law: The Pension Fund Regulatory and Development Authority Act, 2013
  Chapter
  
  VI National Pension System
  20.
  
     National
  
  Pension System.
  1.   The contributory
  
  pension system notified by the Government of India in the Ministry of Finance  vide
  
   notification number F. No. 5/7/2003-ECB&PR, dated the 22nd
  
  December, 2003, shall be deemed to be the National Pension System with effect
  
  from the 1st day of January, 2004, and such National Pension System
  
  may be amended from time to time by regulations.
  2.   Notwithstanding
  
  anything contained in the said notification, the National Pension System shall,
  
  on the commencement of this Act, have the following basic features, namely:-
  a.  
  
    every
  
  subscriber shall have an individual pension account under the National Pension
  
  System;
  b.  
  
    withdrawals,
  
  not exceeding twenty-five per cent. of the contribution made by the subscriber,
  
  may be permitted from the individual pension account subject to the conditions,
  
  such as purpose, frequency and limits, as may be specified by the regulations;
  c.  
  
    the
  
  functions of recordkeeping, accounting and switching of options by the
  
  subscriber shall be effected by the central recordkeeping agency;
  d.  
  
    there
  
  shall be a choice of multiple pension funds and multiple schemes:
  Provided that-
  a.   the subscriber shall
  
  have an option of investing up to hundred per cent. of his funds in Government
  
  Securities; and
  b.   the subscriber,
  
  seeking minimum assured returns, shall have an option to invest his funds in
  
  such schemes providing minimum assured returns as may be notified by the
  
  Authority;
  a.  
  
  
  b.  
  
  
  c.  
  
  
  d.  
  
  
  e.  
  
    there
  
  shall be portability of individual pension accounts in case of change of
  
  employment;
  f.  
  
    collection
  
  and transmission of contributions and instructions shall be through points of
  
  presence to the central recordkeeping agency;
  g.  
  
    there
  
  shall not be any implicit or explicit assurance of benefits except market based
  
  guarantee mechanism to be purchased by the subscriber;
  h.  
  
    a
  
  subscriber shall not exit from the National Pension System except as may be
  
  specified by the regulations; and
  i.  
  
    at
  
  exit, the subscriber shall purchase an annuity from a life insurance company in
  
  accordance with the regulations.
  1.  
  2.  
  3.   In addition to the
  
  individual pension account mentioned in clause ( a ) of subsection ( 2 ),
  
  a subscriber may also, at his option, have an additional account under the
  
  National Pension System having the features mentioned in clauses ( c ) to
  
  ( g ) of sub-section ( 2 ) and also having the additional feature
  
  that the subscriber shall be free to withdraw part or all of his money at any
  
  time from the additional account.