1. The new pension scheme linked to market is widely accepted to be more beneficial and most of the government undertaking are resorting to this type of pension scheme.

2. You can nonetheless challenge this scheme but I do not find ,much merit in such scheme.

3 There is no vested right of an employee in pension and whatever scheme which is prevalent in the employment at the time of superannuation the employee will have to accept that.

old pernsion scheme has been scrapped

2) even if you file case against govt to reintroduce old pension schme you would not succeed

3) it is true that there is no gurantee of returns on investments made in share markets

4) but investments made in stock market would yield better returns in long run

the New Pension Scheme is highly lucrative and make the government employees who joined after 1/1/2004 far richer than the government employees who enjoy government pension scheme.

www.gconnect.in/nps.../nps-far-beneficial-governm.

this article explains in details benfits under NPS are more than under govt pension

The Gujarat High Court has issued notice to the central and state governments over a PIL challenging the validity of the market-linked New Pension Scheme (NPS), applicable to government employees who joined on or after January 1, 2004.

Petitioner Pranav Desai, a retired scientist of ISRO, stated in his petition that the market-linked new pension scheme provides only annuity and gratuity in place of pension, and has no security for family members of an employee if he passes away.

"Old pension scheme, on the other hand, provided for the 50 per cent of last pay, floor pension, family pension if retiree dies, medical benefits and death gratuity," he said.

Pension is not a gratuitous payment but deferred payment. Compulsory imposition of NPS violates Articles 14 and 21 of the Constitution. Government is exercising economic duress by imposing NPS as it will not help employees in his old age but may in all probability make him starve, the petitioner alleged.

"Mathematical simulation shows that a bulk of employees will get annuity less that subsistence of about Rs 14,000. Also, the NPS provides for no family pension unlike OPS, in the event of the employee passing away," he said.

"There is uncertainty about pension availability to family if the employee dies. NPS is at the mercy of share market. It is annuity that one gets in place of pension," he said.

The petitioner further said in NPS, pensioners are not allowed a wide choice of fund manager and asset class.

As per the new pension scheme, a beneficiary cannot withdraw money if he subscribes to an account where government makes an equal matching contribution of 10 per cent of mandatory contribution by employees, he said.

When exiting at the retirement age of 60, one gets 60 per cent of money while 40 per cent has to be invested to LIC-type annuity. And if exiting before retirement age, 80 per cent has to be invested, the new pension scheme mandates, the petitioner said

1) i have already in reply to your query drawn attention to PIL pending in Guj HC challenging the new pension scheme

Central Recordkeeping Agency (CRA) : The recordkeeping, administration and customer service functions for all subscribers of the NPS are being handled by the National Securities Depository Limited (NSDL) - External website that opens in a new window , which is acting as the Central Recordkeeper for the NPS.

Annuity Service Providers (ASPs) : Annuity Service Providers (ASPs) - External website that opens in a new window would be responsible for delivering a regular monthly pension to the subscriber after exit from the NPS.

The pensioners will not be let to suffer by the government at any cost hence yor fears are unnecessary.

In addition the center govt is not make it compulsary for state govt to imliment this new pension system .

There are 29 states where 26 states adopt this scheme.

NPS is applicable to all the employees of State Governments, State Autonomous Bodies joining services after the date of notification by the respective State Governments. Any other government employee who is not mandatorily covered under NPS can also subscribe to NPS under "All Citizen Model" through a Point of Presence - Service Provider (POP-SP).

HIS ACCOUNT HAS 5.8 LAKH IN HIS NPS ACCOUNT. DUE TO SUDDEN DEATH IN YOUNG AGE THEY SAVE VERY LESS MONEY. NOW THE PENSION OF BHABI JI IS 5000 PER MONTH. IS IT ENOGH TO FEED A FAMILY.

NOW HE HAS TO WORK ON NEIGHBOURS HOUSE TO EDUCATE AND FEED THEIR CHILDREN BECAUSE SHE IS VERY LESS EDUCATED.

HOW SHAME !

AND SOME ONE SAY IT IS VERY MUCH PROFITABLE

HOW????

The NPS is a new contributory pension scheme introduced by the Central Government for its own new employees. Under the new pension system, each new central government employee will open a personal retirement account on joining service. Every month, and till the employee retires or leaves government service, a part of the employee's salary will be transferred into this account. When the person retires, he will be able to use these savings to take care of the needs and expenses of his family during old age.

My mother retire in 2005 with pension of 7200 per month . Now they have pension of 25000 rs in their account at 2017 . Will this increase possible in our account

A bare reading of the regulations will not make you understand the underlying concept. you must wait and watch the developments.

NOW THE QUESTION ?

WILL WE FILE A CASE TO GOVT FOR PENSION GARANTEE OR OUR DEPOSITE MONEY GARANTEE

BECAUSE THERE IS NOT SURETY THAT WHEN WE RETITED , WHEN ALL OF THOUSANDS OF SHARE MARKET HOLDER( WE) WITHDRAW OUR MONEY , MARKET WILL NOT COLLASPE IN A SINGLE DAY???

There is nothing preventing you from filing a PIL in this regard which would certainly bring relief to all those who are affected by this new law.