Yes, a person can have multiple pension plans in place. For instance, it may so happen that you could have invested in a pension plan when you were 25. And at 30, you could have received a hike in your salary that puts you in a more comfortable position to invest further in your retirement. In situations like these, you can certainly go ahead and purchase another pension plan. However, you need to keep in mind that the tax benefits on your premium payments are only limited to Rs. 1.5 lakhs under section 80C.