Insurance Regulatory and Development Authority ( IRDAI ) and Pension Regulatory and Development Authority ( PFRDA ) have agreed to simplify the process of issuing annuity to NPS subscribers . Now this will be done using only one withdrawal form . This means that NPS subscribers will not have to fill a separate proposal form in order to opt for annuity. IRDAI has made this announcement for annuity products through a circular.

this is the current system

Currently NPS pensioners have to submit a ‘detailed’ exit form to PFRDA at the time of withdrawal. Once they have decided on their preferred annuity plan, they should completely fill the proposal form provided by the insurance companies.

According to a PFRDA circular dated November 14, 2022, the benefits accruing to its subscribers and stakeholders have multiplied manifold with the combined action of the two financial regulators.

Now there will be these benefits

• Getting annuity has become easier and it will take less time to issue
• Parallel processing of lump sum payment and release of annuity
• Payment of retirement income by way of annuity immediately after the subscriber retires and ensuring regular income for the retiree
• Easy old age income support
• Ease of working for relevant stakeholders

Where will the form be uploaded

According to the PFRDA circular dated November 14, 2022, a completely filled exit form along with all necessary documents including KYC will have to be uploaded to the respective CRA system while requesting the exit.

The post NPS Rules Change: PFRDA releases new exit form, only one form has to be filled, know the new changes first appeared on Rightsofemployees.com.

If you invest in National Pension Scheme (NPS) or Atal Pension Yojana (APY) keeping in mind the future of you and your family, then you must be fully updated about it. Changes have been made in both NPS and Atal Pension Yojana by Pension Fund Regulator PFRDA.

After the new change, now the subscribers associated with the scheme will be able to pay the contribution through UPI (UPI Payment System). In the information given by the pension fund regulator, it was told that if the subscriber pays his contribution before 9.30 am, then it will be considered as investment of the same day.

But the amount deposited in the account after 9.30 am will be counted in the next day’s investment. Till now the subscriber could send the contribution amount through IMPS / NEFT / RTGS (IMPS / NEFT / RTGS). But after increasing its scope, now UPI can also be done. Changes in Atal Pension Yojana also Atal Pension Yojana (APY) is for the employees working in the unorganized sector.

The subscribers of this scheme get a guaranteed minimum pension of Rs 1,000 to Rs 5,000 monthly after attaining the age of 60 years depending on their contribution. Changes have been made in the Atal Pension Yojana from last October 1.

According to the new rule, income tax payers will no longer be able to apply for the Atal Pension Yojana (APY). If you invest in National Pension Scheme (NPS) or Atal Pension Yojana (APY) keeping in mind the future of you and your family, then you must be fully updated about it. Changes have been made in both NPS and Atal Pension Yojana by Pension Fund Regulator PFRDA.

After the new change, now the subscribers associated with the scheme will be able to pay the contribution through UPI (UPI Payment System). In the information given by the pension fund regulator, it was told that if the subscriber pays his contribution before 9.30 am, then it will be considered as investment of the same day. But the amount deposited in the account after 9.30 am will be counted in the next day’s investment.

Till now the subscriber could send the contribution amount through IMPS / NEFT / RTGS (IMPS / NEFT / RTGS). But after increasing its scope, now UPI can also be done.

Changes in Atal Pension Yojana also

Atal Pension Yojana (APY) is for the employees working in the unorganized sector. The subscribers of this scheme get a guaranteed minimum pension of Rs 1,000 to Rs 5,000 monthly after attaining the age of 60 years depending on their contribution. Changes have been made in the Atal Pension Yojana from last October 1. According to the new rule, income tax payers will no longer be able to apply for the Atal Pension Yojana (APY).

The post NPS Rules Change: Big News ! Big change in NPS, government employees must know the new rule to avoid loss first appeared on Rightsofemployees.com.