Greater flexibility in retirement withdrawals and restoration of tax incentives under the new tax regime can significantly accelerate growth in the National Pension System (NPS), according to a senior industry executive.
"One major issue is the compulsory 20 per cent annuity requirement. We have suggested PFRDA that with the new Retirement Income System (RIS) for de-accumulation, customers should be allowed to choose between annuity and RIS. If this flexibility is introduced, it would help significantly," Sumit Shukla, Managing Director and Chief Executive Officer of Axis Pension Fund told PTI.
