PFRDA Slashes NPS Annuity to 20%, Introduces Phased Payout via SUR

• PFRDA reduced the minimum annuity purchase requirement for non-government NPS subscribers from 40% to 20%.
• Systematic Unit Redemption (SUR) introduced, allowing phased lump sum withdrawals over 6-15 years.
• New APW slabs: 100% withdrawal for corpus up to ₹8 Lakh; up to 80% withdrawal for >₹12 Lakh (20% annuity).
• Premature exit rules revised: 100% withdrawal if APW < ₹5 Lakh; otherwise, 80% annuity.
• Upon subscriber's death, nominee can choose 100% lump sum withdrawal or 100% annuity.

Why It Matters: PFRDA reforms NPS, offering greater flexibility in withdrawals and reduced annuity requirements.