The Pension Fund Regulatory and Development Authority (PFRDA) has launched a new Retirement Income Scheme (RIS) and drawdown options under the National Pension System (NPS), offering greater flexibility for managing pension savings post-retirement. Additionally, PFRDA has eased annuity surrender rules, allowing exits in cases of critical illness or for older contracts with explicit surrender clauses.
The Indian government is reportedly considering increasing the foreign direct investment (FDI) limit in the pension sector to 100 per cent, bringing it in line with the insurance sector. A Bill to amend the PFRDA Act, 2013, is expected in an upcoming Parliament session.
RIS Steady Life Cycle begins with an equity allocation of 35 per cent at age 60, which gradually reduces. Between ages 75 and 85, it remains constant at 10 per cent.
The Unified Pension Scheme (UPS) adoption rate has risen to over 4.35 per cent, with more than 100,000 people out of 2.3 million eligible individuals opting for it, Pension Fund Regulatory and Development Authority (PFRDA) chairman S Ramann said in an exclusive interview with Business Standard on Monday. He also said that six states had approached the PFRDA for help in adoption of the scheme.
The highest number of requests was reported for the purchase or construction of residential houses, which stood at 172,625, of which 155,236 were settled, involving an amount of Rs 1,327.91 crore partial withdrawals under the National Pension System (NPS) in FY 2024-25, according to data from the Pension Fund Regulatory and Development Authority (PFRDA) annual report released this month.
Sebi is working with other regulators to expand the CAS framework.
NPS Vatsalya offers a disciplined investment avenue that parents can use to create intergenerational wealth by contributing even small sums.
India's market regulator is moving ahead to include real estate investment trusts (Reits) in benchmark indices in a phased manner, Sebi chief Tuhin Kanta Pandey said, while asserting that the regulator was working to strengthen the link between infrastructure building and the markets.
Trai has ordered BFSI firms to move service and transaction calls to the 1600 series from 2026 to reduce spam, financial fraud, and rising digital arrest scams.
'The informal sector can grow at a 100 per cent rate -- we have to plan big.'
Those who have long retirement horizons of 15 to 20 years and seek higher long-term returns may opt for MSF. Investors nearing retirement (under 10 years) or those with low risk tolerance should stay away.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
Public sector banks (PSBs) have seen a sharp drop in household deposits from 70.6 per cent to 63 per cent in contrast with private banks, which witnessed a surge from 27.1 per cent to 34.1 per cent.
The Securities and Exchange Board of India (Sebi) on Monday proposed relaxations for asset management companies (AMCs) to serve pooled non-broad-based funds, giving an opportunity to fund houses to expand their business.
Following his resignation, the Finance Ministry has appointed Joint Secretary Anup Wadhawan as Chairman of the PFRDA.
The term of the last chairman of the pension regulator, Yogesh Agarwal, was cut short by the finance ministry in November.
The replacement of 'phased withdrawal' with 'deferred withdrawal' was taken after PFRDA received feedback from various stakeholders, the pension fund regulator said.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The Pension Fund Regulatory and Development Authority (PFRDA) has sought income tax exemption for the New Pension Scheme at par with other schemes like Public Provident Fund (PPF).
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Let's Make Savings As Exciting As Spending. This World Savings Day, rediffGURUS Nitin Narkhede, Milind Vadjikar and Ramalingam Kalirajan are all set to answer your queries on savings and investments.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
PFRDA has issued these clarifications in response to queries received from pension fund managers seeking clarity on certain clauses of the investment management agreement for private sector.
The PFRDA Act would give statutory status to the pensions sector regulator, and in addition to other objectives, aims to address apprehensions regarding safety and yield under the National Pension System.
Interim pension regulator PFRDA has asked the government to bear the cost of maintaining accounts of policy holders under the New Pension System, a move that will encourage people to opt for the scheme.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The 'partial withdrawal' is however allowed only after 10 years of contribution by the subscriber, said the draft guidelines by the Pension Fund Regulatory and Development Authority.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
The fee for fund manager will change. As of now, they get 0.0009 per cent of the funds managed by them.
The interim Pension Fund Regulatory and Development Authority on Friday said it will appoint a Central Record-keeping and Accounting Agency and give licence to six pension fund managers to start the new pension regime by December this year.
The government has asked the Pension Fund Regulatory & Development Authority to open the retirement scheme--which has so far been confined to central government employees--to the self-employed and those in the unorganised sector.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Numbers could be classified further into (140) marketing and (160 or 161) for service calls to easily identify the purpose of the call in the future.
If you don't make the necessary adjustments after October 1, 2024, you'll stop earning interest on accounts that aren't in compliance rediffGURU Milind Vadjikar
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
From how to open an NPS Vatsalya account to knowing how this scheme compares to investing in mutual fund or in provident fund, Ramalingam Kalirajan offers a 360-degree view and the pros and cons of investing in a scheme that has the potential to secure your child's financial well-being.
Ramalingam Kalirajan explains the pros and cons of both investment types.
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