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TMI BlogCentral Government introduce Unified Pension SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... em. 2. The Unified Pension Scheme shall be applicable to such Central Government employees who are covered under National Pension System and who choose this option under National Pension System. It will have the following features, namely: - Eligibility under the Scheme (i) Assured Payout shall be available only in the following cases, namely: - (a) in case of an employee superannuating after qualifying service of ten years, from the date of superannuation; (b) in case of the Government retiring an employee under the provisions of FR 56 (j) (which is not a penalty under Central Civil Services (Classification, Control and Appeal) Rules, 1965) from the date of such retirement; and (c) in case of voluntary retirement after a minimum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icable). (v) Dearness Relief will be available on the assured payout and family payout, as the case may be. The Dearness Relief will be worked out in the same manner as Dearness Allowance applicable to serving employees. Dearness Relief will be payable only when payout commences. (vi) A lump sum payment will be allowed on superannuation @10% of monthly emoluments (basic pay + Dearness Allowance) for every completed six months of qualifying service. This lump sum payment will not affect the quantum of assured payout. (vii) The corpus under the Unified Pension Scheme option will comprise of two funds, namely:- (a) An individual corpus with employee contribution and matching Central Government contribution; and (b) A pool corpus with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on: For the purpose of this notification basic pay includes non-practicing allowance granted to medical officer in lieu of private practice. 3. The existing Central Government Employees under National Pension System, on the effective date of operationalisation of the Unified Pension Scheme option, as well as the future employees of Central Government can choose to either take the Unified Pension Scheme option under the National Pension System or continue with the National Pension System without the Unified Pension Scheme option. In case an employee chooses the Unified Pension Scheme option, all its stipulations and conditions shall be deemed to have been opted for and such option once exercised, shall be final. 4. Once an employee covered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fied Pension Scheme option, will be determined by the Head of Office, where he is employed. 8. At superannuation or retirement, the employee under Unified Pension Scheme shall authorise transfer of the value or units in the individual corpus to the pool corpus, equivalent to the value or units of the benchmark corpus for authorisation of Assured Payout. In case the value or units of individual corpus is less than value or units of the benchmark corpus, the employee will have an option to arrange for additional contribution to meet this gap. In case the value or units of individual corpus is more than the value or units of the benchmark corpus, the employee shall authorise transfer of value or units equivalent to the benchmark corpus and th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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