If you are also a member of National Pension Scheme, then this news is for you. Major changes have been made in the rules of National Pension Scheme. Let us know about the changes below in the news.
The Pension Fund Regulatory and Development Authority has made changes in 4 major rules for the members of the National Pension Scheme. These changes have been made to give relief to the pensioners. Let us tell you that the National Pension Scheme is being run by the Central Government to make the old age of the working class easier.
Strictness for NPS Tier-2 account holder-
National Pension Scheme Tier-2 account holders will no longer be able to make contributions through credit cards. The Pension Fund Regulatory and Development Authority has banned contributions through credit cards with effect from August 3. PFRDA had issued a circular last month saying that all POPs are advised to stop accepting credit cards as a mode of payment for Tier-2 account of NPS with immediate effect. However, this service is applicable for Tier-1.
E-nomination process to change from October
The Pension Fund Regulatory and Development Authority has recently revised the process of e-nomination for government and corporate sector customers. As per the new process flow, the Nodal Office will have the option to accept or reject the one-time e-nomination request. If the Nodal Office does not initiate any action against the request within 30 days of its allotment, the request will be accepted in the Central Recordkeeping Agency system.
No separate form required for annuity plan
Pensioners will not need to fill up a separate proposal form for annuity plan to exit the pension corpus. Now the exit form will be considered by the insurance companies as the proposal form. Let us inform that till now the pensioners had to submit the complete exit form to the pension fund regulator at the time of withdrawal. After that again they had to fill up a detailed proposal form offered by the insurance companies while selecting the annuity plans. In the past, this difficult process has been made easy by eliminating it.
Permission of Digital Life Certificate-
In a relief to the pensioners of the National Pension Scheme, the Insurance Regulatory and Development Authority of India (IRDAI) has allowed online submission of Digital Jeevan Pramaan in the past. The insurance regulator has advised insurance companies to adopt Aadhaar authentication for verification of life certificates to ease the process for pensioners.
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