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Govt Business
New Pension System
Government of India has announced a New Pension System for post-retirement life.
The scheme which came to effect from May 1, 2009 allows investors to choose their asset allocation as well as their fund managers.
The New Pension System has two types of accounts.
1. Tier-I account: Individuals can contribute their savings for retirement into this non-withdrawal account.
2. Tier II account: Under this saving facility, individuals are free to withdraw their savings whenever they require.
The Pension Fund Regulatory and Development Authority (PFRDA) on May 1, 2009 introduced the New Pension Scheme System (NPS) for all citizens of the country. Any citizen between the age of 18 and 55 can join the NPS. Tier - I of NPS (non-withdrawable pension account) becomes operational from 1st May and Tier - II (withdrawable account) of the NPS account will become operational in about six months.
A minimum annual contribution of Rs 6,000 in each subscriber account has been set by the PFRDA. This is now allowed to be remitted in a single installment, however in case of multiple installments the minimum amount per installment will be Rs 500/-. Under the investment guidelines finalised for the NPS, pension fund managers will manage three separate schemes, each investing in a different asset class. The three asset classes are equity, government securities and credit risk-bearing fixed income instruments.
About 22 points of presence (PoP) and six pension fund managers have been appointed to offer the NPS to citizens.

Tax benefits

Available as per as per Income Tax Act 1961 amended from time to time


Other facilities

1. Account can be transferred from one POP to another

2.  Provision for Change in subscriber details, investment scheme, fund manager etc.

3.  Printed statement available.

* These services are available on payment of  prescribed  fee.

In case of difficulty, contact Mr. Narayan Khopale, Senior Manager .
Tel.No 022-2289-6680. Email Address: narayankhopale@unionbankofindia.com


I am a defense pensioner dependent on your sector 29, NOIDA branch drawing pension for more than 12 years.
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