FLYER- Atal Pension Yojana

FLYER - Atal Pension Yojana (APY)

Target segments of APY

The APY will be focussed on all Citizen of India, especially those in the unorganised sector, who do not have any formal pension provision. The scheme encourages these workers to save voluntarily for their retirement.

Administration of the scheme

APY is a Government scheme administered by PFRDA through NPS architecture.

 Age of entry

18 - 40 years

Eligibility

 Any Citizen of India from Unorganized sector.

Illustrative list of Statutory Social Security Schemes.  

Employees' Provident Fund and Miscellaneous Provisions Act,1952

 The Coal Mines Provident Fund and Miscellaneous Provisions Act,1948

 The Seamen's Provident Fund Act, 1966

 The Assam Tea Plantations Provident Fund and Pension Fund Scheme Act 1955

  The Jammu and Kashmir Employees' Provident Fund Act, 1961.

 Opening APY Account

The accounts can be opened through bank where savings bank account is maintained.  

Subscriber joining at 18 years of age have to contribute Rs. 42 and Rs. 210 on

Contribution Amount

Monthly basis to get a fixed monthly pension of Rs 1000 and Rs 5000 respectively.  

The monthly contribution is payable by auto debit facility from the Subscribers

 1 The Scheme is subject to the approval of the Government.

2 savings bank account.

Eligibility for receiving Government of India’s co-contribution.

Government co-contribution is 50% of the total contribution amount or / Rs. 1000 per annum, whichever is lower, for a period of 5 years.

Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and are not income tax payers.  

Guaranteed minimum monthly pension between Rs. 1,000 and Rs. 5,000 to the 

Benefits of APY  subscriber & spouse with return of corpus to the nominees after 60 years of age.  

Existing Swavalamban Scheme Subscribers between the age group of 18-40

Other features of APY  years would be migrated to APY automatically unless they opt out.  

Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019- 20 for the Subscribers who join the scheme during the period from 1 st June, 2015 to 31st December, 2015.  

The existing Swavalamban subscriber, if eligible, may be automatically migrated to APY with an option to opt out.

However, the benefit of five years of Government Co-contribution under APY would be available only to the extent availed by the Swavalamban subscriber already.

This would imply that if, as a Swavalamban beneficiary, he has received the benefit of government Co Contribution of 1 year, then the Government co-contribution under APY would be available only for 4 years and so on. Existing Swavalamban beneficiaries opting out from the proposed APY will be given Government co-contribution till 2016-17, if eligible, and the NPS Swavalamban continued till such people attain the age of exit under that scheme.

The management of funds under APY is as per the investment pattern specified by Government.  

Individual Subscribers will not be having any option for choice of investment or select Pension Funds.

Documentation A single form containing:  

APY application form  Self-Declaration  Authorisation for auto debit Indicative APY Contribution Chart Age of Entry Years of Contribution Monthly pension of Rs.1.000 Monthly pension of Rs. 2.000 Monthly pension of Rs 3000 Monthly pension of Rs 4000 Monthly pension of Rs.5,000

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