4 Government-Backed Pension Plans For Retirement

Outlook Money

National Pension System

Subscribers contribute to their NPS accounts during their working life, and receive a pension with accumulated interests and principal at retirement.

Unified Pension Scheme (UPS)

Unified Pension Scheme (UPS) is a newly launched pension scheme for central government employees that guarantees pension of 50 per cent of the average basic pay drawn over the last 12 months before retirement.

Atal Pension Yojana (APY)

The Atal Pension Yojana (APY) is a government-backed pension scheme that helps workers from the unorganised sector to save for retirement.

Varishtha Pension Bima Yojana (VPBY)

This scheme offers guaranteed returns to senior citizens. The premium is paid in a lump sum. It has a 15-day free look period without extra costs.

Compiled By Himani Verma

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