The Pension Fund Regulatory and Development Authority (PFRDA) on May 10, 2023, issued a circular regarding Retirement Income Optimization through Multiple Annuities.
In the interest of subscribers' retirement income optimization and to provide them with a wider range of annuity options, PFRDA is pleased to inform you that the choice of multiple annuities from the same ASP will be made available.
The option of multiple Annuities shall be provided for those Subscribers who earmark the annuity corpus of more than Rs 10 lakhs wherein Rs 5 lakhs utilized to buy each annuity scheme.
In this regard, CRAs are advised to build the necessary system-level functionality to facilitate the implementation of this change. Until this feature is developed, ASPs can handle the requests for multiple annuities received from subscribers and provide the necessary information to CRA through Reverse Information Flow (RIF).
[Circular No. PFRDA/2023/14/SUP-ASP/02]
