Pension regulator brings new features for NPS members

India's Pension Fund Regulatory and Development Authority (PFRDA) has introduced new functions for the Central Recordkeeping Agency for the National Pension System (NPS) for subscribers, an official statement here said on Tuesday.

NPS subscribers will now be able to transfer funds from their investment (Tier II) to pension (Tier I) accounts and points of presence will be able to process voluntary contributions made by any corporate subscriber.

There is no limit on the amount and number of one way switches that can be requested by the subscriber.

"Recently, many new functionalities have been released by the Central Recordkeeping Agency (CRA) to provide the ease of operation for the benefit of subscribers and nodal offices," said a finance ministry release.

Last month, the pension regulator made it mandatory for subscribers to submit applications online for settlement of withdrawal claims from April 1 next year.

According to a PFRDA directive, "with effect from April 1, 2016 only such withdrawal requests raised on online platform will be accepted at CRA system for further processing".

NPS has been implemented for all employees (except armed forces) joining the central government on or after January 1, 2004. It has been made available to every Indian citizen from May 2009 on a voluntary basis.