The Department of Posts has launched New Pension Scheme (NPS) with effect from May 2010. Any citizen of India in the age group of 18 to 55 years can join this scheme and contribute till the age of 60 years. This scheme is made available to the general public on behalf of Pension Fund Regulatory and Development Authority (PFRDA).
Post Master General (PMG) B B Dave who briefed the reporters on the scheme said one of the features of this scheme is that the subscriber’s contributions will be invested as per the scheme and the preference is opted by the subscriber. The pension contribution will be invested in various schemes of different Pension Fund Managers appointed by the PFRDA.
The India Post has been enlisted as Point of Preference (POP) to operationalise NPS. In the initial stage, this scheme has been made available in 817 head post offices (HPO) throughout the country and the pilot scheme was successfully launched in 27 HPOs in 14 districts of Karnataka, he elaborated.
Explaining the scheme, Dave said, the contribution to the scheme may be monthly, quarterly, half yearly or yearly. The minimum contribution is Rs 5,00 per month and Rs 6,000 per annum. The minimum number of contribution is four in a year. Penalty of Rs 100 will be imposed, if there is a default in a year, he maintained.
source:business-standard
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pension annuity is used to provide a lifetime retirement income from the capital of a pension scheme. There are a number of options available and in the UK a pension annuity can include; income draw down, phased retirement, with profit and unit linked investment annuities. Please visit our pension annuity page for information on traditional pension annuity options or our investment annuity and impaired life pages for more information on the different types of pension annuity.