Old Pension Scheme: Govt has given the policemen the option to opt for the Old Pension Scheme

The Uttar Pradesh government has given the state’s policemen the opportunity to opt for the Old Pension Scheme (OPS).

This facility is being given to those policemen who were selected for service before 28 March 2005. The government has taken this decision keeping in mind the demand of the policemen for the old pension scheme, so that they can get more options in terms of pension.

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To avail the benefits of this scheme, the policemen will have to submit their information in the prescribed format issued by the DGP headquarters by 31 October 2024. Once the old pension scheme is chosen, this option will be final, which cannot be changed again.

The National Pension Scheme (NPS) account of those policemen who have opted for the old pension scheme will be closed from June 30, 2025. After this, the amount deposited in the NPS account will be transferred to the employee’s General Provident Fund (GPF) account. The government contribution under NPS will be deposited in the state treasury.

If retired policemen also want to avail the benefits of the old pension scheme, then they will have to return the contribution given by the government under NPS along with interest. This step will ensure that only willing retired policemen take advantage of this option.

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The DGP headquarters has issued a format for policemen to opt for the old pension scheme. It is mandatory for all eligible policemen to fill and submit this format by October 31.

This decision is being considered an important step towards securing the future of policemen. Under this, policemen who opt for the old pension scheme will be able to receive pension under the old process after retirement. This will increase security in their post-retirement plans.

What is Old Pension Scheme (OPS)?

Under the Old Pension Scheme, the retired employee gets the right to compulsory pension. This is 50 percent of the basic salary received at the time of retirement. That is, half of the basic pay on which the employee retires after completing his job is given to him as pension. After retirement in the Old Pension Scheme, the employee continues to get the benefit of other allowances including dearness allowance like a working employee, meaning if the government increases any allowance, then the pension will increase accordingly.

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