UPS Quiz

When was the Old Pension Scheme (OPS) discontinued?

• 2004-01-01

• 2025-04-01

• 2004
• 2024-08-01

The National Pension System (NPS) was introduced on:

• 2024-08-01

• 2004-01-01

• 2025-04-01

• Pre-2004

When is the Unified Pension Scheme (UPS) expected to be implemented?

• 2004-01-01

• 2024-08-01

• 2025-04-01

• Pre-2004

Which pension scheme was in effect "Pre-2004" according to the timeline?

• National Pension System (NPS)
• Unified Pension Scheme (UPS)
• Old Pension Scheme (OPS)
• None of the above

Which of the following statements about the National Pension System (NPS) is INCORRECT?

• Employees contribute 10% of their salary, and the government contributes 14%
• Returns are market-linked, meaning there is no guaranteed pension amount.
• Up to 60% of the corpus at retirement is tax-free, with a minimum of 40% to be annuitized
• Pension calculation depends solely on the employee's contribution.

What is the government's contribution percentage to an employee's NPS account as per the information provided?

• 10%

• 12%

• 14%

• 20%

According to the NPS details, what is a key characteristic regarding the returns and the pension amount?

• Returns are fixed, and the pension amount is guaranteed.
• Returns are market-linked, but a guaranteed pension amount is provided.
• Returns are market-linked, and there is no guaranteed pension amount.
• Returns are not specified, but the pension amount is guaranteed.

Which of the following sections of the Income Tax Act are mentioned for tax benefits under NPS?

• Sections 80C, 80D, 80E
• Sections 80C, 80CCD (1B), 80CCD (2)
• Sections 80G, 80GGA, 80C
• Sections 80CCC, 80CCE, 80C

Regarding the payout at retirement from NPS, what is the minimum percentage of the corpus that must be annuitized?

• 10%

• 40%

• 60%

• 100%

The UPS aims to provide a guaranteed pension with what type of model?

• Defined Benefit Model
• Defined Contribution Model
• Hybrid Model
• Annuity Model