Bengaluru, Aug 5: The Pension Fund Regulatory and Development Authority (PFRDA) is considering a guaranteed pension program under the National Pension System (NPS) and may start it from September 30. According to PFRDA chairman Supratim Bandyopadhyay, the regulatory body has always been aware of rupee inflation and depreciation and has given inflation-protected returns to investors.
“Minimum Assured Returns scheme is under development. Potentially, we can start from September 30,” he told reporters here on Friday. “Over a period of 13 years, we have delivered a compound annual growth of over 10 per cent… 10.27 per cent to be precise. Always, we have given investors inflation-safe returns,” explained Bandyopadhyay, chairman of PFRDA. That the size of pension assets is Rs 35 lakh crore, of which 22 per cent of the total Rs 7.72 lakh crore is with the National Pension System (NPS), while 40 per cent is related to EPFO funds. Bandyopadhyay said the subscriber base this year is 3.41 lakh. 9.76 lakh. He projected the subscriber enrollment to increase to 20 lakh in the current financial year. He said that using digital mediums like Aadhaar, DigiLocker, CKYC for KYC, OTP-based authentication and onboarding/ servicing Ease of on-boarding through the paperless processes of NPS account are among many other initiatives. Also, the maximum joining age has been raised to 70 years and the exit age has been raised to 75 years. “Auto-released” at the age of 60 years or superannuation Hey. Annuity purchases can be deferred until age 75. The chairman of the regulatory body said that customers can opt for premature exit after five years of joining NPS and the investment option can be changed four times in a financial year.
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