The Pension Fund Regulatory and Development Authority (PFRDA) is advocating for tax neutrality across all National Pension System (NPS) payout options, including new proposals like Systematic Withdrawal Plans (SWPs) and unit redemptions. Currently, only annuities are tax-free at the point of purchase. PFRDA seeks to offer retirees greater flexibility and potentially higher returns by extending this tax-neutral status to alternative payout structures, addressing subscriber reluctance towards traditional annuities due to low returns and inflexibility.