The Pension Fund Regulatory and Development Authority has introduced new facilities for members of the National Pension System.
Now, subscribers will be able to transfer funds from their investment (Tier II) to pension (Tier I) accounts and points of presence will be able to process voluntary contributions made by any corporate subscriber. There is no limit on the amount and number of one way switches that can be requested by the subscriber.
“Recently, many new functionalities have been released by the Central Recordkeeping Agency (CRA) to provide the ease of operation for the benefit of subscribers and nodal offices,” said a Finance Ministry release on Tuesday.
Government employees who are members of the NPS will now also have the facility of opening investment accounts.
“The government sector nodal offices have now been provided with utility for activating the Tier II account and its operation for all Government employees,” it said.
Further, government employees can now also approach their associated nodal office to make additional contributions over the mandatory limit in their pension accounts.