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Business Standard
27-05-2025
- Business
- Business Standard
Extra pension perks? UPS has something for NPS retirees and spouses
The Pension Fund Regulatory and Development Authority (PFRDA) has announced benefits under the Unified Pension Scheme (UPS) for central government employees who retired under the National Pension System (NPS) on or before March 31, 2025. These benefits also extend to their spouses. Who is eligible for Unified Pension Scheme (UPS)? According to a recent notification by the Department of Financial Services and UPS Regulations, 2025: The scheme covers Central Government employees who retired on or before March 31, 2025. They must have completed a minimum of 10 years of qualifying service, 'Legally wedded' spouses of such retirees are also eligible for the benefits. These UPS benefits are over and above the existing NPS entitlements, including annuities. Key benefits under Unified Pension Scheme (UPS) A one-time payout equivalent to one-tenth of the last drawn basic pay plus dearness allowance (DA) for each completed six months of qualifying service. Monthly top-up amount A fixed monthly benefit calculated as: (Admissible UPS payout + dearness relief) – Representative annuity amount under NPS. Interest on arrears Simple interest will be paid on arrears of the above amounts, calculated at the applicable Public Provident Fund (PPF) rates. Note: Sample calculations are available in Schedule VII of the PFRDA UPS Regulations, 2025. How to claim benefits of Unified Pension Scheme (UPS) Applicants can choose between physical or online modes: Offline submission Download the relevant form (Form B2 for subscribers, B4/B6 for spouses) from Submit the completed form to the Drawing and Disbursing Officer (DDO) of the office where the subscriber last served. Online submission Visit the same website Fill and submit the online form directly to the DDO for processing. Important deadline for Unified Pension Scheme (UPS) Application Window: April 1, 2025 to June 30, 2025 No claims will be accepted after this period. PFRDA conducts webinars to help retirees and their families understand the scheme better. Details are available on the official PFRDA website.
Time of India
26-05-2025
- Business
- Time of India
UPS benefits announced for these retired govt employees and their spouses: Know how to claim UPS benefits, deadline to apply
Tired of too many ads? Remove Ads Unified Pension Scheme Tired of too many ads? Remove Ads Lumpsum payment (one-time) Monthly top-up amounts Simple interest on arrears Tired of too many ads? Remove Ads The Pension Fund Regulatory and Development Authority ( PFRDA ) has introduced the Unified Pension Scheme (UPS) to provide additional benefits to subscribers who retired under the National Pension System (NPS) on or before March 31, 2025, and their legally wedded Unified Pension Scheme (UPS) is introduced by the Central Government as an option under the National Pension System (NPS) for Central Government employees with effect from 1st April 2025. The UPS provides assured pay-out based on the prescribed UPS was notified by the Department of Financial Services, Ministry of Finance, under notification F. No. FX1/3/2024-PR, dated January 24, 2025. Subsequently, PFRDA issued the UPS Regulations, 2025, on March 19, 2025, to operationalize the scheme. These regulations extend specific benefits to eligible NPS retirees and their spouses, supplementing the benefits already accrued under NPS, including annuity offering a one-time lumpsum payment, monthly top-up amounts, and interest on arrears, the UPS complements existing NPS benefits. Eligible retirees and their spouses are encouraged to act promptly within the claim period (April 1, 2025, to June 30, 2025) and utilize the resources provided by PFRDA to ensure a smooth claim following UPS benefits are available to such subscribers/their legally wedded spouses. These benefits are available in addition to the benefits availed or accrued to such employees under NPS including annuity.A one-time lumpsum payment equivalent to one-tenth of the last drawn basic pay plus dearness allowance (DA) for each completed six months of qualifying service. This amount is payable as of the date of superannuation, voluntary retirement, or retirement under Fundamental Rules 56(j), as applicable.A monthly top-up amount is calculated as follows:Admissible UPS payout + Dearness Relief (DR) – Representative annuity amount under ensures that retirees receive a supplementary pension to bridge any gap between NPS annuity payouts and UPS interest, calculated at the applicable Public Provident Fund (PPF) rates, will be applied to arrears for the above benefits for the past subscriber or spouse, as appropriate, must deliver the completed relevant Form (B2-for the subscriber and B4/B6-for the legally married spouse) to the relevant Drawing and Disbursing Office (DDO) where the subscriber has subscriber or the spouse need to visit and fill the online form and submit the same through online mode to DDO for their is the last date to claim UPS benefits?Timelines to claim the benefits are from April 1, 2025 to June 30, Central Government employees who retired under the NPS on or before March 31, 2025, and completed at least 10 years of qualifying service, are eligible. Their legally wedded spouses are also entitled to claim the retirees and/or their spouses will receive:A one-time lump sum payment based on last drawn pay and DA.A monthly top-up amount to supplement NPS on arrears, calculated using the applicable PPF interest lump sum is equal to one-tenth of the last drawn basic pay + DA for each completed 6 months of qualifying service at the time of is the difference between the UPS pension entitlement (plus dearness relief) and the annuity received under NPS. This amount is paid These are additional benefits on top of what is already received through the NPS, including the annuity.
