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	<title>Pension Archives -</title>
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	<title>Pension Archives -</title>
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	<item>
		<title>NPS Withdrawal Rules</title>
		<link>https://www.thebuyt.com/nps-withdrawal-rules/</link>
					<comments>https://www.thebuyt.com/nps-withdrawal-rules/#respond</comments>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Tue, 26 Oct 2021 07:31:48 +0000</pubDate>
				<category><![CDATA[Pension]]></category>
		<category><![CDATA[NPS withdrawal rule]]></category>
		<guid isPermaLink="false">https://www.thebuyt.com/?p=3505</guid>

					<description><![CDATA[<p>The Buyt Desk The Pension Fund Regulatory and Development Authority(PFRDA) has relaxed the rules of National Pension System(NPS) withdrawal. In its bid to make NPS a lucrative investment PFRDA amended the withdrawal rule and raised the threshold limit of exit. Earlier the subscriber with a corpus of up to Rs 2 lakh was permitted the [&#8230;]</p>
<p>The post <a href="https://www.thebuyt.com/nps-withdrawal-rules/">NPS Withdrawal Rules</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><strong>The Buyt Desk</strong></p>
<p dir="ltr">The Pension Fund Regulatory and Development Authority(PFRDA) has relaxed the rules of National Pension System(NPS) withdrawal. In its bid to make NPS a lucrative investment PFRDA amended the withdrawal rule and raised the threshold limit of exit. Earlier the subscriber with a corpus of up to Rs 2 lakh was permitted the entire money without opting for an annuity. But with the new rule now the corpus of Rs 5 lakh can be withdrawn in one go without investing in annuity schemes. Let us have a look at the rules for the complete and partial <a href="https://www.thebuyt.com/nps-vs-apy-which-is-a-better-retirement-plan/">withdrawal of NPS corpus</a>.</p>
<p dir="ltr">The withdrawal rule for different government employees is different in NPS. It also varies in the case of NRIs and corporate employees.</p>
<h4 dir="ltr">Withdrawal Rule For Government Sector Employees On Retirement</h4>
<ul>
<li dir="ltr">
<p dir="ltr" role="presentation">The individual has to invest a minimum of 40% of the amount in the annuity.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">An individual can postpone the lump sum withdrawal of the amount till the age of 70 years.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">If the accumulated corpus is less than Rs 2.5 Lakhs, complete premature withdrawal is allowed.</p>
</li>
</ul>
<h4 dir="ltr">Withdrawal Rule For Government Sector Employees Who Takes Voluntary Retirement</h4>
<ul>
<li dir="ltr">
<p dir="ltr" role="presentation">One should invest a minimum of 80%of the corpus in the annuity scheme.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">If the accumulated corpus is less than Rs 1 Lakh, complete withdrawal of the sum is possible.</p>
</li>
</ul>
<h4 dir="ltr">Withdrawal Rule For Corporate Sector Employees or Citizen On Retirement</h4>
<ul>
<li dir="ltr">
<p dir="ltr" role="presentation">A minimum of 40% amount should be invested in the annuity.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">An individual can postpone the withdrawal till the age of 70 years.</p>
</li>
</ul>
<h4 dir="ltr">Withdrawal Rule For Corporate Sector Employees or Citizen Who Takes Voluntary Retirement</h4>
<ul>
<li dir="ltr">
<p dir="ltr" role="presentation">The individual should have invested in NPS for a minimum of 10 years.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">The applicant should invest the 80 percent amount to buy the annuity.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">If the accumulated account is less than 1 Lakh, complete withdrawal is possible.</p>
</li>
</ul>
<h4 dir="ltr">Withdrawal Rule For NRIs On Retirement</h4>
<ul>
<li dir="ltr">
<p dir="ltr" role="presentation">One should invest a minimum of 40 percent amount in the annuity.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">If the corpus is less than Rs 2 Lakhs, complete withdrawal is possible.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">An individual can postpone the lump sum withdrawal of the amount till the age of 70 years.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">The annuity purchase is deferrable for a maximum of 3 years period at the time of exit.</p>
</li>
</ul>
<h4 dir="ltr">Withdrawal Rule For NRIs Who Takes Voluntary Retirement</h4>
<ul>
<li dir="ltr">
<p dir="ltr" role="presentation">The applicant should invest the 80 percent amount to buy the annuity.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">If the corpus is less than 1 Lakh, complete withdrawal is possible.</p>
</li>
</ul>
<h4 dir="ltr">NPS Partial Withdrawal Rule</h4>
<ul>
<li dir="ltr">
<p dir="ltr" role="presentation">An individual is allowed to make only three withdrawals during the tenure.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">The subscriber has to maintain a gap of five years between two withdrawals. In case of a medical emergency, a reduction in the time gap is allowed.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">An individual can withdraw up to 25% of the contribution toward the scheme.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">For partial withdrawal, the applicant must have contributed to NPS for three years in continuation.</p>
</li>
<li dir="ltr">
<p dir="ltr" role="presentation">Partial withdrawal is allowed in cases like children&#8217;s education, marriage, house construction or buying, and medical emergencies.</p>
</li>
</ul>
<p>The post <a href="https://www.thebuyt.com/nps-withdrawal-rules/">NPS Withdrawal Rules</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
]]></content:encoded>
					
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		<item>
		<title>Five New Features of Atal Pension Yojna</title>
		<link>https://www.thebuyt.com/five-new-features-of-atal-pension-yojna/</link>
					<comments>https://www.thebuyt.com/five-new-features-of-atal-pension-yojna/#respond</comments>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Tue, 19 Oct 2021 06:39:17 +0000</pubDate>
				<category><![CDATA[Pension]]></category>
		<category><![CDATA[Atal Pension Yojna]]></category>
		<category><![CDATA[New Features of Atal Pension Yojna]]></category>
		<guid isPermaLink="false">https://www.thebuyt.com/?p=3478</guid>

					<description><![CDATA[<p>The Buyt Desk The Atal Pension Yojna(APY) is a social security scheme run by the Government of India. The Pension Fund Regulatory and Development Authority(PFRDA) regulates this scheme. The purpose of APY is to ensure a guaranteed pension to people who are working in the unorganised sector. Under the Atal Pension Yojana (APY), more than [&#8230;]</p>
<p>The post <a href="https://www.thebuyt.com/five-new-features-of-atal-pension-yojna/">Five New Features of Atal Pension Yojna</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><strong>The Buyt Desk</strong></p>
<p dir="ltr">The Atal Pension Yojna(APY) is a social security scheme run by the Government of India. The Pension Fund Regulatory and Development Authority(PFRDA) regulates this scheme. The purpose of APY is to ensure a guaranteed pension to people who are working in the unorganised sector. Under the Atal Pension Yojana (APY), more than 28 lakh new APY accounts have been opened during FY 2021-22. Overall, enrolments under APY have crossed 3.30 crore as of 25th August 2021. The Government of India wants more and more people to enrol in APY so that they can have dignified life after they stop working. The government has made few changes in this scheme to make it more flexible and adaptable. Before we talk about the new changes let us first understand the scheme.</p>
<h2 dir="ltr">How Do Atal Pension Yoojna works?</h2>
<p dir="ltr">The unorganised workforce who are working in the private sector or are earning daily wages in professions like a  driver, factory worker or waiter can benefit from APY. These people are not covered under any <a href="https://www.thebuyt.com/what-is-atal-pension-yojnaapy-here-is-all-you-need-to-know-about-apy/">pension or retirement programme</a> and have no investments to support them in their non-working phase of life. But Atal Pension Yojna enables them to invest as low as Rs 42 and safeguard their old age. A guaranteed pension of Rs 1000, 2000, 3000, 40000 or 5,000 can be earned by making a contribution for at least 20 years. The subscriber will get the pension after he/she turns 60 years of age. The enrollment age for APY is 18-40 years of age.</p>
<h4 dir="ltr">Premium Calculation</h4>
<p dir="ltr">The amount of premium will depend upon two factors- the age of the subscriber and the guaranteed pension that he/she opts for. This can be illustrated with an example. A 25 years old individual who wants Rs.1000 as the monthly pension will have to pay a monthly premium of  Rs.76 for 35 years. To get a pension of Rs.2000, he will have to pay Rs.151. But if he starts this scheme at the age of 35 then he will have to pay a premium of Rs 181 for a pension of Rs 1000 and payment tenure would be 25 years. But if he wants a pension of Rs 2000 then his monthly premium will rise to Rs  362.</p>
<h4 dir="ltr">5 New Features Of Atal Pension Yoojna</h4>
<h4 dir="ltr">1. Upgrade and Downgrade of Premium and Pension</h4>
<p dir="ltr">The subscribers are now allowed to modify the amount of premium once a year. They can either increase the premium and opt for a higher pension or on the contrary, can also decide to decrease the amount if their money flow is obstructed for some reason. This is allowed only once a year and a charge of Rs 50 will have to be paid by the subscriber for this modification.</p>
<h4 dir="ltr">2. PRAN Card</h4>
<p dir="ltr">APY Subscriber can get a physical PRAN(Permanent Retirement Account Number)  card by logging on to the eNPS portal. The NPS website has an instruction link that will guide them to print APY PRAN cards.</p>
<h4 dir="ltr">3. Continuation Process after the untimely death of the subscriber</h4>
<p dir="ltr"> In case of the death of the subscriber before completing the age of 60years his/her spouse can continue the contribution. The spouse will be issued a new PRAN and he/she can continue till the time the original/deceased subscriber attains the age of 60.</p>
<h4 dir="ltr">4. FATCA- Foreign Account Tax Compliance Act</h4>
<p dir="ltr"> Every new subscriber to APY will be filling an additional FATCA self-declaration at the time of registration. This is mandatory now for all the new registration.</p>
<h4 dir="ltr">5. APY App</h4>
<p dir="ltr">APY App is available on the Google play store. The subscriber with smartphones can download the app and easily check their contribution details and transaction details</p>
<p>The post <a href="https://www.thebuyt.com/five-new-features-of-atal-pension-yojna/">Five New Features of Atal Pension Yojna</a> appeared first on <a href="https://www.thebuyt.com"></a>.</p>
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