Pension regulator directs more transpancy on family pension details payable

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Published: June 23, 2016 4:41:16 PM

PFRDA has directed that upon receipt of the information from central record-keeping agency the nodal officer can guide the claimant appropriately based on the annuity available under NPS and the monthly pensions that is available under the additional relief by way of family pension being offered to them.

Pension regulator directs more transpancy on family pension details payablePFRDA has directed that upon receipt of the information from central record-keeping agency the nodal officer can guide the claimant appropriately based on the annuity available under NPS and the monthly pensions that is available under the additional relief by way of family pension being offered to them.

Now you will have more transparency about your family pension details under your National Pension Scheme (NPS) account. The Pension Fund Regulatory and Development Authority (PFRDA) has directed all nodal officers of NPS to obtain information from the central record-keeping agency (CRA) registered under NPS about the likely monthly annuity amount with the family pension wealth in a subscribers account and inform the claimant along with the family pension they are eligible to get.

PFRDA has directed that upon receipt of the information from CRA the nodal officer can guide the claimant appropriately based on the annuity available under NPS and the monthly pensions that is available under the additional relief by way of family pension being offered to them.

The authority has recently provided guidelines for adjustment/transfer of accumulated pension wealth in the subscribers’ account to the government nodal office in the event of the government providing an additional benefit in the nature of family pension to the family members/subscribers upon their request.

The pension regulator has said that it is undertaking steps to provide for an annuity quote calculator on the website of CRA registered under NPS for facilitating the same.

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