Atal Pension Yojna (http://goo.gl/Rs9Xqi ) was announced in Budget 2015-16 as an upgrade to the Swavalamban scheme, which will now fold into the new defined benefit pension scheme for the poor. The pension fund regulator will administer the scheme, which is open to all unorganized sector workers who currently do not avail of any social security scheme and have a bank account. Why this scheme? To give clarity of future benefits to the subscribers—something that was missing in the Swavalamban scheme, says a government note. This is an analysis of the product. Spoiler alert: ‘regressive’ is the word that comes to mind.