Refer my post “NPS Returns for 2017 – Who is best NPS Fund Manager?“.
The Central Government had introduced the National Pension System (NPS) with effect from January 1, 2004 (except for armed forces) replacing the existing system of Defined Benefit Pension System. The NPS came into operation with effect from 1st January 2004 and is applicable to all new employees of ‘Central Government service’ (except Armed Forces) and ‘Central Autonomous Bodies’, joining Government service on or after 1st January 2004. Subsequently, various State Governments adopted this architecture and implemented NPS.
With effect from 1st May, 2009 NPS has been provided for all citizens of the country on voluntary basis. Apart from offering various Pension Fund and Pension Fund Schemes, a range of investment life cycle options are provided to subscriber.
However, for Government employee selection of Pension Fund is non available. Government decides the Default Pension Funds on behalf of its subscribers.