Pension Fund Regulatory and Development Authority (PFRDA) has increased the maximum age of joining National Pension Scheme (NPS) Private Sector from the 60 to 65 years of age to increase the pension coverage in the country. <br/><br/>Now, any Indian citizen, resident or non-resident, between the age of 60- 65 years can join the NPS and continue up to the age of 70 years. The increase in joining age will provide the options to the subscribers who are at the fag-end of the employment and expecting lump-sum amount at the time of retirement.<br/><br/>Subscriber joining NPS after the age of 60 years will have an option of normal exit from the scheme after completion of 3 years. In this case, the subscriber will be required to utilize at least 40 per cent of the corpus for purchase of annuity and the remaining amount can be withdrawn in lump-sum. <br/><br/>However, if the subscriber wants to exit from NPS before completion of 3 years, he or she will have to utilize at-least 80 per cent of the corpus for purchase of annuity and the remaining can be withdrawn in lumpsum. <br/><br/>In case of death of the subscriber during his/her stay in NPS, the entire corpus will be paid to the nominee of the subscriber. NPS provides a very robust platform to the subscriber to save for his/her old age income security.

Pension Fund Regulatory and Development Authority (PFRDA) has increased the maximum age of joining National Pension Scheme (NPS) Private Sector from the 60 to 65 years of age to increase the pension coverage in the country. <br/><br/>Now, any Indian citizen, resident or non-resident, between the age of 60- 65 years can join the NPS and continue up to the age of 70 years. The increase in joining age will provide the options to the subscribers who are at the fag-end of the employment and expecting lump-sum amount at the time of retirement.<br/><br/>Subscriber joining NPS after the age of 60 years will have an option of normal exit from the scheme after completion of 3 years. In this case, the subscriber will be required to utilize at least 40 per cent of the corpus for purchase of annuity and the remaining amount can be withdrawn in lump-sum. <br/><br/>However, if the subscriber wants to exit from NPS before completion of 3 years, he or she will have to utilize at-least 80 per cent of the corpus for purchase of annuity and the remaining can be withdrawn in lumpsum. <br/><br/>In case of death of the subscriber during his/her stay in NPS, the entire corpus will be paid to the nominee of the subscriber. NPS provides a very robust platform to the subscriber to save for his/her old age income security.