The Department of Pension and Pensioners’ Welfare has issued a notification. Under this, the rules for choosing the Unified Pension Scheme (UPS) as an option under the National Pension System have been notified.
If you are a central government employee, then this news may be useful for you. Actually, the Department of Pension and Pensioners’ Welfare has issued a notification. Under this, the rule for choosing the Unified Pension Scheme (UPS) as an option under the National Pension System (NPS) has been notified.
Cabinet approval in August 2024
The Union Cabinet had approved the launch of UPS on 24 August 2024. The Department of Financial Services had notified UPS as an option/scheme under NPS on 24 January 2025, for which employees covered under NPS will have to give their option. Let us tell you that UPS is applicable from April 1, 2025.
The Central Civil Services (Implementation of Integrated Pension Scheme under National Pension System) Rules, 2025 contain several rules. Some of the major rules are-
-Nomination under Unified Pension Scheme i.e. UPS.
-Option to switch from UPS to NPS one year before the date of retirement or 3 months before VRS.
-Contribution by employees and government.
-Compensation payable to Government employee in case of delay in registration of NPS account and deposit of contribution.
– Option to avail benefits under CCS (Pension) Rules or UPS Regulations in the event of death or disability of the Government servant during service.
– This also includes the effect of compulsory retirement/dismissal/removal from service and the effect of departmental/judicial proceedings pending at the time of retirement.
What did the Finance Ministry say in August?
In the month of August itself, the Finance Ministry had announced the introduction of a one-time facility to opt for National Pension System (NPS) from UPS. The Finance Ministry had said in an office memorandum that the one-time facility to switch from UPS to NPS will be made available to all central government employees who have opted for UPS. It said – Those who opt for UPS can use this facility at any time. This option can be exercised one year before the date of retirement or three months before the estimated date of retirement in case of voluntary retirement, as applicable.
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