'Good Pension Plan Can Help Meet Sudden Fund Needs'

Indore (Madhya Pradesh): Financial security was more needed after retirement, particularly for medical treatment and similar sudden expenditures, said experts here on Friday, adding that a good pension plan could be a major source of income even after retirement, provided it was chosen very wisely.

The advice was given in an interactive session organized under the joint aegis of Pension Fund Regulatory and Development Authority (PFRDA) and FICCI. The subject of the session was ‘Importance of Retirement Planning-Role of NPS’. The objective of the event was to sensitize the corporate world about the structure of the pension plans and National Pension Scheme (NPS).

During the session, experts shared detailed information about the utility of NPS, investment options and tax-benefits, motivating the corporate employees and management.

The keynote speaker of the session Mamta Shankar, Whole Time Member of Pension Fund Regulatory and Development Authority (PFRDA), provided an in-depth overview of the National Pension System (NPS), its structure, investment avenues and long-term advantages.

She said, “NPS is not just a pension scheme but a strong pillar of disciplined savings and financial security.” She emphasized its transparency, efficiency and tax benefits for citizens across all segments. She further underlined the vital role of women in promoting a culture of savings and noted that individuals, including employees of small organizations with fewer than 15 staff members, could benefit from the scheme. She also elaborated on the unique features such as inter-sectoral portability, consistent growth of over 9%, and introduced the Vatsalya Scheme designed for children.

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Puja Upadhyay, deputy general manager of PFRDA gave a detailed presentation on the effectiveness of NPS as a comprehensive retirement planning solution. Adding a financial perspective, CA Rajat Dhanuka, chairman of the Indore branch of ICAI, outlined the significant tax benefits available under NPS, elaborating on its advantages across both the old and new tax regimes.

Dr. Mukesh Vyas, head, HR, Pratibha Syntex, presented the corporate implementation viewpoint by emphasizing how NPS could be effectively integrated into organizational strategies, supporting structured financial planning for employees. Earlier, Shweta Agrawal, chairperson, Indore Chapter of FICCI FLO delivered the welcome address.