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NPS (National Pension System) is a defined contribution based pension system launched by Government of India with the following objectives :
It is based on a unique Permanent Retirement Account Number (PRAN) which is allotted to each subscriber upon joining NPS. The Government of India in exercise of their executive powers adopted ‘National Pension System’ (NPS) based on defined contributions in respect of all new entrants to central government services, except the armed forces, with effect from 1st January 2004.
Most of the state governments have since notified a similar pension system for their new entrants. NPS accumulates savings into subscribers PRA while he is working and use the accumulations at retirement to procure a pension for the rest of his life.