PFRDA will allow National Pension Scheme (NPS) account holders to withdraw up to 60% pension fund.
Pension Fund Regulatory and Development Authority (PFRDA) issued a circulation on 27 October 2023 to alter Rule 3 and Rule 4.
PFRDA will start Systematic Lump Sum Withdrawal (SLW) for withdrawal of money after the stipulated time.
The SLW allows the user to withdraw the deposited money on a monthly, quarterly, half-yearly or even yearly basis till the age of 75 years according to their convenience.
With this, pensioners will be allowed to continuously receive money.
As a result, NPS account holder will not be burdened with expenses and will receive a fixed income post-retirement.
The account holder will get the opportunity to choose the option once.
The government had launched National Pension System (NPS) on 1st January 2004.
In February 2009, NPS was made available to all citizens and unorganized sector workers were included in it.
