Changed and new rules for National Pension Scheme: All you need to know

Here is a list of the changed and new rules by Irdai and PFRD regarding the National Pension Scheme

The Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory Development Authority (PFRDA) have made several changes and enforced new rules of the National Pension System (NPS). Here is a list of the changed and new rules.

e-nomination process

The nodal officer will now have the authority to accept or reject your application once he/she receives it. Also, if the officer does not take action on your application within 30 days, it will be automatically submitted to the Central Recordkeeping Agency (CRA).

No proposal form required for annuity on maturity
 

Irdai has said that it no longer requires a separate proposal form to buy annuity.

Digital life certificate
 

Digital life certificates can be submitted online through Jeevan Praman. It is necessary to submit life certificates to the pension authority every year as long as the pensioner receives pension.

Contribution via credit card

The PFRDA ruling says that NPS account holders in tier-2 cities can't contribute to NPS using credit cards as of August 3, 2022.