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  #1  
11th April 2016, 10:59 AM
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Crpf dcps

Sir I am newly appointed in the CRPF and want to know about the Defined Contribution Pension Scheme (DCPS) and how the implement of the scheme will took place
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  #2  
11th April 2016, 11:00 AM
Super Moderator
 
Join Date: May 2012
Re: Crpf dcps

Hey buddy the Government of India had introduced a new Defined Contribution PensionScheme(DCPS) with effect from 01.01.2004 vide Government of India, Ministryof Finance, Department of Economic Affairs Notification, dated 22-12-2003.

It is applicable to all new entrants joining Government service (except Armed Forces)
on or after 1-1-2004

The New Pension Scheme works on defined contribution basis and it has
two tiers-Tiers-I and II.

Contribution to Tier-I is mandatory for all Governmentservants joining Government service on or after 1-1-2004, whereas Tier-II will be optional and at the discretion of Government servants. Under Tier-I

Government servants will have to make a contribution of 10% of his basic pay plus DA, which will be deducted from his salary bill every month by the DDO concerned


Implementation of scheme

In order to implement the Scheme, there will be a Central Record Keeping Agency (CRA) and several Pension Fund Managers (PFM) to offer three categories of Schemes to Government servants, viz., options A,B and C based on the ratio of investment in fixed income instruments and equities.

The participating entities (PFMs and CRA) would give out easily understood information about past performance, so that the individual would be able to make informed choices about which scheme to choose

Exit From the scheme

A Government servant can exit at or after the age of 60 years from the Tier-I of the Scheme.

At exit, it would be mandatory for him to invest 40 per cent of pension wealth to purchase an annuity (from an IRDA-regulated Life Insurance Company) which will
provide for pension for the lifetime of the employee and his dependent parents/spouse.


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