New Delhi, Feb. 1 -- The Union Budget 2025 brought in several noteworthy changes to pension schemes to boost the financial security of retirees and spur more people into structured retirement planning. These changes aim at tax benefits, adjustments to standard deductions, and the introduction of new pension frameworks.

Extension of tax benefits under Section 80CCD(1B) to the NPS Vatsalya scheme is a major highlight of the Budget. Now, as a child welfare investment fund, the scheme allows the contributors to claim additional deduction of up to Rs.50,000 over and above the normal Rs.1.5 lakh under Section 80C. This move is expected to encourage people to invest in the NPS Vatsalya scheme, which is for the benefit of children's welfare in t...