New Pension Scheme gets poll panel clearance | business | Hindustan Times
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New Pension Scheme gets poll panel clearance

business Updated: Mar 30, 2009 20:30 IST
HT Correspondent

The New Pension Scheme (NPS) for unorganised sector workers is set to start on May Day, with the Election Commission sending a communication to the pension regulator in this regard.

“We have now received the response from the Election Commission and we will go ahead with the advertisement campaign on the NPS beginning April 4,” D Swarup, chairman, Pension Fund Regulatory and Development Authority (PFRDA), told Hindustan Times on Monday. “We expect to start it earliest by May 1. However, the date will be finalised within a week, when the board takes a decision on the launch of the scheme.”

The authority deferred the launch of the scheme that was earlier scheduled for April 1 due to the code of conduct by the poll panel that restricts administrative decisions that could be regarded as political ploys.

The code restrained it to run any advertisement campaigns and the regulatory authority was waiting for a clarification from the commission.

The authority is of the view that the scheme needs awareness for which it needs to run campaigns and it can’t take off till the individuals are aware of the scheme.

The ambitious project that was available only for the government officials as of now will cover crores of Indians under the net of low cost pension fund net to take care of their retirement planning.