View Full Version : Can I have and eat the cake at the same time?

28-03-2009, 10:53 AM
Hi all

I am a Central Government employee joined prior to 2004 (actually jointed in 1992). So, can I join the New Pension Scheme ? Can I also keep the old one?
Well, I am just asking can I have and eat the cake at the same time? Any comments?



ps: pardon me if this is a stupid question

29-03-2009, 05:43 PM
Dear Mr CG2

I dont think it is possible. You might have been given the option at the time of the introduction of the New Scheme in 2004 itself. Only one is possible.

Govt. can not give twice the benefit of their contribution! (for GPF scheme, the Govt's contribution is supposed to become the pension yield later; for CPF Scheme like NPS, it (Govt's contribution) adds to your balance and grows with interest!

I dont know what the Govt. means by "NPS is open to Public" from 2009 onwards!.

(I may be right or wrong. Experts may be there to offer more comments.)



30-03-2009, 10:51 AM
I dont know what the Govt. means by "NPS is open to Public" from 2009 onwards!.


You got me correctly. I was also puzzled by the Govt statement that New Pension Scheme is open to Public. Well, my question is also whether we can opt into this scheme as a public? If not for ourselves, then for our dependant relatives ?



14-04-2009, 02:09 PM
Dear cg2

As there are no responses and the interesting thread shd not end so soon, I thought of raking up!

Yes, you can not have the "cake and eat it too"- in the sense, the Govt. will not make its contribution- more than once - and beyond the percentage fixed. Hence multiple PFs where such contributions of Govt. are statutory, will not be permitted to benefit the same person.

Another aspect not yet clear is "throwing open to the public"

May be it is like EPF- ie in the "unorganised sector" or in case of "temporary employees- not regularised etc" - this may become an alternative.

Employees, if there is scope for more IT exemptions or more Interest on the PPF contribution in comparison to other savings, can avail PPF- with NO MATCHING GOVT> CONTRIBUTION.

(I still reserve my "right" to be wrong!)


26-06-2009, 06:19 AM
The Govt has issued notification opening the NPS to the public. Please read the documents and decide yourself

22-09-2009, 10:41 AM
nps thrown open to public works just like ppf at present-entirely self funded.

here the difference is the corpus grows as investment with lock in and at cetain age limits,a certian percentage of corpus has to be used compulsorily for purchase of annuity from an annuity provider.(a monthly pension)

there is going to be another voluntary tier two contribution which is over and above the manadatory minimums.this can be withdrawn.