CPI(M) moves EC over govt ad on new pension scheme

CPI(M) today moved EC with a complaint against the government saying advertisements in newspapers about introduction of the New Pension Scheme amounts to violation of the model code of conduct. 

In a letter to the Election Commission, CPI(M) Politburo member Brinda Karat said, "The advertisement is a clear violation of the model code of conduct."  

The government has brought out an advertisement on the New Pension Scheme (NPS), a system which has defined contribution, unlike assured benefits of old pension system, to be implemented from today.

The interim pension regulator Pension Fund Regulatory and Development Authority (PFRDA) had yesterday confirmed the scheduled launch of the mega pension plan, under which citizens would be able to avail of the NPS starting today.

Tier-I of NPS constituting non-withdrawable pension account becomes operational today and Tier-II (withdrawable account) of the NPS account will become operational in about six months.