A guaranteed pension scheme is a type of retirement plan that provides a guaranteed fixed pension amount to the subscriber. The amount of the pension is predetermined and guaranteed by the government or the pension provider. Here are some examples of guaranteed pension schemes:

• Atal Pension Yojana (APY): This is a pension scheme launched by the Government of India in 2015-16 to provide a minimum guaranteed monthly pension to subscribers ranging from Rs. 1000 to Rs. 5000 per month. The benefit of the minimum monthly pension is guaranteed by the government, and the government also co-contributes 50% of the subscribers contribution or Rs. 1000 per annum, whichever is lower.

• Guaranteed Pension System (GPS): This is a pension scheme passed by the Andhra Pradesh Assembly in India in 2023, which provides a guaranteed monthly pension of 50% of the last drawn basic salary to all state government employees. The scheme also ensures a monthly spouse pension at the rate of 60% of the guaranteed pension amount after the death of the pensioner.

• ICICI Pru Guaranteed Pension Plan: This is a retirement plan offered by ICICI Prudential Life Insurance that provides a guaranteed regular income for life after retirement. The plan offers two options: Immediate Annuity and Deferred Annuity, depending on when the subscriber wants to start receiving the regular income.

Guaranteed pension schemes are different from defined contribution plans, such as the National Pension System (NPS), where the pension amount is not guaranteed and depends on the performance of the investments made by the subscriber.