New Delhi, June 9 -- When people are planning for retirement, most of them look for government-backed pension schemes that can provide assured and regular income after they exit the workforce. Two such options include the Atal Pension Yojana (APY) and the National Pension System (NPS) which are designed to encourage long-term retirement savings but comes with different features and target audiences.

APY is primarily meant to benefit workers in the unorganised sector of the country, whereas NPS is open to a broader range of individuals looking to accumulate retirement savings through regular contributions.

Launched in 2015 and regulated by the Pension Fund Regulatory and Development Authority (PFRDA), the Atal Pension Yojana was designed...