Govt defers new pension scheme launch citing polls

The common man will have to wait till after the elections to the 15th Lok Sabha to enroll for the new Pension Scheme, which the government was seeking to extend beyond its employees.

Failing to get Election Commission's nod for campaigning and undertaking preparatory activities for launch of the scheme on April one, the government today announced its decision to defer extension of the scheme to other citizens.

"Keeping in view the Model Code of Conduct for Elections, it has not been possible for PFRDA (pension fund regulator) to continue this information campaign and undertake other preparatory activities as originally scheduled. It has accordingly been decided to defer the date of the extension of the NPS to other citizens," an official statement said here.

The Centre has already implemented the new pension system for its employees who joined on or after January one, 2004.

In August 2008, the government advised the Pension Fund Regulatory and Development Authority (PFRDA) to extend the NPS to all citizens.

PFRDA has already appointed six fund managers for the citizens scheme -- IDFC MF, Kotak Mahindra, SBI, UTI Asset Management, ICICI Prudential Life Insurance and Reliance MF.

It has also appointed 23 Points of Presence for managing NPS contributions pertaining to all citizens.