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Conference on Portability from Superannuation and Recognized Provident Funds to National Pension System (NPS); NPS has more than 1.71 crore subscribers with total Asset under Management (AUM) of more than ₹ 2.04 lakh crores

News and Press Release - Dated:- 15-9-2017 - A Conference on Portability from Superannuation and recognized Provident Funds to National Pension System (NPS) was organized by the Pension Fund Regulatory and Development Authority (PFRDA) in coordination with Willis Towers Watson in national capital. The Prime objective of the Conference was to provide a knowledge base platform to the Corporate by providing solutions to address the issues / challenges of portability of superannuation funds to NPS. .....

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nstantly engaging with its stake holders in the NPS and has been working with industry associations for promotion of NPS in the Corporate - Private sector. To make NPS entry easy and the interface user friendly, various modifications have been carried out in the product. Shri Rohit Jain, Head, Willis Towers Watson (India), speaking on the occasion, told that the average life expectancy of persons in India has risen and hence there is a greater need for a retirement / pension product for all. Tra .....

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hing has become more frequent and people seek more controls on their finances, when they start moving jobs and place from one to another. The concept of portability came in and people started thinking about having better control on their retirement savings. Defined Benefit Pension schemes, which were predominant, became unsustainable not only for the government sector but also for the private sector because of various factors. A Defined Contribution scheme was therefore launched in 2004 which wa .....

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of pension activity were the other factors which appealed to the private sector. Innovations and changes are made from time to time in the NPS product and processes, some recent examples being, introduction of two new life cycle funds, inclusion of alternative assets in investment portfolio, online entry and exit etc. The entry age to NPS is now proposed to be increased to 65 years from 60 years and there is an option to continue up to age of 70 years. The Chairman also mentioned that NPS shoul .....

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