New Delhi: If you have any problem related to pension, it will be resolved soon. The government is going to form a new institution which will provide all the information related to pension.
Actually, this institution will be like the Mutual Fund Association which will promote the National Pension System (NPS).
Deepak Mohanty, Chairman of Pension Fund Regulatory and Development Authority, announced the formation of a self-regulatory body to promote the pension industry. Its name will be Association of NPS Intermediaries. According to the Times of India, the new body will increase NPS awareness on the lines of Mutual Funds Association in India. Also, this new institution will promote NPS collaboration and contribute to innovation. Not only this, it will establish NPS as a global benchmark for cost-effective pension solutions.
‘World’s lowest cost plan’
Mohanty said that NPS is the world’s lowest cost pension scheme. He said that the assets under management of NPS are Rs 14 lakh crore and it can exceed Rs 15 lakh crore by the end of the year. At the same time, the number of account holders is expected to increase to 8 crores. He called it low and said that it is not being promoted due to low public awareness.
What is NPS?
NPS is a pension and investment scheme of the central government. Investment is made in it for a fixed period of time. After that not only a big fund is received but pension also starts. Any citizen between 18 to 60 years can apply for this. The central government has recently started a scheme named NPS Vatsalya for children below 18 years of age.
UPS is also an option
The central government has also recently launched the Unified Pension Scheme (UPS). However, this scheme is for central employees. It will work as an alternative to the existing National Pension System (NPS). The purpose of this new scheme is to provide better financial security to the employees after retirement.
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