Now, Aadhaar details mandatory for subscribing Atal Pension Yojana

New Delhi: The Pension Fund Regulatory and Development Authority (PFRDA) has now made it mandatory for subscribers to provide Aadhaar details for investing in the Atal Pension Yojana (APY).

PFRDA has modified the registration form for APY asking subscribers to provide their Aadhaar card number.

In its latest circular, PFRDA said, “APY subscriber registration form has been suitably modified to obtain the consent of the subscriber for Aadhaar seeding and subsequent authentication”.

The Aadhaar mandatory linking of Aadhaar Atal Pension Yojana will be applicable with effect from January 1, 2018.

“All APY-Service providers are informed to obtain the revised consent form with effect from January 1, 2018 and to capture the details as per the revised form. All such Aadhaar information as submitted by the subscribers who are customers of the respective APY-SP needs to be uploaded into CRA system after due authentication at their end,” the circular said.

The Modi government had launched APY in May 2015 to address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement last year.

Under APY, each subscriber, on completion of 60 years of age, will get the guaranteed minimum monthly pension, or higher monthly pension, if the investment returns are higher than the assumed returns for minimum guaranteed pension, over the period of contribution.