The Department of Posts has launched New Pension Scheme (NPS) with effect from May 2010. Any citizen of India in the age group of 18 to 55 years can join this scheme and contribute till the age of 60 years. This scheme is made available to the general public on behalf of Pension Fund Regulatory and Development Authority (PFRDA).
Post Master General (PMG) B B Dave said one of the features of this scheme is that the subscriber’s contributions will be invested as per the scheme and the preference is opted by the subscriber. The pension contribution will be invested in various schemes of different Pension Fund Managers appointed by the PFRDA.
The India Post has been enlisted as Point of Preference (POP) to operationalise NPS. In the initial stage, this scheme has been made available in 817 head post offices throughout the country.