The PFRDA will require Points of Presence (PoPs) offering NPS services to undergo audits by chartered accountants from April 1, 2026, to March 31, 2027. Audits will verify compliance with NPS rules, KYC norms, fund handling, and grievance resolution.
PFRDA launched the StAR NPS digital platform, developed by BSE Technologies, to enable Points of Presence to onboard National Pension System subscribers digitally. The process includes electronic data collection, KYC verification, and first contribution, leading to PRAN generation.
PFRDA proposes significant cuts to NPS grievance resolution times, reducing complaint handling from up to 90 days to a maximum of 30 days. The draft also shifts Level 2 escalation from NPS Trust to PFRDA's Grievance Cell.
PFRDA introduces new Retirement Income Schemes (RIS) and drawdown options for NPS subscribers, aiming to provide predictable cashflow and extend retirement fund longevity. These changes allow periodic payouts from the lump sum corpus while maintaining mandatory annuity requirements.
PFRDA expands NPS investment options to include rupee-denominated bonds from the New Development Bank (NDB), effective May 13, 2026, alongside existing IBRD, IFC, and ADB bonds.
NPS Swasthya is a PFRDA-backed pilot scheme allowing NPS subscribers to withdraw retirement savings for healthcare needs. Launched under the regulatory sandbox framework in January, it offers two proof-of-concept options: ICICI Prudential+Apollo+Kfintech and Axis Pension+Tata Pension+Aditya Birla Health+CAMS+MediAssist. The scheme enables tax-free partial withdrawals directly to hospitals/TPAs without the four-withdrawal limit of regular NPS. However, participating companies emphasize it is NOT a substitute for comprehensive health insurance—it serves as an additional funding source during medical emergencies when existing coverage is inadequate.
