The PFRDA has allowed subscribers joining the National Pension System (NPS) after 65 years of age to allocate up to 50 per cent of the funds in equity, besides easing the exit norms.

The Pension Fund Regulatory and Development Authority (PFRDA) has revised the guidelines on entry and exit following an increase in the maximum age for joining the NPS from 65 year to 70 years of age. The entry age for NPS has been revised to 18-70 years from 18-65 years.

Any Indian citizen and Overseas Citizen of India in the age group of 65-70 years can also join NPS and continue till the age of 75 years, according to a PFRDA circular on the revised guidelines.

It added that those subscribers who have closed their NPS accounts have also been permitted to open a new account, according to increased age eligibility norms.

The maximum equity exposure, however, will be only 15 per cent if subscribers joining NPS beyond the age of 65 years decide to invest under the default “auto choice”.

On the exit conditions for subscribers joining NPS beyond the age of 65 years, the circular said “normal exit shall be after three years”.