The Unified Pension Scheme or UPS will be managed by the Pension Fund Regulatory and Development Authority (PFRDA). As per the rules notified by PFRDA, for the operations of the Unified Pension Scheme (UPS) under the National Pension System, only Central government employees can avail of the UPS right now.Though the rules were announced in August of 2024, they will come into effect from 1 April 2025.
Those Central government keen to opt for scheme have a three-month window to do so. They can apply after 1 April, but before 30 June 2025. Employees who will be joining on or post 1 April 2025 will have to decided about opting for the UPS within 30 days of joining duty.
The new scheme is a mix of the Old Pension Scheme (OPS) and the National Pension System (NPS), and is aimed at guaranteeing a pension to employees, so that their financial condition is stable post retirement.
Employees of the Central government who have retired from the NPS on or before 31 March 2025, will also be able to opt for the scheme.
The spouse(legally wedded) of a Central government employee who happened to die before getting a chance to apply for the UPS.
However, the decision to opt for UPS cannot be changed or withdrawn later. Not additional benefits can be claimed later.
