New Delhi, Dec. 17 -- The Pension Fund Regulatory and Development Authority (PFRDA) on Tuesday announced several changes to the National Pension System (NPS), providing greater flexibility for corporate sector subscribers with respect to withdrawals.

The new rules specify that non-government subscribers are now allowed to withdraw up to 80% of their corpus exceeding Rs.12 lakh at the time of retirement, while the remaining 20% will be disbursed as annuity.

However, government employees will continue to withdraw only up to 60%, with the balance to be withdrawn as an annuity. Prior to this rule, both government and non-government subscribers were permitted to withdraw 60%, and 40% earmarked for annuity.

Non-government subscribers who hav...