Exit & Withdrawal (Amendment) Regulations, 2025
Lets larger corpuses take up to 80% as lump sum, keeps 100% tax-free up to ₹8 lakh, and extends continuation to age 85.
PFRDA: 2025 AmendmentResources
Circulars & Regulatory Updates
What changed
Key recent updates
A run of recent reforms has widened investment choice and loosened the exit rules. The headline changes:
Multiple Scheme Framework (MSF)
From October 2025, one PRAN can hold multiple schemes at a CRA, with the option of up to 100% equity in MSF schemes.
NPS Trust: About MSFBalanced Life Cycle Fund
An Auto Choice lifecycle fund introduced in October 2024 that holds higher equity into the mid-40s and 50s than LC75.
PFRDA: Balanced Life Cycle FundSystematic Lump Sum Withdrawal (SLW)
Lets you draw the lump-sum portion in phased instalments after 60, up to age 85, instead of a single payout.
Protean CRA: SLWUnified Pension Scheme (UPS)
An assured-payout option under NPS for eligible Central Government employees, with its own contribution and withdrawal rules.
PFRDA circularsRead it yourself
Where to find the latest circulars
Circulars override older FAQs where they conflict. These are the canonical sources.
PFRDA circulars
The primary source for regulatory updates on investment, exit, KYC, and intermediary norms.
Open PFRDA circularsNPS Trust: Acts & Regulations
The consolidated Acts, regulations, and amendments that govern NPS.
Open NPS TrustCRA circular archive
Protean, KFin, and CAMS each mirror PFRDA circulars and add operational notices for subscribers.
Protean CRA circularsWhen a regulation has been amended, read the latest amendment alongside the base text to get the rule in force today — the 2015 exit regulations, for instance, must be read with the 2025 amendment.
Source & disclaimer
Links point to PFRDA (pfrda.org.in), the NPS Trust (npstrust.org.in), and the Protean CRA circular archive. Regulatory positions evolve — always open the latest circular or amendment on the official site before relying on a rule.
NPS Desk is an independent educational platform and is not affiliated with PFRDA, the NPS Trust, or any CRA. Rules and figures change — verify on the official PFRDA, NPS Trust, or CRA channels before acting.
Put the rules to work
See what the changes mean for you
The NPS Guides translate these updates into decisions; the FAQs answer the common questions.