The Pension Funds Regulatory and Development Authority (PFRDA) has launched “NPS Prosperity Planner”, a personalized calculator allowing policyholders to calculate their retirement income (annuity) under annuity options based on their existing contribution in the NPS framework. This initiative is part of Azadi Ka Amrit Mahotsav (AKAM) and the new calculator will enable subscribers to plan for adequate retirement income and the NPS Prosperity Planner (NPP) has been made available by the ARCs.
PFRDA said in an official statement that “As part of Azadi Ka Amrit Mahotsav (AKAM) and in order to assist, empower and keep subscribers planning for retirement income adequacy, PFRDA is pleased to provide NPS Prosperity Planner (NPP) for the benefit of Subscribers, made available by ARCs. Through NPP, subscribers would be able to estimate the projected retirement income (annuity) under the annuity options based on their existing contribution under the NPS. NPP provides the tool for higher retirement income through the accelerated contribution scheme during the residual period until retirement with due consideration of inflation and the projected cost of living. »
“NPS Prosperity Planner is futuristic and offers personalized retirement planning to subscribers based on their past contributions, expected future income growth and cost of living. The calculator can thus provide the subscriber with reasonable projections which contribute to better retirement planning in order to ensure an adequate and sustainable old-age income,” added PFRDA.
How to calculate retirement income using the new NPS Prosperity Planner?
Subscribers should visit https://npp.proteatech.in/ and click “Next”
Subscribers must then select their employment status and click “Next”
Now they have to fill in their NPS account details post where they can calculate their retirement NPS corpus based on projected contributions.
In India, the NPS, which is governed by the PFRDA, is a structured voluntary contribution pension scheme that provides old age income, long-term market returns and old age security coverage to all residents. NPS offers low cost retirement planning options to Indian residents. NPS-managed pension funds are among the cheapest fund managers, charging fees based on assets under management of just 0.0009%.
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