The pension and insurance regulators are finalising a strategy to streamline the process for payouts under the National Pension System, including online purchase of annuities, easier KYC norms and a simplified form.
“Purchase of annuity is mandatory under the NPS. We are working on an online system where, once a person retires, he or she can place an online request with the NPS for buying an annuity and this can be forwarded to the annuity service provider of choice,” said Hemant Contractor, Chairman, Pension Fund Regulator and Development Authority (PFRDA).