New Delhi, November 8
The Finance Ministry today said the new defined contribution pension scheme would also be applicable to police and para-military personnel.
The new scheme has been operational from January 1 this year and is applicable to new recruits of the Central Government.
Joint Secretary (Pensions) U.K. Sinha said although the scheme would be applicable to para-military and police personnel and the new entrants would not be entailed to the government provident fund but they would be entitled to group insurance and leave encashment benefits.
He said the government was in favour of 100 per cent foreign direct investment (FDI) in the pension sector involving a limited number of fund managers. He said the government was considering to establish a central record-keeping and accounting agency (CRA) for the defined contribution pension scheme.
