The Pension Fund Regulatory Development Authority (PFRDA) on Tuesday said its intermediaries would reduce the timeline for withdrawal from the National Pension System (NPS).
In a press note, the PFRDA said the timelines for withdrawal has been reduced from four working days (T+4) to two working days (T+2) from the day of withdrawal authorisation date.
‘T’ refers to the withdrawal authorization request day by a nodal office or point of presence (PoP). Settlement requests are usually taken up from 10:30-11:00 am on any working day.
PFRDA’s intermediaries, including central recordkeeping agencies (CRAs), pension funds (PFs) and custodians, process the subscribers’ enrolment and exit from NPS schemes.
Lauding the intermediaries’ enhanced IT capabilities to process exit requests from NPS, PFRDA noted the new rules will “provide better subscriber experience”. PFRDA said the reduced timelines will be introduced in a phased manner.
For Protean eGov Technologies Ltd CRA subscribers, authorisation requests up to 10:30 am would be settled on T+2 basis, while subscribers of KFin Technologies Ltd & Computer Age Management Services (CAMS, CRAs,) authorisations up to 11 am will be settled on T+2 basis.
Here are the details of the timelines for different CRAs.
KFin Technologies Ltd: The activities to be taken up for T+2 settlement days for authorisation requests up to 11 am are:
- Superannuation
- Premature Exit
- Exit due to Death
- Annuity Withdrawal
- Tier II Withdrawal
- Partial Withdrawal
- Scheme Preference Change
- Re-balancing
- PFM Change Request
- One-way Switch
- Inter-sector change
- Error Rectification Module (ERM)
Computer Age Management Services (CAMS): Activities to be taken up for T+2 settlement days for authorisation requests up to 11 am include:
- Superannuation
- Premature Exit
- Exit due to Death
- Annuity Withdrawal
- Tier II Withdrawal
Protean eGov Technologies Ltd: Activities to be taken up for T+2 settlement days for authorisation requests up to 10:30 am include:
- Superannuation
- Premature Exit
- Exit due to Death
- Family/Disability Pension
- Annuity Withdrawal
- Tier II Withdrawal
- One Way Switch
- Re-balancing
