Comparison: NPS vs. UPS

Event / Feature	NPS (New Pension Scheme)	UPS (Unknown Pension Scheme*)
On Superannuation	- 60% of corpus can be withdrawn. - Pension on the remaining 40% corpus. - Option for beneficiaries to get back the remaining 40% upon death.	- 60% of corpus can be withdrawn. - Pension is reduced and calculated based on the remaining 40%. - No option for beneficiaries to get back the remaining 40% upon death.
On VRS/Resignation (after 20 years of service)	- 20% of corpus can be withdrawn. - Pension on the remaining 80% starts immediately.	- 60% of corpus can be withdrawn. - Pension only starts at age 60. - Pension is based on the average basic pay of the last 12 months at the time of VRS/Resignation.
Pension Eligibility	Self, Spouse, and Dependent member.	Self and Spouse only.
Promotion Option	Pension is not greatly affected if a promotion is declined.	Pension is based on the last 12 months' average basic pay. Declining a promotion, which would have increased basic pay, will negatively affect the final pension amount.
Returns	Returns have already benefited from high equity exposure (up to 50% till age 35). If the government asks for the extra 4% contribution back in UPS, the calculation will be hugely affected.	If the government does not reclaim the extra 4% contribution given under NPS, then UPS is a good option and will generate good returns, as the portfolio has already benefited from that extra contribution.
Return on Annuity	Various annuity options are available, with returns typically between 5.5% to 7.5% currently. (This can provide a much higher pension compared to the UPS "50% of last pay" option).	The annuity is not returnable.