Solution

With an aim to provide subscribers with a wider range of annuity options, the Pension Fund Regulatory Development Authority (PFRDA) will now allow multiple Annuities for those NPS Subscribers who earmark the annuity corpus more than Rs 10 lakh wherein Rs 5 lakh utilised to buy each annuity scheme.   PFRDA also notified that NPS subscribers will get the choice of multiple annuities from the same ASP will be made available. Under NPS, the immediate annuities are made available to the subscribers by Annuity Service Providers (ASPs) under the enabling provisions of Exit Regulations of PFRDA. As of now, the subscribers are allowed to buy one annuity scheme from the ASP at the time of exit.