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Government Scheme

■ NATIONAL PENSION SYSTEM :-

The National Pension System (NPS) will no longer compel investors to convert 40% of their accumulated retirement corpus into an annuity.

□ WHY SUCH A DECISION ?

◇ Poor yields on annuities and high inflation are translating into negative returns.

◇ Annuities are taxable, deducting the tax and factoring in inflation means annuities are yielding negative returns.

□ ABOUT NATIONAL PENSION SYSTEM :-

◇ NPS is a government-sponsored pension scheme. 

◇ Launched in January 2004 for government employees.

◇ It was extended to all citizens of Indian on a voluntary basis from May 2009 and to corporates in December 2011 and to Non-Resident Indians in October 2015.

◇ PFRDA is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the NPS.

◇ The scheme allows subscribers to contribute regularly in a pension account during their working life.

□ WHO CAN JOIN NPS ?

◇ Any Indian citizen between 18 and 60 years can join NPS.

◇ Must comply with know your customer (KYC) norms.

◇ An NRI can join NPS.

◇ Now, any Indian citizen, resident or non-resident and OCIs are eligible to join NPS till age of 65 years.

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