Applicants: Under the existing provision, an application for the units may be made by any resident or non-resident Indian adult individual in the age group of 18 to 60 years either singly or jointly with another individual on joint/anyone or survivor basis. Age will be considered in completed years.
While, under the revised provision, applicants age has been extended in the age group of 18 to 65 years either singly or jointly with another individual on joint/anyone or survivor basis. Hereto the age will be considered in completed years only.
Systematic Withdrawal Plan: Under the existing provision of UTI- Retirement Benefit Pension Fund, the unit holders will accumulate their investment up to the age of 58/60 years and thereafter, can opt to receive the accumulated investment in the form similar to annuity by repurchasing the units over a period of time to be indicated by them.
This option has been revised, as the unit holders will accumulate their investment up to the age of 58/65 years and thereafter, can opt to receive the accumulated investment in the form similar to annuity by repurchasing the units over a period of time to be indicated by them.
Source: http://www.bloombergutv.com/stock-market/mutual-fund/commentary/405892/uti-mf-announces-change-in-features-of-its-uti--retirement-benefit-pension-fund.html
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