMS CRA till 11 am will be settled on T+2 basis. Even before this, many changes have been made in the rules related to NPS.

Changes have been made in the e-nomination process of NPS. The new rule will come into effect from October 1. Under this, the nodal officer can accept or reject the application for e-nomination. If the Nodal Officer does not decide on the e-nomination within 30 days from the date of application, the request will be accepted through the Central Record Keeping System.

Earlier, the subscribers of NPS were required to fill an exit form on completion of the deadline. Along with this, it was also necessary to fill the form to buy an annuity plan in the life insurance company. But now the annuity plan can be applied for only through the exit form. So now there will be no need to fill the form.

NPS pensioners will now be able to submit a digital life certificate as well. It will depend on Aadhaar verification. This work can be done with FaceRD app, in which digital life certificate can be made by downloading the app in mobile.

Account holders of Tier-2 cities will no longer be able to deposit money in the NPS account by credit card. This rule has been implemented only last month. However, account holders of Tier-1 city can deposit money in the account by credit card.

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Office of 8 Schemes That Will Make You Crorepati in Few Years The Pension Fund Regulatory and Development Authority (PFRDA) has invited suggestions from consultants requesting proposals for designing the scheme. Earlier, Chairman of Pension Regulatory Supratim Bandyopadhyay had said that discussions are being held with pension funds and actuarial firms in this regard. Minimum Assured Return Scheme is permitted under the PFRDA Act. The funds being managed under Pension Fund schemes are mark-to-market. It has some ups and downs. These are evaluated on the basis of market conditions.

Know what is National Pension Scheme (NPS)

The Central Government had compulsorily implemented the National Pension Scheme on 1 January 2004 for its employees. After this all the states have implemented NPS for their employees. This scheme has also been started for those working in the private sector after 2009. Employees can withdraw a part of NPS after retirement. Also, from the remaining amount, you can take an annuity for regular income. Any person in the age group of 18 to 70 years can avail NPS.

Know what advisors are saying As per the RFP draft of PFRDA, the appointment of a consultant for preparation of Guaranteed Return Scheme under NPS should not create a principal-agent relationship between PFRDA and the service provider. As per the directions of the PFRDA Act, a subscriber opting for a scheme under the National Pension Scheme which gives ‘Minimum Assured Returns’ will have to offer such a plan by a pension fund registered with the regulator. Thus the advisors will have to formulate a ‘Minimum Assured Return’ scheme for the existing and potential clients by the pension fund.

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Minimum assured return scheme will start

The Pension Fund Regulatory and Development Authority (PFRDA) has invited suggestions from the Request for Proposal for consultants to design the scheme. Earlier, Chairman of Pension Regulator Supratim Bandyopadhyay had said that discussions are being held with pension funds and actuarial firms in this regard. Under the PFRDA Act, a minimum assured return scheme is permitted.

The funds being managed under pension fund plans are marked-to-market. There are some ups and downs in it. These are evaluated on the basis of market conditions.

Know what is National Pension Scheme (NPS)

The Central Government had compulsorily implemented the National Pension Scheme for its employees on January 1, 2004. After this, all the states have implemented NPS for their employees. After 2009, this scheme has also been started for those working in the private sector. Employees can withdraw a part of NPS after retirement. Also, from the rest of the amount, you can take an annuity for regular income. Any person in the age group of 18 to 70 years can take advantage of NPS.

Know what advisors are saying

As per the RFP draft of PFRDA, the appointment of a consultant for preparation of the Guaranteed Return Scheme under NPS should not create a principal-agent relationship between PFRDA and the service provider.

As per the instructions of the PFRDA Act, the subscriber opting for a scheme under the National Pension Scheme which gives ‘Minimum Assured Return’, such scheme will have to be offered by the Pension Fund registered with the regulator. In this way the advisors will have to prepare a ‘Minimum Assured Return’ scheme for the existing and potential subscribers by the Pension Fund.

The post NPS Pensioners: Big update for pensioners, know government’s plan about guaranteed returns first appeared on Rightsofemployees.com.