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Showing posts with label Atal pension yojana. Show all posts
Showing posts with label Atal pension yojana. Show all posts

Monday, 18 July 2016

21:41

Atal Pension Yojana:Rs 100 crore released towards Government of India co-contribution in APY

Atal Pension Yojana:Rs 100 crore released towards Government of India co-contribution in APY

Atal Pension Yojana is being implemented through the APY Service Providers comprising of Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks and Department of Post both in urban and rural areas across the country. The total number of subscribers registered under APY as on 30th June 2016 has crossed 30 lakh and every day nearly 5000 new subscribers are added. 
The scheme provides for a co-contribution from Government of India for those who have registered before 31/3/2016 with an amount of 50% of the subscribers contribution up-to a maximum of Rs. 1000/- and these subscribers will be eligible for co-contribution for a period of 5 years from 2015-16 to 2019-20. Only those subscribers who are not income tax payers and not part of any other social security schemes are eligible for Government of India co-contribution. Keeping in view the above, Government of India through PFRDA has released co-contribution for the FY 2015-16 for 16.96 lakh eligible subscribers amounting to Rs. 99.57 crores. The Subscribers who have any pending contributions in their APY account till March 2016 won't be paid with co-contribution. They have been advised by PFRDA to regularize their APY account so as to get Government of India co-contribution in the month of September. Government of India co-contribution is payable only when accounts are regular and the admissible Government of India co-contribution is paid into the Savings Bank account of the Subscribers. 
Atal Pension Yojana, provides minimum guaranteed pension ranging between Rs. 1000/- to Rs. 5000/- per month for the subscriber from the age of 60 years. The Same amount of pension is paid to the spouse in case of subscriber’s demise. After the demise of both i.e. Subscriber & Spouse, the nominee would be paid the pension corpus. There is also option for Spouse to continue to contribute in APY account of subscriber for balance period, on premature death of subscriber before 60 years, so that pension can be availed by Spouse. Also, if the actual returns on the pension contributions during the accumulation phase is higher than the assumed returns for the minimum guaranteed pension, such excess returns are passed on to the subscriber, resulting in enhanced scheme benefits. 


Source:PIBNEWS 
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Tuesday, 22 March 2016

18:48

Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber; After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber.

Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber; After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber.

The feedback received from various quarters has indicated that the present provision under Atal Pension Yojana (APY) of handing-over lump sum amount to spouse on premature death of the subscriber is not preferred by many subscribers. It has also highlighted the fact that there is growing demand to give an option to the spouse to continue contribution after the death of subscriber to enable him / her to draw pension when the deceased subscriber would have turned 60 years of age. Therefore, after considering the feedback, the Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years instead of present provision of handing-over lump-sum amount to spouse on the premature death (death before 60 years of age) of the subscriber. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber.

Earlier to address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement, the Government had launched a new initiative called Atal Pension Yojana (APY) with effect from 1st June, 2015. Under APY, each subscriber, on completion of 60 years of age, will get the guaranteed minimum monthly pension, or higher monthly pension, if the investment returns are higher than the assumed returns for minimum guaranteed pension, over the period of contribution. After the subscriber’s death, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber. In exceptional circumstances, that is, in the event of the death of beneficiary or specified illness, as mentioned in the PFRDA (Exit and withdrawals under the National Pension System) Regulations, 2015, before the age of 60 years, the accumulated pension wealth till date would be given to the nominee or the subscriber as the case may be. 

Source:PIBNEWS
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Tuesday, 19 May 2015

07:26

PFRDA invites application for National Pension System Trustee Bank

PFRDA invites application for National Pension System Trustee Bank

Pension fund regulator PFRDA is scouting for a bank to act as National Pension System (NPS) trustee to facilitate fund transfers across entities such as annuity service providers and subscribers.

NPS has more than 87 lakh subscribers with Asset Under Management (AUM) of over Rs 80,800 crore. Axis Bank is the current Trustee Bank for NPS.

“The NPS Trustee Bank…shall be required to provide banking facilities as directed by NPS Trust under the prescribed regulations and guidelines,” said the Pension Fund Regulatory and Development Authority (PFRDA) while inviting bids from banks.NPS Trust, responsible for taking care of the funds under the NPS, holds accounts with the NPS Trustee Bank.

The Trustee Bank facilitate fund transfers across various entities of Central Recordkeeping Agencies (CRAs) system –nodal offices, aggregators, pension funds, annuity service providers and subscribers, among others.

Recently, the government has given mandate to the PFRDA to administer ‘Atal Pension Yojana-(APY)’ through Banks.

The limit on deduction on account of contribution by employee to NPS, which was capped at Rs 1 lakh last year, has been removed and now the tax deduction can be claimed up to 10 per cent of salary subject to ceiling of Rs 1.5 lakh.

An additional deduction for the investment up to Rs 50,000 in NPS has been introduced this fiscal. This is an exclusive tax deduction only for investment in NPS and not available for any other investment.

 Source :Govemployees.
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