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 Unified Pension Scheme Notification

• Date of Notification: January 24, 2025

• Authority: Ministry of Finance, Government of India released the Gazettee.

• Introduction of a Unified Pension Scheme for Central Government employees under the National Pension System.

• Key Features:

• Assured payouts based on qualifying service.

• Minimum guaranteed payout of ₹10,000/month after 10 years of service.

• Employee and government contributions of 10% each.

• Additional government contribution of 8.5% for supporting payouts.

• Effective Date: April 1, 2025.

Conditions for Assured Payout under Unified Pension Scheme

1. Qualifying Service: Assured payout is available for employees who have a minimum qualifying service of 10 years at the time of superannuation.

1. Payout Calculation: Full assured payout is 50% of the average monthly basic pay for the last twelve months, payable after a minimum of 25 years of service; proportionate payout applies for lesser service.

1. Minimum Guarantee: A minimum guaranteed payout of ₹10,000 per month is assured for those with 10 or more years of qualifying service.

Comparison of Individual Corpus to Benchmark Corpus at Retirement

1. Scenario 3(a): Individual corpus (IC) is ₹22,00,000, while benchmark corpus (BC) is ₹25,00,000; IC is lower than BC.

1. Scenario 4: IC is ₹45,00,000, and BC is ₹50,00,000; IC is again lower than BC.

1. Scenario 6: IC is ₹55,00,000, which is higher than the BC of ₹50,00,000, indicating a favorable investment choice.

Eligibility of Past Retirees for Unified Pension Scheme
Past retirees of the National Pension System who superannuated before the operational date of the Unified Pension Scheme are eligible. They will receive arrears for the past period along with interest at Public Provident Fund rates. The provisions will apply mutatis mutandis to these past retirees.
Impact of Unified Pension Scheme on Past Retirees

1. Eligibility for Provisions: Past retirees can access the provisions of the Unified Pension Scheme, including arrears and interest payments.

1. Arrears Payment: They will receive arrears for the period prior to the scheme's operational date, along with interest calculated at Public Provident Fund rates.

1. Monthly Top-Up: A monthly top-up amount will be determined by the Pension Fund Regulatory and Development Authority, adjusted for any previous withdrawals or annuities.

Policy Concessions for Employees under Unified Pension Scheme
Employees who choose the Unified Pension Scheme option will not be entitled to claim any other policy concessions, policy changes, financial benefits, or parity with subsequent retirees after exercising this option. This includes any benefits post-retirement. The stipulations and conditions of the Unified Pension Scheme will be deemed final for those employees.
Refund of Premium Amounts
The amounts recovered towards premium from employees will be refunded. This refund will occur in accordance with the provisions outlined in the Unified Pension Scheme. Employees can expect the refund to be processed as part of the scheme's implementation.
Provisions for Refund of Premium Amounts
The provisions for refunding premium amounts to employees under the Unified Pension Scheme include:

1. Refund Mechanism: The refund will be processed as per the guidelines established by the Pension Fund Regulatory and Development Authority.

1. Adjustment of Contributions: The refund will account for any contributions made towards the premium prior to the operationalization of the Unified Pension Scheme.

1. Timely Processing: The refund is expected to be executed in a timely manner, ensuring that employees receive their due amounts without unnecessary delays.

Last Date for Option for Past Retirees
The last date for past retirees to opt for the Unified Pension Scheme has not been explicitly stated in the provided information. However, it is implied that the option should be exercised before the operational date of the scheme, which is April 1, 2025. Further details regarding the specific deadline may be issued by the Pension Fund Regulatory and Development Authority.
Calculation of Lump Sum Payment at Retirement

1. Formula: The lump sum amount is calculated using the formula:[ \text{Lump Sum} = (X \times \text{Total Emoluments}) \times L ]where ( X = 6,885 ) and ( L ) is the number of completed six-monthly years of service.

1. Total Emoluments: This includes the basic pay and dearness allowance at the time of retirement. For example, if the basic pay is Rs. 45,000 and the dearness allowance is Rs. 23,850, the total emoluments would be Rs. 68,850.

1. Length of Service: The amount of lump sum varies based on the length of qualifying service, with specific amounts assigned for different service durations (e.g., Rs. 1,37,700 for 10 years, Rs. 3,44,250 for 25 years, etc.). The total lump sum is then calculated based on the completed six-month periods of service.

More Details will be posted later