PFRDA, the regulator for the NPS, is responsible for registration of various intermediaries in the system such as Central Recordkeeping Agency (CRA), Pension Funds, Custodians, NPS Trustee Bank, etc. PFRDA shall also monitor the performance of the various intermediaries and has a significant role to play in safeguarding the interest of subscribers. It will regulate the manner in which subscriber contributions are invested by PF(s) and will make all efforts to ensure fair play for subscribers. It shall also ensure that all stakeholders comply with the guidelines/regulations issued by PFRDA from time to time.

The NPS is based on a unique individual Permanent Retirement Account Number (PRAN) created for individual subscribers. In this system, a subscriber shall periodically contribute savings into his/her Permanent Retirement Account (PRA) while he/she is working through the designated Points of Presence (POPs) and shall use the accumulations at retirement to procure a pension for the rest of his/her life. The subscribers in this system shall enjoy a variety of important facilities and rights including portability across jobs and locations, rights and choices regarding selection of Pension Fund(s) and schemes, freedom to switch between Pension Funds and Service Providers and nationwide access over a period of time.

The subscribers will have complete control on how their contributions and savings in PRAN are managed. They will be able to select a professional Pension Fund (PF) from a pool of competing Pension Funds. Each PF in this system will offer a limited number of simple, standard investment schemes with different risk and return profiles. They will also be able to seamlessly switch savings between investment schemes subject to such conditions as prescribed by PFRDA from time to time.

PFRDA has appointed below-mentioned entities as part of NPS architecture:

Central Recordkeeping Agency (CRA) - The Recordkeeping, administration and customer service functions for all subscribers of the NPS will be centralised and performed by a Central Recordkeeping Agency (CRA). The CRA will issue the unique PRAN to each subscriber, maintain a master database of all pension accounts and record the transactions related to each subscriber's PRAN. Also, the CRA shall, on the basis of instructions received from subscribers, transmit such instructions to the appointed Pension Funds on a regular basis. The CRA will also provide periodic, consolidated PRAN statements to each subscriber.

Point of Presence (POP) / Point of Presence-Service Providers (POP-SPs) - PFRDA has selected and authorised 22 entities, including Citibank, to acts as Points of Presence (POP) to extend customer interface for non government subscribers/individual citizens. POP shall perform the functions relating to registration of subscribers, undertaking Know Your Customer (KYC) verification, receiving contributions and instructions from subscribers and transmission of the same to designated NPS intermediaries.

Pension Fund Managers (PFMs) - PFRDA has appointed 6 entities as Pension Fund Managers who will invest the contributions received from subscribers across different type of assets in order to ensure the best return for their Investment. PFMs would use their secure access codes to confirm receipt of netted assets and instructions regarding fund allocation, confirm allocation of funds and communicate the NAV of each scheme to CRA on a regular basis. The PFMs will be required to invest strictly in accordance with guidelines issued by the PFRDA. These 6 entities are:

• ICICI Prudential Pension Funds Management Company Limited
• IDFC Pension Fund Management Company Limited
• Kotak Mahindra Pension Fund Limited
• Reliance Capital Pension Fund Limited
• SBI Pension Funds Private Limited
• UTI Retirement Solutions Limited

Trust & Trustee Bank - A Trust would be responsible for taking care of the funds under the NPS and would be the registered owner of all NPS assets. The Trust would hold an account with a Bank and this Bank has been designated as NPS Trustee Bank. NPS Trustee Bank will facilitate fund transfers across various entities of NPS system viz. PFM, Annuity Service Providers, subscriber, etc. PFRDA has already established NPS Trust under the provisions of the Indian Trusts Act and Bank of India is functioning as NPS Trustee Bank. The NPS Trust is being administered by the Board of Trustees, as constituted by the PFRDA.

Annuity Service Provider (ASP) - ASPs would be responsible for delivering a regular monthly pension to the subscriber for the rest of his/her life. On receipt of personal and banking information details of subscriber from CRA and of specified sum from the Trustee Bank the ASP would use its access codes to confirm receipt. ASP would then begin payments of annuities to the subscriber.

Subscriber has to contribute at least Rs. 6,000 per annum through minimum 4 transactions with a minimum prescribed contribution of Rs. 500 per transaction.

Minimum and maximum permissible age of applicant should be 18 years and 55 years as on the date of receipt of the application.

Subscriber will have to give a copy of one document each for Proof of Identity and Proof of Address from the list as under:

Sr. No.	List of Documents acceptable as Proof of Identity
1	School Leaving Certificate
2	Matriculation Certificate
3	Degree of Recognised Educational Institution
4	Depository Account Statement
5	Bank Account Statement/Passbook
6	Credit Card
7	Water Bill
8	Ration Card
9	Property Tax Assessment Order
10	Passport
11	Voter's Identity Card
12	Driving License
13	PAN Card

Certificate of identity signed by a Member of Parliament or Member of Legislative Assembly or Municipal Corporation or a Gazetted Officer.

Sr. No.	List of Documents as Proof of Address
1	Electricity Bill
2	Telephone Bill
3	Depository Account Statement
4	Credit Card Statement
5	Bank Account Statement/Passbook
6	Employer Certificate
7	Rent Receipt
8	Ration Card
9	Property Tax Assessment Order
10	Passport Tax Assessment Order
11	Passport
12	Voter's Identity Card
13	Driving License

Certificate of address signed by a Member of Parliament or Member of Legislative Assembly or Municipal Councillor or a Gazetted Officer. Proof of Address mentioned in Sr. No. 1 to 7 should not be more than six months old on the date of application and subscriber has to bring original documents & 2 self-attested photographs (Originals will be returned over the counter after the verification).

The subscriber can make payments at the designated Branch as per the Bank's normal business hours.

There will be an option of different schemes from 6 Pension Fund Managers, which can be selected on the basis of different risk and return profiles. Subscriber can allocate their money on three different classes of Asset i.e. - Equity, Corporate Bonds and Government Securities/Bond.

A subscriber can change from his/her existing plan to any of the other plan offered by other Pension Fund Managers. He/She will have to put a request for the change in the format prescribed by PFRDA to the Citibank Branch, where he/she has submitted the Subscriber Registration Form.

There is no assured return under this scheme as NPS works on defined contribution instead of defined benefit. However, your money will be managed by Pension Fund Managers who will ensure the best return for the subscribers in terms of NAV.

The returns can be tracked through the NAV of the Scheme chosen by accessing the Central Recordkeeping Agency i.e. NSDL website and login to your PRAN account with login ID and password as provided to you along with PRAN card at the time of registration.