There is plenty to choose from when it comes to retirement savings, which can co-exist.
There has been lot of buzz around the recent provisions in the portability of member’s accumulation from PF or Superannuation to the National Pension system (NPS). To sweeten the move, the Finance Ministry in an amendment provides employees exemption from taxation for one time portability from approved PF or Superannuation to their individual NPS account.
The amount transferred will not be treated as an income in the hands of the employee and, it will also not be treated as a contribution in the current year and hence no tax benefit can be availed. Further, as per the PFRDA in its circular which came out on March 6, 2017, it laid down the process for such transfers. Without getting into the benefits of each of the three available retirement options, the pertinent question that arises is around their possible co-existence.
This story is from the October 2017 edition of Outlook Money.
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This story is from the October 2017 edition of Outlook Money.
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