For faculty who joined IISc (or IITs or any other government institution) on or after 1.1.2004, the new pension scheme would be applicable. This was notified by the government effective today. The new scheme will be a defined contribution scheme as against the present defined benefit scheme. This will be the best product for (really) long term pension schemes. Also, anyone (as in not government employees) can enroll in these pension schemes. Further details are available here.