Pension withdrawal plea now online only

NEW DELHI: The withdrawal application under the new pension scheme will be online only from April 1, parliament was told on Friday.

"Withdrawal requests from subscribers under the new pension scheme will be accepted online only for processing and settlement," Minister of State for Finance Jayant Sinha told the Lok Sabha in a written reply.

The Pension Fund Regulatory and Development Authority had on February 25, 2015 made it mandatory to process withdrawal claims of subscribers on the online platform of the central record-keeping agency system from April 1, 2015.

"It was, however, observed that majority of withdrawal requests were still being received in physical form resulting in delay in processing of claims of subscribers," Sinha said.

The regulator has hence decided that from April 1, 2016 the agency will accept only such withdrawal requests raised on online platform for processing and settlement.