In order to speed up and simplify annuity payments after leaving the National Pension System (NPS), the Pension Fund Regulatory and Development Authority (PFRDA) has mandated that subscribers upload certain documents by April 1, 2023.
“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 1 April 2023,” the PFRDA, a regulatory body in India responsible for the overall supervision and regulation of pensions, had previously stated.
What new changes will apply to NPS subscribers?
NPS subscribers have been requested to upload these documents by the PFRDA. Certain withdrawal and KYC documents must be uploaded for the annuity and exit processing to occur simultaneously.
Those documents are as follows:
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 actually have 26 years to make annuity account payments if your month to month commitment is Rs 3,000 and you are 34 years of age. Considering the assessed 10% yearly return for capital invested or loan cost. According to NPS calculations, you will receive Rs 44.35 lakh at maturity with a total principal investment in NPS of Rs 9.36 lakh.
