Section 11 of The Unified Pension Scheme

Section 11 of The Unified  Pension Scheme

(1) UPS Subscriber shall have an option to choose the pension fund and the
investment pattern including a default pattern in accordance with the guidelines issued by the Authority, for the investment
of contributions made in the individual corpus under UPS.
(2) UPS Subscriber shall have the choice of default pattern of pension fund(s) and default investment; or
(3) A UPS Subscriber may choose any one of the pension funds registered with the Authority.
Provided that a UPS subscriber not exercising such choice of pension fund shall be deemed to have opted for default
pattern as determined by the Authority.
(4) A UPS Subscriber exercising choice of pension fund other than default pattern, shall choose any one of the following
investment choices:
(i) option to invest hundred percent. of the funds in Government securities (Scheme G); or
(ii) option of any one of the following Life Cycle based schemes:
(A) Conservative Life Cycle Fund with maximum exposure to equity capped at twenty- five percent. LC-25; or
(B) Moderate Life Cycle Fund with maximum exposure to equity capped at fifty percent. LC-50.
(5) UPS Subscriber shall have an option to change the choice of pension fund once in a financial year and investment
choice twice in a financial year.
(6) Pension fund shall give out easily understandable information about past performance of its schemes to the UPS
Subscriber to enable such subscriber to make informed choices while opting for pension fund and investment patterns.
(7) UPS Subscriber exercising choice of pension fund and investment pattern, as permissible, shall be entitled to surplus
amount, if any, or be liable for shortfall, if any, in the individual corpus under UPS, as compared to the benchmark corpus.
(8) Surplus amount (i.e., the excess of individual corpus over benchmark corpus), if any, computed on the date of
superannuation or voluntary retirement or retirement under Fundamental Rules 56(j) (which is not treated as penalty under
Central Civil Services (Classification, Control and Appeal) Rules, 1965), as may be applicable, shall be paid to the UPS
subscriber after issuance of the UPS Payout order.
(9) Shortfall amount (i.e., the deficit of individual corpus as compared to benchmark corpus), if any, may be replenished
by the UPS subscriber at any point of time before or on superannuation or voluntary retirement or retirement under
Fundamental Rules 56(j) (which is not treated as penalty under Central Civil Services (Classification, Control and Appeal)
Rules, 1965), as may be applicable, and not later than submission of Form B1. If such shortfall is not replenished by the UPS Subscriber, then such subscriber shall be entitled to proportionately reduced payout at the time of superannuation or
retirement.
(10) The value and units in the individual corpus and benchmark corpus of the UPS Subscriber shall be informed to such
subscriber by the CRA.
Provided that a final computation of the value of the individual corpus as compared to the benchmark corpus of a UPS
Subscriber shall, for the purpose of availing benefits, be determined as on the date of superannuation or voluntary
retirement or retirement under Fundamental Rules 56(j) (which is not treated as penalty under Central Civil Services
(Classification, Control and Appeal) Rules, 1965), as may be applicable.
(11) The information of individual corpus and the benchmark corpus of a UPS Subscriber shall be available in the UPS
PRAN account statement on a monthly basis