Questions

The error lies in the first part of the sentence. After superlative adjectives, majorly two prepositions are used: of and in. We use in with a singular word referring to a place or group. Eg: I am the happiest woman in the world. We use of before plurals, before time periods such as year/month. Eg: Sunday is the best day of the week. Here, in this case, the subject is the 'school', thus, it should be 'in the school'.

PMVVY (Pradhan Mantri Vaya Vandana Yojana) pension limit extends to March, 2020.
The Union Cabinet, chaired by Prime Minister Narendra Modi approved extending the investment limit from Rs 7.5 lakh to Rs 15 lakh under the Pradhan Mantri Vaya Vandana Yojana (PMVVY).
It also extended the last date for a subscription to the scheme till March 31, 2020. The time limit was earlier supposed to end on May 4, 2018.
The PMVVY is being implemented through Life Insurance Corp (LIC) to provide social security during old age and protect the elderly aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme provides an assured pension based on a guaranteed rate of return of 8 percent per annum for 10 years.