Pension Amount can be Changed Anytime you want under this Scheme! Details

The subscribers of Atal Pension Yojana (APY) now have the option of either increasing or decreasing the pension amount anytime during the year. The changes came into effect from July 1. Earlier, this option was available only for one month during the year, that is on April.

The PFRDA, which regulates pension funds has instructed all banks to process pension amount change requests throughout the year.

As per the latest rule, subscribers can increase or decrease the stipulated pension amount depending upon the change in their income. 

According to Times Now’s report, “in case of an upgrade or downgrade, you need to intimate your bank by filling up a form and giving authorization to the bank to deduct the additional required contribution from your bank account. In case of a reduction in pension amount, the differential amount would be refunded to the subscriber through direct credit to his bank account. All the contributions into the APY are made either monthly, quarterly or half-yearly through the auto-debit facility from the savings bank account of the subscriber.”

The scheme also allows the spouse of the subscriber to collect the same amount of pension after the death of the subscriber. Once the spouse dies, the accumulated pension till the age of 60 of the subscriber will be going to the nominee.