Systematic Withdrawals Under Pension Scheme Soon: Fund Regulator Chief To NDTV

The new plan, which is expected to be ready by September or October this year, will enable the Subscribers to get a steady return till the age of 75 years, PFRDA Chairperson Deepak Mohanty said.

Pension fund regulator PFRDA is planning to introduce a systematic withdrawal plan to give flexibility to pension account holders to withdraw a lump sum fund as per their choice on completion of 60 years.

"The new plan will allow NPS Subscribers to periodically withdraw - either monthly, quarterly, half-yearly or annually till the age of 75 years," PFRDA Chairperson Deepak Mohanty told NDTV.

The new plan, which is expected to be ready by September or October this year, will enable the subscribers to get a steady return till the age of 75 years, he added.

At present, the subscribers of the National Pension Scheme or NPS can withdraw up to 60 per cent of the retirement corpus after turning 60 years as a lump sum while the remaining 40 per cent mandatorily goes into buying an annuity.