How to Check Old Pension Status Online?

As individuals approach old age, they aspire to a comfortable, hassle-free life. But what is the main component that could give them their desired life after retirement? Undoubtedly, it's money. Capital is the basic requirement to fulfill dreams and aspirations. Hence, a well-designed and structured financial plan must be put in place, and that too at an early age. It helps you lead a stress-free life and ensures a steady income source in your old age. Pensions are an excellent tool that supports you in your old age. Old-age pensions act as the structure or foundation of retirement planning. In this article, we shall explore the world of old age pensions and know the steps to check old age pension status online. We hope to help through this article.

What is a pension?

A pension can be defined as a fixed payment made during retirement from an investment corpus to which an employee and their employer contributed during the employee's tenure.

Types of pension

There are two types of pensions available to salaried individuals in India.

These are:

• 1. Government Pensions: This is the amount paid by central or state government to retired employees.
• 2. Private Pensions: This is the amount paid by private employers or through private pension schemes.

What is an old-age pension, and how does it work?

An old-age pension plan is an investment tool. In the old-age pension plan, you put aside some of your savings for a fixed duration. These pensions help formulate a disciplined savings system. It also helps create a robust retirement corpus. **Pension schemes include the National Pension Scheme (NPS), EPF, etc.

The National Pension Scheme (NPS) is a popular pension scheme that most people are attracted to, as it is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and the central government. Anyone of age 18–70 years, public or private employee, resident or non-resident, can become a part of the National Pension Scheme (NPS) program. Section 80CCD(2) of the Income Tax Act covers the deduction an employee can claim for the employer's contribution to their NPS account. Section 80C of the Income Tax Act covers the tax deduction of ₹1.5 lakh for self-contribution to the National Pension Scheme. Section 80CCD(1B) of the Income Tax Act covers the additional deduction of ₹50,000, which is allowed if a contribution is made towards the NPS (old tax regime only).

There are two types of investment accounts under NPS: NPS Tier 1 & NPS Tier 2

• 1. NPS Tier I account: NPS Tier I accounts are mandatory and must be opened by every individual to join NPS.
• 2. NPS Tier II account: The NPS Tier II account is optional. You can choose to open an NPS Tier II account after you have opened a Tier I account.

Both of these accounts have benefits, which can also be read on our blog "Difference Between NPS Tier I and Tier II"

Who is eligible for an old-age pension?

Any employee of the public or private sector can invest in the NPS scheme, given that they fulfill the following guidelines:

• 1. NPS has no minimum subscription period; what you receive at exit depends on your corpus, not on years of service.
• 2. Central government employees are eligible for pensions, given they've completed at least 10 years of service.
• 3. Based on employee's last basic pay or the average of basic pay in the last 10 months of their service, the pension is calculated.

How do I check my old-age pension status online?

You can easily check your old-age pension status online with a few clicks

• 1. On your web browser, navigate to the PFRDA website or visit your state’s pension website.
• 2. On the website, fill in your PRAN number and financial year.
• 3. Tap on the search button, and you can find all the details.
• 4. Alternatively, you can even check your old age pension status and balance simply by visiting PensionBox's Dashboard and logging in simply using your mobile number.

Old age is a critical period in an individual's life. It is filled with aspirations and dreams that one could not fulfill during their lifetime because of the constraints of their job or other responsibilities. Hence, to have a fulfilling life after retirement, well-structured financial plans are extremely essential. Pensions act as a support system in old age. They are a source of incoming money after retirement. In this blog, we have tried to make the process of checking old age pension status online easier and more user-friendly. At PensionBox, you can easily open your NPS account in just 3 minutes.