The Pension Fund Regulatory and Development Authority (PFRDA) intermediaries have reduced the timeline of various transactions under the National Pension Scheme (NPS). This is to provide a better subscriber experience and fulfil their evolving needs. The PFRDA reduced the timeline for execution of withdrawal requests under the NPS account to a T+2 basis from a T+4 basis, as per a press release issued by the PFRDA.
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The letter 'T' is referred to as the day of authorisation of withdrawal request by the Nodal office/PoP/subscriber and the number '+2' is the settlement days.
Now, for subscribers associated with Protean eGov Technologies Ltd, requests authorised up to 10.30 am will be settled on a T+2 basis.
For subscribers associated with KFin Technologies Ltd & CAMS CRAs, the requests authorised up to 11 am will be settled on a T+2 basis.
It must be noted that the timelines are to be considered for working and settlement days.
The ‘T’ depends on the cut-off time for settlement which varies between 10.30 am to 11 am, however, may change depending upon other settlement factors as per the press release.
The PFRDA said that the reduced timelines shall be introduced in a phased manner for other activities in the interest of subscribers.
Activities like superannuation, premature exit, exit due to death, annuity withdrawal, Tier II withdrawal, partial withdrawal, inter-sector change, re-balancing, scheme preference change, PFM change request, one-way switch, and ERM can be requested for authorisation by subscribers associated with KFin.
While subscribers associated with CAMS can request authorisation for transactions like superannuation, premature exit, exit due to death, annuity withdrawal, and Tier II withdrawal.
Subscribers with Protean eGov Technologies can request authorisation for transactions like superannuation, premature exit, exit due to death, family/disability pension, annuity withdrawal, Tier II withdrawal, one-way switch, and re-balance and opt for scheme preference change.
(Edited by : Sudarsanan Mani)
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