The government is introducing a new guaranteed pension scheme

The government is introducing a new guaranteed pension scheme

Supratim Bandopadhyay, chairman of the Pension Fund Regulatory and Development Authority, said the authority was preparing to introduce a pension scheme that guarantees a minimum return. He said the Pension Authority was in talks with pension funds and actuarial companies in this regard. Based on these conversations a plan will be prepared with a definite outline. “Under the PFRDA Act, we are allowed to start a minimum guaranteed compensation scheme,” he said.

The scheme will be introduced in the current financial year

Under pension fund (PF) schemes, the fund managed is mark-to-market.

So obviously there are some ups and downs and valuations are based on market movements. Bandopadhyay said there may be some people who want at least a guaranteed return. So we are working with pension fund managers and some real companies who might be the ideal of a minimum guarantee. Which can be given.

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Fund managers must determine the guaranteed portion of the return on investment

He said the guarantee would be tied to the market though. Because fund managers have to determine the guaranteed portion of the return on investment. When asked if PFRDA will give this plan in the current financial year, he said, we will try. This is a product we are making ourselves.

Every month, quarterly or semi-annually, a certain amount has to be invested

In NPS and APY, subscribers have to invest a fixed amount every month, quarterly or half-yearly. After this the customer is given a fixed amount of pension every month after retirement. Any Indian citizen between the ages of 18 and 60 can join the NPS. It was introduced by the Central Government on January 1, 2004. The scheme is required for all government employees to join after this date.

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The scheme has also been open to the private sector since 2009

Since 2009, the scheme has also been opened for people working in the private sector. Employees can withdraw a portion of the NPS after retirement. At the same time, you can take an annuity for regular income after retirement from the remaining amount.

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