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 26-May-2025

Unified Pension Scheme

Miscellaneous

Why in News?

The Union Ministry of Railways has emphasized the urgent need for effective communication among employees about the available options under the Unified Pension Scheme (UPS).

About Unified Pension Scheme (UPS)

  • The Unified Pension Scheme (UPS) is a new retirement option available to Central Government employees who are currently enrolled under the National Pension System (NPS).
  • It allows both existing and future employees to either continue with NPS or shift to UPS.
  • Once an employee chooses UPS, the decision is permanent and cannot be changed later.
  • The scheme will be governed and regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
  • The UPS officially came into effect from April 1, 2025.

About Pension Fund Regulatory and Development Authority (PFRDA)

  • PFRDA is a statutory body established under the PFRDA Act, 2014.
  • It functions under the Ministry of Finance, Government of India.
  • The authority is responsible for regulating and developing the pension sector in India.
  • Its key objective is to ensure old-age income security by promoting and managing pension schemes.
  • PFRDA works to protect the interests of subscribers enrolled in various pension fund schemes.
  • The head office of PFRDA is located in New Delhi, with regional offices across different parts of the country.