YOUR editorial ‘New NSS rule’ (Nov 5) supported senior citizens’ concerns over the termination of their right to nominate the beneficiaries of the savings they leave behind in the custody of the National Savings Scheme.

Setting aside money from one’s earnings entails hardships and deprivation for both the spouses which they endure in order not to lose respect and financial independence in their old age. That is the time when money is increasingly needed for medical and, possibly, nursing services.

Under the new nomination rules, in the event of one spouse’s death, the surviving spouse will inherit only a fraction of the late spouse’s money, defeating the very purpose for which it was saved.

On the other hand, the larger portion of the money will go as a bonanza to relatives who, perhaps, never cared for or even visited the deceased while he/she lived.

As a borrower/custodian, the NSS should abide by the wishes of the deceased investor. It should not be entrusted with the responsibility to ensure compliance with any laws dealing with distribution of a deceased person’s estate.

The new rule, being contrary to the basic objective of the savings schemes, should therefore be immediately rescinded.

Sarwar Siddiqi
Karachi

Published in Dawn, December 4th, 2020