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Unified Pension Scheme vs NPS: Which Retirement Plan is Right for You? | News9
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Choosing Between NPS and UPS will have to be an individual choice and both will co-exist for now. Employees covered under the NPS will have the option to switch to the UPS or stay with the NPS. The NPS subscribers need to carefully evaluate their retirement needs and benefits offered by both schemes before making a decision. While the NPS provides a defined contribution plan with varying returns based on market performance, the UPS offers a defined benefit plan with assured minimum pension and inflation protection.
But, if you do make the switch. Can you go back from UPS to NPS later?
No, once you choose UPS, you cannot switch back to NPS. According to the government, existing NPS/VRS employees and future employees will have the option of joining UPS. However, once exercised, the choice will be final.
According to the government, more than 99% of employees will be better off switching to the new scheme. Under NPS, a portion of the fund must be invested in an annuity after retirement. However, since annuity rates in India are low, achieving a 50% return on your investment requires a substantial corpus. The guaranteed 50% pension under UPS is a safer alternative.
The Unified Pension Scheme presents a valuable option for government employees seeking a stable and guaranteed retirement income. Those currently under the NPS should consider their long-term financial security and retirement plans when choosing between the two schemes.
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But, if you do make the switch. Can you go back from UPS to NPS later?
No, once you choose UPS, you cannot switch back to NPS. According to the government, existing NPS/VRS employees and future employees will have the option of joining UPS. However, once exercised, the choice will be final.
According to the government, more than 99% of employees will be better off switching to the new scheme. Under NPS, a portion of the fund must be invested in an annuity after retirement. However, since annuity rates in India are low, achieving a 50% return on your investment requires a substantial corpus. The guaranteed 50% pension under UPS is a safer alternative.
The Unified Pension Scheme presents a valuable option for government employees seeking a stable and guaranteed retirement income. Those currently under the NPS should consider their long-term financial security and retirement plans when choosing between the two schemes.
..............................................................................................
It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences.
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