In this article we have described steps and procedures for existing Swavalamban Yojana customers to Atal Pension Yojana.
The existing Subscribers of Swavalamban subscribers between 18-40 years will be automatically migrated into APY. For seamless migration to the new scheme, the associated aggregation will facilitate the Subscribers of Swavalamban for completing the process of migration. However, the benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers. This would imply that if, as a Swavalamban beneficiary, he has received the benefit of government Co-Contribution of 1 year , then the Government co-contribution under APY would be available only 4 years and so on.
The Swavalamban Subscribers who are beyond the age of 40 and do not wish to continue may opt out by submitting a withdrawal of entire amount in lump sum or may prefer to continue till 60 years and be eligible for annuities there under.
Contribution collected through standing instruction by the Banks needs to be remitted next day to the Trustee Bank account. Further Trustee Bank will transfer the funds to Pension Funds as per trustee bank regulations.