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Emergency withdrawals under New Pension System may be allowed


18 Aug, 2013 7:15p.m.

Subscribers to National Pension System may be allowed withdraw partial funds in emergency situation like health issues, a top PFRDA official said today.

At present, no partial withdrawal is allowed under the voluntary contribution-based pension scheme.

"At this point, they are not allowing any partial withdrawal but there are some requests for withdrawal like during emergency medical conditions and we are looking into it," PFRDA Chairman Yogesh Agarwal told reporters on the sidelines of a CII insurance summit here.

Though any withdrawal would eat into the corpus, yet the regulator is considering the proposal for the benefit of subscribers, he said.

Under the current rules, fund withdrawal is allowed only at the time of retirement.

On the issue of proposal to give option to EPFO employees to join NPS, he said it is an inter-ministerial matter but added that the returns under the pension scheme is one of the best among all financial instruments.

Referring to the Pension Bill, Agarwal said the regulator is hopeful of Parliament passing the proposed legislation.

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