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Sunday, January 9, 2011

New Pension Scheme

1.    What is NPS?
It is a pension scheme introduced by Govt. of India where,
– You can regularly invest in this scheme and
– Get a part in lump-sum at your retirement and it gives fixed monthly income for the lifetime.
– Common man’s gateway to getting pension benefits post retirement.
2.    How does it work?
- The NPS is based on a unique individual Permanent Retirement Account Number (PRAN) created for individual subscribers.
- The PRAN Number will remain the same for your lifetime irrespective of where you operate your NPS A/c from across the nation.
In this system,
- A subscriber shall periodically contribute savings into his/her Permanent Retirement Account (PRA) while he/she is working and
i. Use the accumulations at retirement to procure a pension for the rest of his/her life.
3.    Investment Options in NPS
- Investor can decide on proportion of investment to be made across different Debt, Equity & Government Securities. The maximum exposure that can be taken in equity is up to 50%. The investment classes are as given below:

i. G Class: Investment would be in Government securities like GOI bonds and State Govt. bonds
ii. C Class: Investment would be in fixed income securities other than Government Securities
iii. E Class: Investment would primarily in Equity market instruments. It would invest in Index funds that replicate the portfolio of either BSE Sensitive index or NSE Nifty 50 index.
4.    Do I have choice to select my fund manager for investing my proceeds?
- You can select from the following seven pension fund managers for managing your proceeds:

i. SBI Pension Funds Pvt. Ltd
ii. UTI Retirement Solutions Ltd
iii. LIC Pension Fund Ltd
iv. IDFC Pension Fund Management Co Ltd
v. Kotak Mahindra Pension Fund Ltd
vi. Reliance Capital Pension Fund Ltd
vii. ICICI Prudential Pension Funds Management Company Ltd
5.    What are the exclusive NPS Benefits?
- Cost effective mode of planning for one’s retirement, the cost structure is far more efficient when compared with charges levied by mutual funds or other investment options.
- Investment in NPS is highly safe and it contains very less amount of risk – these schemes were launched in May’09 and have yielded about 12% annualized return.
- New Pension Scheme provides high returns compare to other investment options.
- It provides tax benefits under section 80C of income tax.
6.    USPs of NPS
- Government provided pension plan directly regulated by PFRDA – Safety wise
- Great End to End Retirement Planning Tool as it will offer investment benefit during the work life and annuity benefit post retirement
- Option to seamlessly switch across savings b/w investment schemes
- Portable Plan
- Nationwide access to NPS over a period of time
- A Must in every individual's portfolio

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