Protecting your retirement funds

SC is clearly keeping up with the times with the recent Algo-based PRS.

But will your retirement funds in PRS be kept safe for your loved ones, especially your children? Under Section 139ZA of Capital Markets & Services Act, retirement funds in PRS are credited protected However, these funds are not accorded such protection in matrimonial claims following a divorce under the amended Section 76 of the Law Reform (Marriage and Divorce) Act.

As the funds held in PRS and EPF accounts are part of a person's estate and can be willed away (if there's no prior nomination), the use of a trust can, under appropriate circumstances, be applied to ringfence such assets against acrimonious matrimonial claims.

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