Pension Overhaul: Unified Pension Scheme Set to Revolutionize Central Government Retirement Plans

The PFRDA has rolled out new regulations for the Unified Pension Scheme under the NPS, effective from April 2025. This scheme targets Central Government employees, including current employees, new recruits, and retirees, offering simplified processes for enrollment and claims via the Protean CRA website.

The Pension Fund Regulatory and Development Authority (PFRDA) has revealed regulations for the Unified Pension Scheme (UPS) under the National Pension System (NPS), effective from April 1, 2025. This move comes in response to the Indian government's January decision to introduce UPS for Central Government employees within the NPS.

The newly introduced rules cater to three specific categories of Central Government employees: those already in service as of April 1, 2025, new recruits from that date onward, and retirees who have concluded their service period by March 31, 2025, including their legally wedded spouses. These groups now have pathways for streamlined enrollment.

To facilitate this process, all relevant forms will be accessible online via the Protean CRA website starting April 1, 2025, with an option for physical submission as well. The changes promise to simplify the retirement planning process for qualifying employees.

(With inputs from agencies.)