NPS i.e. National Pension System is a popular savings option in the country today. This rule was introduced for employees working in the private sector. This pension saving scheme provides financial facility to the person in future and also gives a monthly pension of Rs. 60,000 with the help of NPS. The government has changed the scheme.
Older pensioners of NPS who have left the scheme prematurely can rejoin in the scheme. The PFRDA has approved it. Under current rules, subscribers can opt out before completing 60 years. When investment matures in NPS, the investor has option to get 80% corpus as regular pension and the other 20% can be withdrawn altogether. If you want to rejoin NPS, you have to re-deposit. Apart from this they can complete the withdrawal pension process by taking regular pension. After this, they can open a new NPS account.
PFRDA has given these subscribers the option of giving them an opportunity at a minimum price for their rearrangement. The benefits of NPS include portability, flexibility, many easy means to make a contribution, pension fund option, scheme priority, benefits of exclusive tax.
In case of premature exit, 20% of the pension corpus deposited in PRAN can be withdrawn together and the other 80% can be used to purchase an annuity plan from an annuity service provider notified by PFRDA.