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Pension regulator allows transfer from EPF to NPS | ||||||||
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India's pensions regulator in India has allowed members of the Employees' Provident Fund (EPF) option to move their retirement savings to the National Pension System (NPS) giving effect to a proposal mooted by the government two years ago in the Union Budget for 2015-16, an offcial statement said on Tuesday. "With the NPS gaining momentum vis-a-vis other retirement products and a number of queries being raised on the transfer of amounts from recognised Provident/Superannuation Funds to NPS, Pension Fund Regulatory and Development Authority (PFRDA) has clarified the process through a circular dated March 6, 2017," a Finance Ministry statement here said. "Further, the transferred recognised Provident Fund/Superannuation Fund will not be treated as contribution of the current year by employee/employer and accordingly the subscriber would not make Income Tax claim of contribution for this transferred amount," the statement said. | ||||||||
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