Which is better old pension or new pension scheme?

Most government employees consider the old pension system to be better because it gives them more confidence. In contrast, NPS is a Definitive Contribution Scheme, that is, the pension amount depends on the number of years the job has been done and the annuity amount.

Can government employee do NPS?

NPS is mandatorily applicable on Central Government employees (except Armed Forces) recruited on or after 01.01. 2004. Subsequently, all State Governments excluding West Bengal have also adopted NPS for their employees.

What if NPS holder dies?

In case of death of a subscriber, the nominee/legal heir is entitled to withdraw the accumulated money. The National Pension Scheme (NPS) was designed keeping the interests of the working population in mind, striving to provide decent financial support to them post retirement.

What is National Pension Scheme (NPS)?

The NPS is a new contributory pension scheme introduced by the Central Government for employees joined in Government Service on or after 1.1.2004. During the year 2009, the NPS was kept open for public.

Can a subscriber contribute to NPS from outside India?

The subscriber can contribute to NPS from any of the POP/ POP-SP despite not being registered with them and from anywhere in India. Can I have more than one NPS account? No, multiple NPS accounts for a single individual are not allowed and there is no necessity also as the NPS is fully portable across sectors and locations.

Can I have a different pension fund manager under NPS?

Yes, there is a default PFM provision under NPS and SBI Pension Funds Private Limited acts as the default Pension Fund Manager. Can I have a different Pension Fund Manager and Investment Option for my Tier I and Tier II account? Yes. You may select different PFMs and Investment Options for your NPS Tier I and Tier II accounts.

What are the features of retirement account under NPS?

The following are the most prominent features of the retirement account under NPS: Every individual subscriber is issued a Permanent Retirement Account Number (PRAN) card and has a 12 digit unique number. In case of the card being lost or stolen, the same can be reprinted with additional charges.