New pension scheme, National pension scheme, National pension system or whatever name you call it with is all the same. New pension scheme is a defined contribution scheme started by Government of India for the central government employees excepting the Armed forces with effect from 01 January ’2004; gradually state governments also adopted this system. Defined contribution means that unlike the old pension system, here the employee and employer (government) will make a defined contribution/deposit in the scheme (which is 10% of basic+DA) and at the time of retirement the pension/annuity can be purchased with the accumulated corpus in this account.
With Effect from 1st may’2009, NPS is available to all citizens of India who can contribute on voluntary basis.
NPS is a good but not so popular product. As it is a government’s initiative, the snail pace of its popularity is quite obvious.
Read more @ http://goodmoneying.com/retirement-planning/new-pension-scheme
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