NPS news | Have less than Rs 5 lakh in pension fund? Full money can be withdrawn, PFRDA has given permission, pension fund has less than Rs 5 lakh? You can withdraw full money, PFRDA has given permission
Withdrawal allowed from pension fund
- You can withdraw the entire amount without buying any pension plan.
- The premature withdrawal limit from NPS has been increased from Rs 1 lakh to Rs 2.5 lakh.
- The maximum age to enter NPS has also been increased from 65 years to 70 years.
During the Corona period, the government has taken many steps so that no person of the country should face any financial problem. In this way, those who deposit money in the pension fund have been given exemption. The Pension Fund Regulator and Development Authority (PFRDA) has allowed subscribers to withdraw the entire amount without purchasing any pension plan in case the pension fund amount is less than Rs 5 lakh. At present, subscribers of National Pension System (NPS) have to buy a pension scheme offered by insurance companies in case they have a pension corpus of Rs 2 lakh at the time of retirement or on attaining the age of 60 years. He can withdraw the remaining 60 percent amount.
The pension regulator has said in a notification that the premature withdrawal limit under NPS has been increased from Rs 1 lakh to Rs 2.5 lakh. The regulator has also raised the maximum age to enter NPS from 65 years to 70 years while the exit age limit has been raised to 75 years.
It states that where the accumulated pension wealth in the Permanent Retirement Account of the subscriber is equal to or less than an amount of Rs 5 lakh, or a limit specified by the Authority, the subscriber shall have the option to withdraw the entire accumulated pension amount without purchasing an annuity . The right of such subscriber to receive any pension or other amount under the National Pension System or from the Government or the employer shall cease to exist.
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