The Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday increased the upper age limit for joining the National Pension System (NPS) to 65 years from the current 60 years.
The NPS was open for people between 18 years and 60 years. The new scheme has the option of continuing and making contributions up to the age of 70
The finance ministry said, “This is in continuance of the several initiatives undertaken by PFRDA in the last few years to increase the pension coverage across the country.”
The ministry said, “Any Indian citizen, resident or non-resident aging between 60years and 65years can join the NPS and they can continue to avail it till the age of 70years.”
The statement also states that the subscribers willing to join the NPS at the later stage of life will be able to avail all benefits of the pension scheme.
According to the statement, subscribers joining the NPS after the age of 60 years will avail the same choices of the pension fund as people availing the scheme before the age of 60years.