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Overview
New Pension Scheme (NPS), regulated by the PFRDA, is an important milestone in the development of a sustainable and efficient voluntary defined contribution pension system in India. Its main objectives are :
  • To provide old age income.
  • Reasonable market based returns over the long term.
  • Extending old age security coverage to all citizens.
The NPS architecture has been in operation for over a year now and the corpus of Central Government employees amounting to over Rs. 2100 crores stands invested in it. According to the unaudited results of the Pension Funds, the three Pension Funds have generated returns varying from 12% to 16% on the NPS corpus during the year 2008-09.

Under the NPS subscribers can avail of two types of accounts :

Tier-I pension account : Is a non-withdrawable account i.e. contributions to this account can be withdrawn only on reaching the Normal retirement Age (NRA).

Tier-II pension account : Is simply a voluntary savings facility and you are free to withdraw your contributions from this account whenever you wish.