National Pension System (NPS)

  • The Central Government introduced the NPS with effect from January 2004 (except for armed forces).
  • In 2018 to streamline the NPS and make it more attractive, the Union Cabinet approved changes in the scheme to benefit central government employees covered under NPS.
  • The National Pension System (NPS) was made available to all Citizens of India (voluntary basis) from May 2009.
  • Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years can join NPS. 
  • However, OCI (Overseas Citizens of India) and PIO (Person of Indian Origin) card holders and Hindu Undivided Family (HUFs) are not eligible for opening of NPS accounts.
  • NPS is implemented and regulated by PFRDA (Pension Fund Regulatory and Development Authority). 
  • National Pension System Trust (NPST) established by PFRDA is the registered owner of all assets under NPS.

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