The National Pension System (NPS) is set to get more fund managers and expand the age-related entry criteria for investors, even as more employers are expected to switch over their non-statutory retirement funds from the EPFO owing to the new tax imposed on provident fund incomes, the PFRDA chief said on Thursday.
With over 15,000 people joining the NPS after the age of 60 in the last three years, the NPS has decided to expand the entry age into the scheme from 18 to 65 years to 18 to 70 years, with those joining after 60 being allowed to stay invested till the age of 75.
A 30-day window will be opened next month for new fund managers to register themselves with the NPS, said PFRDA Chairman Supratim Bandyopadhyay, who expects the number of managers to rise from seven to ten.
