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The Economic Times
The Economic Times
Shaghil Bilali

What is Retirement Income Scheme in NPS; how do SPR and SUR work?

NPS RIS

Pension Fund Regulatory and Development Authority (PFRDA) has recently announced Retirement Income Schemes (RIS) with two drawdown (withdrawal) options under the National Pension System (NPS). Under RIS subscribers get monthly, quarterly and annually payout options at retirement till the maximum age of 85 years.

These periodic payouts are generated from the lump sum part of a retirement corpus, and therefore this regular income is in addition to mandatory annuity payouts that a subscribers get. As per recent changes in NPS only 20% of NPS corpus is needed to be mandatorily invested in annuity for a large number of NPS subscribers. They can invest in RIS with the remaining part of their NPS corpus.

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