PFRDA debuts new NPS prosperity planner to calculate retirement income

PFRDA said in an official statement that “As part of Azadi Ka Amrit Mahotsav (AKAM) and in order to assist, empower and handhold the Subscribers to plan for adequacy in retirement income, PFRDA is pleased to provide NPS Prosperity Planner (NPP) for the benefit of Subscribers, made available by the CRAs. Through NPP, the subscribers would be able to estimate the projected Retirement Income (Annuity) as per the Annuity options based on their existing contribution under NPS. NPP provides the tool for higher Retirement Income through Accelerated Contribution plan in the residual period until retirement duly considering inflation and the projected cost of living expenses.”

“NPS Prosperity Planner is futuristic and offers personalized retirement planning for the subscribers based on their past contribution, expected income rise in the future and their cost of living. The calculator thus can provide the subscriber with the reasonable projections which aid in better retirement planning to ensure adequate and sustainable old age income,” PFRDA further added.

How to calculate retirement income using new NPS Prosperity Planner?

Subscribers should visit https://npp.proteantech.in/ and click on “Next”

Subscribers then need to select their employment status and click on ‘Next’

Now they need to fill up their NPS account details post which they can calculate their NPS corpus on retirement based on projected contributions.

In India, the NPS, which is governed by the PFRDA, is a voluntary structured contribution pension scheme that offers old age income, long-term market returns, and old age security coverage to all residents. NPS provides low-cost retirement planning options to Indian residents. Pension funds managed by NPS are among the lowest-cost money managers, charging a fee based on assets under management of only 0.0009%.