The government idea behind the new pension scheme is that it should be at par with the epfo scheme (Rainy Days, Feb 16). But the fact is that nps results have been dismal over the last seven years. Subscribers are losing even the capital invested in the scheme. This is because the system format has been designed so that at the most it’ll generate savings bank account returns to subscribers, a technical drawback of most unit-linked financial products sold in our country. For they are neither insurance nor pension nor investment products, but a money-making tool for operators at the cost of subscribers. NPS should be discontinued or converted into an EPFO scheme with improved office and table management and refinement of procedures.

Instead of this, a much better idea would be to end the taxation of interest on retiree savings. It is very unfair that hard working people who pay taxes all their lives must still do so even after retirement.

New pension scheme has been introduced by government in lieu of GPF holders pension scheme for its employees and it has been extended to general public as well. The government idea behind the scheme is that it should be at par with EPFO scheme. But results shown by NPS authorities are very very dismal and non encouraging over last seven years. Even subscribers are loosing their capital invested in the scheme. under these conditions how it can be called a pension scheme? This has happened because system format and structure has been designed and operated in such a manner that at can pass on at the most saving bank account return to its subscribers in most favourable circumstances and nil or negative return in all other type of circumstances in long run.This is the technical drawback of unit link financial products sold in our country under different names like ULIPS, pension product, market plus product, future plus product etc. They are neigher insurance nor pension nor investment products . By the verture of their design itself they can  not pass on stainable return to irs subscribers in long run. It is a money making tool for its operators only at the cost of subscribers. As per my opinion NPS should be discontinued or converted in to EPFO scheme with improved office and table management and refinement of proccedurs..

New pension scheme has been introduced by government in lieu of GPF holders pension scheme for its employees and it has been extended to general public as well. The government idea behind the scheme is that it should be at par with EPFO scheme. But results shown by NPS authorities are very very dismal and non encouraging over last seven years. Even subscribers are loosing their capital invested in the scheme. under these conditions how it can be called a pension scheme? This has happened because system format and structure has been designed and operated in such a manner that at can pass on at the most saving bank account return to its subscribers in most favourable circumstances and nil or negative return in all other type of circumstances in long run.This is the technical drawback of unit link financial products sold in our country under different names like ULIPS, pension product, market plus product, future plus product etc. They are neigher insurance nor pension nor investment products . By the verture of their design itself they can  not pass on stainable return to irs subscribers in long run. It is a money making tool for its operators only at the cost of subscribers. As per my opinion NPS should be discontinued or converted in to EPFO scheme with improved office and table management and refinement of proccedurs..

Instead of this, a much better idea would be to end the taxation of interest on retiree savings. It is very unfair that hard working people who pay taxes all their lives must still do so even after retirement.