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| New Pension Scheme launched | | |
EARLY TIMES REPORT
JAMMU, Apr 29: The New Pension Scheme (NPS) was launched here today by the Chief Post Master General J&K Circle YS Mohan for all the citizens.
However the New Pension Scheme would be functional from May 1 in J&K Circle.
"In order to provide avenues to the citizens of India to plan for their retirement Government of India has announced this New Pension Scheme (NPS) and any citizen of India in the age group of 18 to 55 years can invest in NPS and continue investments till the age of 60", said YS Mohan while talking to media persons on the inaugural occasion.
He said, "Department of Posts has been selected to offer this scheme to the citizens of India from Head Post Offices (HPOs) in the first instance.
817 Head Post Offices in India have been selected for the purpose including all the 9 HPOs in the J&K Circle and these HPOs are referred to as PoP-SP (Point of Presence-Service Provider)'
The Head Post Offices where the scheme is available included Gandhi Nagar HPO, Kacci Chawani HPO, Srinagar GPO, Udhampur HPO, Rajouri HPO, Kathua HPO, Baramulla HPO, Anantnag HPO and Leh HPO.
Substantiating on this new scheme, he said, 'In order to enroll for this scheme any subscriber can approach PoP-SP, fill in a prescribed form with requisite documents and get himself registered with the Central Recordkeeping Agency. On registration the beneficiary will be allotted Permanent Retirement Account Number (PRAN) along with Internet Password'.
He said that in India there were 86-88% which could get pension benefit and this scheme will prove to be great step forward in this connection as government employees; private employees, organized and in-organized sector all should take benefit under NPS. Mohan informed that two types of accounts namely Tier I and Tier II can be opened under NPS. While no withdrawals are allowed from Tier I Account till its maturity i.e. that when the account subscriber attains the age of 60 years. Part withdrawals are allowed from the Tier II Accounts. The CMPG said there is need of awareness among the people so that they could avail the benefit under this scheme.
Subscriber will have the option to choose one of the Pension Fund Manager (PFM) and opt for either Active Choice wherein he can select percentage investment in Equity, Corporate Bonds and Government Security. However, not more than 50 percent of the amount can be invested in Equities.
The other option Auto Choice Investments will be made by the PFM as per percentage fixed by Pension Fund Regulatory and Development Authority.
The Minimum investment limit has been fixed as Rs 500 per month. There is no upper limit of maximum investment.
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