which prospective business owners use their 401(k) retirement funds to pay for new business start-up costs. ROBS is an acronym from the United States Internal Revenue Service for the IRS ROBS Rollovers as Business Start-Ups Compliance Project. ROBS plans, while not considered an abusive tax avoidance transaction, are questionable because they may solely benefit one individual – the individual who rolls over his or her existing retirement 401(k) withdrawal funds to the ROBS plan in a tax-free transaction. The ROBS plan then uses the rollover assets to purchase the stock of the new business. A C corporation must be set up in order to roll the 401(k) withdrawal. Other countries Even though the term "401(k)" is a reference to a specific provision of the U.S. Internal Revenue Code section 401, it has become so well known that it has been used elsewhere as a generic term to describe analogous legislation. For example, in October 2001, Japan adopted legislation allowing the creation of "Japan-version 401(k)" accounts even though no provision of the relevant Japanese codes is in fact called "section 401(k)". Similar pension schemes exist in other nations as well. The term is not used in the UK, where analogous pension arrangements are known as personal pension schemes. In Australia, they are known as superannuation funds. New Zealand has a scheme called KiwiSaver. In Canada RRSPs (Registered Retirement Savings Plan) play a similar role although they don't have to be employer sponsored and have different contribution limits. Similarly, India has a scheme called National Pension System (NPS), mandatory for all Central Government employees from January 2004, which is similar to 401(k) in terms of investment options, restriction on withdrawals and tax exemption on contribution, return earned and also withdrawals at retirement age(generally 60). It is also adopted by most state governments for their employees and also opened for the corporate sector. It's regulated by PFRDA Pension Fund Regulatory and Development Authority Some old pension schemes like EPF for private or public sector employees and PPF for self-employed, practicing professionals, small business owners, exist but they offer a lower rate of return that is fixed by Government every quarter.The Employees' Provident Fund Organisation (EPFO) is a statutory body of the Government of India under the Ministry of Labour and Employment. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme, and an Insurance Scheme. The schemes cover both Indian and international workers