Pensioners: There is big relief news for pensioners. The Pension Fund Regulatory and Development Authority (PFRDA) has relaxed the National Pension System (NPS) withdrawals. In the wake of the COVID-19 pandemic, the pension fund regulator has allowed Points of Presence (POPs) with special arrangements to accept scanned and self-attested copies of digital documents of subscribers. This withdrawal exemption has been given for pensioners on 30 June 2021.
PFRDA issued circular
PFRDA has issued a circular in this regard. The issued circular states that now POPs have been permitted to handle exit/withdrawal applications on a soft copy basis. This is being implemented under the rules of Chapter III 15(2C) of the POP Regulations. According to the circular, all the records for withdrawal of money should be sent together and in soft copy to the CRA. If there is any dispute arising out of this transaction then the POP will be solely responsible for the same.
Know what PFRDA said?
On the reason for easing the NPS withdrawal or exit process, PFRDA said, “As the havoc of Covid continues, pensioners are facing a lot of difficulties in physically submitting the application for exit/withdrawal. So POP in their interest.” It has been decided to relax the process of handling withdrawal applications.