The Pension Fund Regulatory and Development Authority (PFRDA) has announced that NPS subscribers will have to upload specific documents on the Central Record-Keeping Agency (CRA) user interface before withdrawing their pension corpus, starting from April 1, 2023.

 

These new rules are aimed at streamlining and expediting the process of annuity payments for those subscribers exiting  the NPS.

 

PFRDA stated "In the interest of Subscribers and to benefit them with the timely payment of annuity income, the upload of the documents shall be mandatory with effect from 1st April 2023," 

To withdraw funds, subscribers must upload the following documents to the CRA user interface:

 

According to the PFRDA, the mandatory upload of these documents will take effect from 1st April 2023. The regulatory body has taken this step in the interest of subscribers to ensure prompt distribution of annuity income.

 

As of now, there are over 567,116 beneficiaries above the age of 60 years under the NPS. The old pension scheme, which entitled a government employee to a monthly pension after retirement, was discontinued in December 2003. The new pension scheme, which came into effect on 1 April 2004, requires employees to contribute a portion of their salaries to the pension fund. Based on that, they are entitled to a one-time lump sum amount on superannuation.