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Glossary
The Old Pension Scheme is the pre-2004 government employee pension system offering a defined benefit pension based on last drawn salary, without employee contributions.
The older government pension where retirees got a fixed pension based on final salary, at no cost to them.
Replaced by the National Pension System for employees joining after 1 April 2004 in most cases; OPS is a defined-benefit scheme, while NPS is a defined-contribution, market-linked scheme.
An employee who joined government service before 2004 may still be covered under the Old Pension Scheme in some states.
The older government pension where retirees got a fixed pension based on final salary, at no cost to them.
Old Pension Scheme (OPS) helps you evaluate products, compare options, and make informed decisions aligned with goals, tax rules, and risk tolerance in the Indian financial system.