Pension Fund Regulatory and Development Authority Chairperson Deepak Mohanty.
Pension Fund Regulatory and Development Authority (PFRDA) will introduce a new feature in the Systematic Lumpsum Withdrawal plan during the second half of 2023, said its chairperson Deepak Mohanty.
As per the proposal, National Pension Scheme (NPS) subscribers would be allowed to withdraw systematically 60% of their contributions post-retirement up to the age of 75 instead of current system of one-time withdrawal, while 40% has to be in annuity.
“We are planning to introduce Systematic Withdrawal Plan from the second half of this year. The amount can be fixed by the subscriber any number of times and it can be withdrawn in lumpsum or in monthly, quarterly, half yearly or annually basis. It is applicable to those in the age group of 60-75,” he told reporters.
Asserting that it might happen during the last quarter of the calendar year, he said that software has to be updated accordingly.
Mr. Mohanty said that the Assets Under Management of NPS and Atal Pension Yojana (APY) stood at ₹9.6 lakh crore and they were expecting it to hit ₹10 lakh crore mark during September.
During the current fiscal, NPS expects to enrol 13 lakh new subscribers from non-government sector as against 10 lakh in year-ago period.
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