F:3-1/2018 NVS-(Admn) Dated 4.12.2018 and F:3-1/2018 NVS-(Admn)/4528 Dated 6.12.2018 Annuity based alternate pension proposal for the employees of NVS prior to 1.1.2004 - reg. Navodaya Vidyalaya employees entitled to New Pension Scheme Employees who joined NVS on regular basis, were given option to continue with CPF scheme or join NPS previously in 2017.Annuity based alternate pension proposal for the employees of NVS prior to 01.01.2004 for Javodaya Navodaya Employees Proposal for alternative pension scheme in lieu of the existing CPF Scheme Details
Annuity Based Pension Proposal for Navodaya Employees prior to 1.1.2004
F:3-1/2018 NVS-(Admn)/4528 Dated 6.12.2018
Sub: Proposal for alternative pension scheme in lieu of the existing CPF Scheme - Proposal for alternative pension scheme in lieu of existing CPF scheme is under consideration of the Ministry. It has been intimated by the Ministry that in the context of the feasibility of extending the benefits of the GPF-cum-Pension Scheme, 1972 not being there, one of the options would be to explore the possibility of having an annuity based alternative pension scheme in lieu of the existing CPF scheme. It has been desired that a comprehensive proposal based on willingness of the eligible employee to opt for the alternative scheme i.e. annuity based pensionary benefits in lieu of existing scheme may be submitted.
- Accordingly, you are requested to submit the consent of employees on shifting form existing scheme to annuity based pensionary scheme.
- In this regard, you are, therefore, requested to kindly obtain willingness of the eligible employees who have joined the services before 1.1.2004 (including those who have retired) to opt for the alternative scheme in lieu of the existing OFF scheme.
- The consolidated data in respect of RC and J NVs may be submitted to this office latest by 30.12.2018.
F:3-1/2018 NVS-(Admn) Dated 4.12.2018
- Sub: Annuity based alternate pension proposal for the employees of NVS prior to 1.1.2004 - reg.
- 1. Own share of employee in the existing CPF scheme shall remain intact. It will not be utilized for creating the corpus fund of the alternate pension plan.
- 2. However, the management share of the existing CPF scheme will be utilized to form the corpus fund for the proposed annuity based pension scheme.
- 3. Proposed basic pension is 50% of the basic pay at the time of retirement and there is no provision for DA thereon.
- 4. Provision for commutation of pension upto 1/3rd of the basic pension exists..Employee at the time of retirement can get the commutation value. It would be more or less equal to the management share. Besides 2/3rd of basic pension per month fixed at the time of retirement is payable.
- 5. The pension is payable till the pensioner is alive. There is no provision for family pension after death of the employee.
- 6. However, proposal for provisioning of DA and family pension is also being sent to the Ministry for consideration.
- 7. In case of death of the eligible employees during service, Provision for a lump sum insured amount payable to their dependents is proposed to be covered under group term Insurance Scheme.
- The aforementioned information may be widely circulated amongst the eligible employees to enable them to franchise their options/willingness for the proposed annuity based pension
