NPS subscriber? Important message from pension regulator PFRDA for you

As part of various digital transformative initiatives introduced by pension regulator PFRDA, it has already enabled opening of NPS accounts by using offline Aadhaar with the explicit consent of the prospective subscriber.

Now, in order to take digital initiatives further, it has been decided by PFRDA to make the exit process also more agile and seamless by allowing the offline Aadhaar authentication for the purpose of self-authorizing exit requests of e NPS Subscribers.

Under this process, the eNPS Subscribers with a corpus up to Rs.10,00,000/- in their NPS Accounts, can furnish their off line Aadhaar details, for the purpose of exit.

In addition, for e-NPS Subscribers whose corpus is more than Rs.10,00,000/- as well as for the subscribers associated to POPs (Point of Presence) , an online platform has recently been enabled , where the exit requests of All citizen/Corporate sector subscribers would be verified by POPs , while exits of e-NPS subscribers (not associated to any POP) would be verified by their respective banks which are registered as POPs with PFRDA.

Recently, PFRDA had released National Pension System (NPS) data including Atal Pension Yojana (APY) for November 2020.

The number of subscribers in various schemes under the National Pension System (NPS) rose to 388.62 lakh by end-November 2020 from 320.24 lakh in November 2019 showing a year- on- year (Y-o-Y) increase of 21.35%. As on 30th November 2020, total pension assets under management stood at Rs. 5,32,378 crore showing a Y-o-Y growth of 35.76% .

Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies. NPS was initially notified for central government employees recruits wef 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas) voluntarily and to corporates for its employees.

As on 10th Oct 2020, the total number of subscribers under NPS and Atal Pension Yojana has crossed 3.76 crores and the Asset under Management (AUM) has grown to Rs 5,05,424 crores.