National Pension System - Architecture

The National Pension System introduced by the Government of India is South Asia's first Defined Contribution pension scheme with individual retirement accounts, product choices, professional fund management by competing fund managers and portability through centralized record keeping and administration.


  • Pension Fund Regulatory & Development authority (PFRDA) is the Regulator appointed by the Government of India to regulate and develop the pension sector.
  • Based in New Delhi

NPS Trust

  • Regulator has created a Trust ( NPS Trust) to oversee and review the investment of the pension corpus.
  • Shri Shailesh V Haribhakti is the chairman of the Trust.
  • Other trustees include:
    • Shri ND Gupta
    • Shri Pramod Kumar Rastogi
    • Shri Ashvin Parekh
    • Smt. Pallavi S Shroff
    • Shri Bijay Kumar

Pension Fund Manager

  • Following Pension Fund Managers have been appointed from a pool of competing Fund Managers to professionally manage the Pension Funds to manage the Central Govt. pension corpus under NPS:
    • SBI Pension Funds Pvt. Ltd.
    • LIC Pension Fund Ltd.
    • UTI Retirement Solutions Ltd.
  • Under NPS for Citizens, individuals can choose their Pension Fund Manager from the following PFMs:
    • SBI Pension Funds Pvt. Ltd.
    • UTI Retirement Solutions Ltd.
    • LIC Pension Fund Ltd.
    • ICICI Prudential pension Funds Management Co. Ltd.
    • Kotak Mahindra Pension Fund Ltd.
    • Reliance Capital Pension Fund Ltd.
    • HDFC Pension Fund Ltd.

CRA: Central Record Keeping Agency set up by NSDL

  • Each subscriber will be given a unique PRAN number ( Permanent Retirement Account Number)
  • Complete portability is ensured.
  • NAV will be declared on a daily basis & will be put on NSDL website.
  • Access to subscribers with User ID & PIN to view their contribution & NAV.
  • Grievance redressal system through online log in facility and escalation procedure for resolution.

Trustee Bank: Axis Bank

  • All Fund Managers have A/C with Axis Bank.
  • DDOs/PAOs remit funds through Axis Bank Branches.
  • PoP-SPs will remit the funds to Axis Bank
  • Aggregation at Axis Bank.
  • Where Axis Bank branches are not available, SBI branches services availed.

Custodian: Stock Holding Corporation of India Ltd. (SHCIL) is appointed as the custodian

  • They keep the custody of the assets.
  • All the assets are held in the name of the Trust.

Points of Presence

  • The regulators appoint organizations to act as Points of Presence.
  • These Points of Presence have designated their identified branches to act as PoP-Service Provider, who will be acting as intermediary between the subscriber and the Central Record keeping Agency.