If you are an NPS-Lite-Swavalamban scheme subscriber, you can migrate your account to Atal Pension Yojana (APY) for guaranteed pension, according to PFRDA.
If you are an NPS-Lite-Swavalamban scheme subscriber, you can migrate your account to Atal Pension Yojana (APY) for guaranteed pension, according to PFRDA.
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The NPS-Lite-Swavalamban scheme was launched in the year 2010 to provide old-age income security to economically disadvantaged sections of society.
However, after the launch of the Atal Pension Yojana (APY) in 2015, fresh enrolment under the NPS-Lite Swavalamban scheme was ceased except for the enrolment of Gramin Dak Sevaks of the Department of Post(DoP).
The Pension Fund Regulatory and Development Authority (PFRDA) has allowed the existing subscribers registered under NPS-Lite-Swavalamban Scheme during the period 2010 to 2015 to continue under the scheme. The subscribers between the age of 18 to 40 years were also given the option to migrate to APY.
In a recent public notice, the pension regulator said that NPS-Lite subscribers aged 18 to 40 can migrate to APY to avail the benefit of a guaranteed pension.
Under APY, a monthly pension of up to Rs 5000 is guaranteed by the Government.
“Subscribers between the age of 18 to 40 years can migrate to APY to avail the benefit of guaranteed pension. For migration of account the subscribers may contact the bank/post office where the savings bank account is held by them,” PFRDA said in its notice dated July 27.
Other options
Existing NPS-Lite subscribers can deposit also subsequent contributions through their underlying PoPNPS-Lite/Aggregator or can contribute online by logging into eNPS portal at https://enps.nsdl.com/eNPS/InitialExistingUser.html.
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NPS-Lite subscribers above the age of 40 years who do not wish to continue under the scheme can exit by submitting the premature exit request/form to the underlying PoPNPS-Lite/Aggregator.
The regular has further advised subscribers to “update/add/modify the bank account details, contact details and/or nominee details, as required in their respective PRAN through their underlying PoPNPS-Lite/Aggregator to ensure effective maintenance of their account.”
