eCommerce

Pension Management software

In today's rapidly evolving digital landscape, global pension administration software is playing a pivotal role in transforming the retirement industry. This cutting-edge technology offers a comprehensive solution to manage pension plans efficiently, ensuring a more secure and streamlined retirement process for millions worldwide.The pension is statutory provision for an employee after retirement to fulfil their financial requirement. This is followed by most government organization and corporation and private sectors Tentative most of the organization follow below procedures:

Pension Management: A Modern Approach

Traditionally, pension management has been plagued by manual processes, prone to errors and inefficiencies. However, modern pension administration software replaces these outdated methods with automated systems. This shift not only enhances accuracy but also significantly reduces processing time. By automating complex calculations and compliance checks, these systems ensure adherence to various global and local regulatory standards, providing peace of mind for both administrators and beneficiaries.

Enhanced Data Management and Security

A key feature of these software solutions is their robust data management capabilities. They offer secure platforms for storing sensitive information, employing advanced security measures to protect against data breaches. This level of data integrity is crucial in handling personal and financial information of retirees.

User-Friendly Interfaces and Accessibility

Another significant advancement is the development of user-friendly interfaces. These platforms are designed to be accessible, allowing plan members to easily track their retirement savings, view their pension forecasts, and access important information. This transparency and accessibility empower individuals to take an active role in their retirement planning.

Global Reach and Customization

Global pension administration software transcends geographical boundaries, offering scalable solutions that cater to different pension systems worldwide. They provide customization options to accommodate various pension structures, reflecting the diverse needs of a global workforce.

The Evolution of Pension Management

The landscape of pension management has seen significant evolution over the years. This evolution has been driven largely by the increasing complexity of managing pensions and the ever-growing need for efficiency and accuracy in financial planning.

Embracing Pension Management Software

In response to these growing demands, many businesses have turned to Pension Management Software. This advanced tool leverages technology to automate many of the processes traditionally handled manually, thus increasing efficiency and accuracy.

Features of Pension Management Software

The heart of any pension management software lies in its robust features. These tools are designed to cater to a wide range of tasks such as data entry, calculations, generating reports, and financial planning. By automating these tasks, the software not only speeds up the process but also reduces the risk of human errors.

Optimizing Business Processes with Pension Management Software

Embracing pension management software is synonymous with optimizing business processes. By automating tasks, the software significantly cuts down on the time and resources spent on manual work, thereby increasing operational efficiency.

Harnessing Automation for Efficiency

In conclusion, adopting pension management software can dramatically transform your business. It streamlines your operations, boosts efficiency, and ensures data security. So if you're in the business of managing pensions, it's time to consider integrating this advanced tool into your operations.

Whether you're a small business just starting with pension management or a large organization looking to streamline operations, pension management software can cater to your specific needs. Its robust features and advanced security measures make it an indispensable tool for any business involved in pension management.

The future of pension management is here. Don't get left behind - embrace the revolution today.



Further Information regarding Pension As per Government of India and Its different state Government

The Department of Pension & Pensioners' Welfare is the nodal department for the formulation of policies relating to pension and other retirement benefits of Central Govt. employees covered under CCS (Pension) Rules, 1972 Apart from the formulation of pension policy for the Central Govt. Pensioners/Family Pensioners, it also seeks to promote pensioners welfare and serves as a forum for the redressal of Pensioners' grievances.However, the pensioners of Ministries of Railways and Defence are governed by their respective pension rules having their independent administrative setup. The employees working in the establishments belonging to the class of industries/ other establishment listed in the schedule appended to EPF & MP Act.1950 are covered under EPS Scheme administered by Ministry of Labour. Further, the pensionary matters of those who joined/ would join Central Government on or after 1.1.2004, are dealt by Ministry of Finance under New Pension scheme


Classes of Pension

Superannuation

A superannuation pension shall be granted to a Government servant who is retired on his attaining the age of 60 years.

Retiring Pension:

A retiring pension shall be granted to a Government servant who retires, or is retired before attaining the age of Superannuation or to a Government servant who, on being declared surplus opts, for voluntary retirement.

Voluntary Retirement:

Any Government servant can apply for voluntary retirement, three months in advance, only after the completion of twenty years of his qualifying service, provided there is no vigilance or Departmental Enquiry pending /initiated against him/her.

Invalid Pension:

Invalid Pension may be granted if a Government servant applies for retirement from the service on account of any bodily or mental infirmity which permanently incapacitates him/her for the service. The request for invalid pension has to be supported by a medical report from the competent medical board.

Compensation Pension:

If a Government servant is selected for discharge owing to the abolition of a permanent post, he shall, unless he is appointed to another post the conditions of which are deemed by the authority competent to discharge him/her to be at least equal to those of his own, have the option –

(a) of taking compensation pension to which he may be entitled to the service he had rendered, or

(b) of accepting another appointment on such pay as may be offered and continuing to count his previous service for pension.

Compulsory Retirement Pension:

A Government servant compulsorily retired from service as a penalty may be granted, by the authority competent to impose such penalty, pension or gratuity, or both at a rate not less than two-thirds and not more than full compensation pension or gratuity, or both admissible to him on the date of his compulsory retirement. The pension granted or allowed shall not be less than Rs. 3500/- p.m.

Compassionate Allowance:

(i) A Government servant who is dismissed or removed from service shall forfeit his pension and gratuity: Provided that the authority competent to dismiss or remove him from service may, if the case is deserving of special consideration, sanction a compassionate allowance not exceeding two-thirds of pension or gratuity or both which would have been admissible to him if he had retired on compensation pension. (ii) A compassionate allowance sanctioned under the proviso to sub-rule (i) shall not be less than the amount of Rupees one thousand nine hundred and thirteen per mensem.

Extraordinary Pension:

Extraordinary Pension in the form of Disability pension/extraordinary family pension may be paid to the Government servant/his family if disablement/death (or the aggravation of disablement/death)of the Government servant, during his service, are attributed to the Government service. For the award of extraordinary pension, there should thus be a casual connection between disablement and Government service; and death and Government service, for attributability or aggravation to be conceded. The quantum of the pension, however,depends upon the category of the disablement/death. Government servants appointed on or after 1.1.2004 are not covered by the CCS(Extraordinary Pension) Rules.

Family Pension:

Family pension is granted to the widow / widower and where there is no widow / widower to the children of a Government servant who entered in service in a pensionable establishment on or after 01/01/1964 but on or before 31.12.2003 or having entered service prior to that date came to be governed by the provisions of the Family Pension Scheme for Central Government Employees, 1964 if such a Government servant-

  • dies while in service on or after 01/01/1964 or
  • retired/died before 31.12.1963 or
  • retires on or after 01/01/1964

and at the time of his death was in receipt of pension.


Family pension is payable to the children up to 25 years of their age, or marriage or till they start earning a monthly income exceeding Rs.3,500/- + DA admissible from time to time p.m. whichever is earlier. Widow daughter / divorced daughter/ unmarried daughter of deceased Government servant is also entitled to the family pension till her remarriage or up to life time or starts earning a monthly income exceeding Rs.3,500/- + DA admissible from time to time p.m. whichever is earlier. Family pension is also payable to the dependent parents of deceased Government servants w.e.f. 01/01/98, where there is no claimant i.e. spouse or child for family pension, alive. If the son or daughter, of a Government servant is suffering from any disorder or disability of mind or is physically crippled or disabled so as to render him or her unable to earn a living even after attaining the age of 25 years, the family pension can continue to be paid for life time subject to conditions.

The Pension Management software functionality Customised to suit your requirements and vision

FAQs related to the New Pension Scheme (NPS)

1 Whether a retiring Government servant is entitled to leave encashment after retirement under the NPS?
2 Why is it mandatory to use 40% of pension wealth to purchase the annuity at the time of the exit (i.e. after the age of 60 years from NPS?
3 Whether any minimum age or minimum service is required to quit from Tier-I?
4 Whether Dearness Pay is counted as basic pay for recovery of 10% for Tier-I?
5 Whether contribution towards Tier-I from arrears of DA is to be deducted?
6 Who will calculate the interest: PAO or CPAO?
7 What happens if an employee gets transferred during the month? Which office will make the deduction of Contribution?
8 Whether Non-Practicing Allowance (NPA) payable to medical officers will count towards ‘Pay’ for the purpose of working out contributions to NPS?
9 Whether a government servant who was already in service prior to 1.1.2004, if appointed in a different post under the Government of India, will be governed by the CCS (Pension) Rules or NPS?


1. Whether a retiring Government servant is entitled to leave encashment after retirement under the NPS?
The benefit of encashment of leave salary is not a part of the retirement benefits admissible under Central Civil Services (Pension) Rules, 1972. It is payable in terms of CCS (Leave) Rules which will continue to be applicable to the government servants who join the government service on after 1-1-2004. Therefore, the benefit of encashment of leave salary payable to the governments/to their families on account of retirement/death will be admissible.
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2. Why is it mandatory to use 40% of pension wealth to purchase the annuity at the time of the exit (i.e. after the age of 60 years) from NPS?
This provision has been made in the New Pension Scheme with an intention that the retired government servants should get regular monthly income during their retired life.
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3. Whether any minimum age or minimum service is required to quit from Tier-I?
Exit from Tier-I can only take place when an individual leaves Government service. Top

4. Whether Dearness Pay is counted as basic pay for recovery of 10% for Tier-I?
As per the New Pension Scheme, the total Dearness Allowance is to be taken into account for working out the contributions to Tier-I. Subsequently, a part of the “Dearness Allowance” has been treated as Dearness Pay. Therefore, this should also be reckoned for the purpose of contributions. Top

5. Whether contribution towards Tier-I from arrears of DA is to be deducted?
Yes. Since the contribution is to be worked out at 10% of (Pay+ DP+DA), it needs to be revised whenever there is any change in these elements Top

6. Who will calculate the interest PAO or CPAO?
The PAO should calculate the interest. Top

7. What happens if an employee gets transferred during the month? Which office will make deduction of Contribution?
As in the case of other recoveries, the recovery of contributions towards New Pension Scheme for the full month (both individual and government) will be made by the office who will draw salary for the maximum period. Top

8. Whether NPA payable to medical officers will count towards ‘Pay’ for the purpose of working out contributions to NPS?
Yes. Ministry of Health & Family Welfare has clarified vide their O.M. no. A45012/11/97-CHS.V dated 7-4-98 that the Non-Practising Allowance shall count as ‘pay’ for all service benefits. Therefore, this will be taken into account for working out the contribution towards the New Pension Scheme. Top

9. Whether a government servant who was already in service prior to 1.1.2004, if appointed in a different post under the Government of India, will be governed by the CCS (Pension) Rules or NPS?
In cases where Government servants apply for posts in the same or other departments and on the selection they are asked to render technical resignation, the past services are counted towards pension under CCS (Pension) Rules, 1972. Since the Government servant had originally joined government service prior to 1-1-2004, he should be covered under the CCS (Pension) Rules, 1972.