New NPS Multiple Pension Plan Purchase Rule 2023

May 11, 2023 Rajeev Kumar

National Pension System (NPS) subscribers can now buy multiple annuity/pension plans on exit. Read on to know details of what PFRDA has said.

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Under NPS, subscribers are allowed to buy immediate annuities or pension plans from Annuity Service Providers (ASPs)

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NPS subscribers will be allowed to purchase multiple pension plans on exit if their corpus is over Rs 10 lakh, the PFRDA says.

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However, NPS subscribers will have to utilise at least Rs 5 lakh to buy each annuity if they are buying multiple plans

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Earlier, subscribers were allowed to buy only one annuity scheme from the ASP at the time of exit.

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The regulator has advised CRAs to build necessary functionality for the implementation of new rule.

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Until this feature is developed, ASPs have been asked to handle requests for multiple annuities from subscribers

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