Under the Central Civil Services (Pension) Rules, 1972 (now 2021), the government has allowed the employees who joined the Central Government services for posts advertised or notified before December 22, 2003, to shift from National Pension System (NPS) to Old Pension Scheme (OPS).
In addition to the serving employees, the Central Government has also given an opportunity to retired employees to leave NPS and join the OPS. But they need to fulfill the following criteria:
This facility is being provided to the central government employees who joined on or after January 1, 2004, but their recruitment process was completed before 22 December 2003. If the employee joined the organisation after 1 January 2004 then s/he would not be granted the opportunity to opt for the OPS.
One-time option for employees
Under this, a central government civil servant who has been appointed and her/his recruitment process was completed before the date of notification issued for the NPS i.e. 22nd December 2003, but the joining took place on or after 1st January 2004, all those personnel will be eligible for joining the Central Civil Services (Pension ) Rules, 1972 (now 2021), for them a one-time option has been given. If employees do not exercise this option by the prescribed date, they will continue to be covered by the NPS.
Retired personnel can also switch
The employees who retired before March 3, 2023, can also opt for the OPS but in exchange, they have to return the money received from the NPS.