Pension Act 2013

Click here to find the pension fund regulatory and development authority act of 2013. Pension Act, 2013

Varishtha Pension Bima Yojna Revived

  NDA Government in its last term in office had introduced the Varishtha Bima Yojna (VPBY)as a pension scheme for senior citizens.Under the scheme a total no. of 3.16 lakh annuitants are being benefitted and the corpus amounts to Rs. 6095 crores.The Finance Minister,  Arun Jaitly in his budget speech 2014-2015 proposed to revive the

Minimum Monthly Pension of Rs 1000 Okay-ed by Govt

Government has approved minimum monthly pension of Rs.1000/-   under Employees’Pension Scheme 1995 (EPS-95) run by the Employees’ Provident Fund Organisation (EPFO), Parliament was informed  on Monday by Vishnu Deo Sai, minister of state  for steel, mines, labour, and employment. The decision of the Government would immediately benefit 28 lakh pensioners under the EPS-95. SOURCE-THE

New Norms to Check Delay in Pension Payments Issued

An employee can now send an undertaking directly to the bank to ensure quick disbursal of pension in his or her account, according to the new guide lines by the government.The government has decided that the requisite undertaking may be obtained from the head of the office by the retiring employee and forwarded to the

PFRDA Initiates a Competitive Bidding Process for Selection of Pension Fund Managers

PFRDA has just initiated a competitive bidding process for selection of the PFMs seeking those agreeing to levy the lowest fund management fee. The existing eight PFMs will have to re-bid to retain their their mandate. The request for proposal for selection of PFMs has already been called and the last date for receiving the

Permanent PF Account Numbers from October

Retirement fund body EPFO will start providing permanent account numbers on the pattern of core banking services to its over five crore subscribers from October this year. Permanent or universal account number(UAN) will help subscribers avoid filling PF account transfer claims on changing jobs. After getting a UAN, a subscriber would not be issued a

To Build a Good Retiremnet Corpus – Invest in Debt Oriented Plans

Due to the volatility in the equity market, investors are not keen to invest in ELSS to save taxes this year. Alternatively,  these individuals can  take a look at Templeton India Pension Fund and UTI retirement Benefit Pension Fund. These debt oriented schemes offer some exposure to equity as a tool to accumulate retirement corpus

What are the Advantages of Saving into Pension?

These are two advantages of saving into Pension: 1- Tax Relief – The taxman will give following tax relief (under Sections 80C, 80CCC and 80CCD) to your pension contribution. The limit for maximum deduction (As per Section 80CCE) available under Sections 80C, 80CCC, and 80CCD (combined together) is Rs. 1,00,000/- (Rs. one lac only). 2-

What is a Pension Plan?

What is a Pension? The english dictionary defines the word pension as “a fixed amount, other than wages, paid at regular intervals to a person or to the person’s surviving dependents, especially to a person retired from work.” A pension is just one way of saving for retirement. Some people choose to invest in property,

Pension Terms You Must Know

Annuitant This is a person who receives, or is entitled to, an annuity. Annuity This is a fixed amount of money paid each year until a particular event (such as a death). It might be split into more than one payment, for example monthly payments. Annuity Rate This compares the size of an annuity (how