For the fiscal year 2022–2023, the combined number of subscribers to the National Pension System (NPS) and Atal Pension Yojana (APY) schemes surpassed 1.35 crore. The Pension Fund Regulatory and Development Authority (PFRDA) stated in a statement dated April 6 that the Atal Pension Yojana had a total of 1.19 crore subscribers during the previous fiscal year. It was 8.47 lakh for the National Pension Program (for all nationals).

According to the fund regulator, there were approximately 1.54 lakh NPS (corporate) enrolments, compared to 1.28 lakh and 5.35 lakh for the central government and state governments, respectively.

From the age of 60, subscribers receive a minimum guaranteed pension ranging from Rs 1,000 to Rs 5,000 per month, depending on their commitment to the plan during their work life.

The National Pension System, on the other hand, is a government-backed investment plan that allows users to select their preferred allocation to various asset classes during their working lives.

As the former pension plan was dissolved in December 2003, NPS was established. On April 1st, 2004, it was put forward. A government worker is entitled to a monthly pension after retirement under the previous pension plan. The average monthly pension equals half of the recipient's most recent pay.

It comes in two varieties, Tier 1 and Tier 2, and both invest in corporate debt, equity markets, and government bonds. The Tier 2 NPS account is an investing account connected to the Pension Regulatory Authority of India, whereas the Tier 1 NPS account is simply a pension account (PRAN).

Prior to taking their pension corpus, all NPS subscribers must, as of April 1, upload specific papers to the Central Record-Keeping Agency (CRA) user interface.

According to a circular from PFRDA, NPS subscribers who want to withdraw their pension corpus must upload the following papers.

1. NPS exit/withdrawal form

2. Proof of identity and address as specified in the withdrawal form

3. Bank account proof

4. Copy of the permanent retirement account number (PRAN)

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