The Pension Fund Regulatory and Development Authority (PFRDA) has allowed subscribers to withdraw the entire amount without purchasing any pension plan in case the pension fund amount is less than Rs 5 lakh. At present, subscribers of the National Pension Scheme (NPS) have to buy a pension scheme offered by insurance companies at the time of retirement or if they have a pension corpus of Rs 2 lakh on attaining the age of 60 years.. He can withdraw the remaining 60 percent amount.
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The pension regulator has said in a gazette notification that the premature withdrawal limit under NPS has been increased from Rs 1 lakh to Rs 2.5 lakh. The regulator has also raised the maximum age to enter NPS from 65 years to 70 years while the exit age limit has been raised to 75 years.
