National Pension System MOF Letter D.O. No.8/5/2018-PR Arun Jaitley Minister of Finance and Corporate Affairs India Dated the 03 January, 2019 Dear Shri Nitin Gadkari This has reference to your D.O. letter dated 28.10.2018 regarding the National Pension System (NPS). 2. I would like to apprise you that due to fiscal stress on account of old defined benefit pension system, the Government of India made a conscious move to shift from the old pension scheme to a defined contribution pension scheme now renamed as the National Pension System (NPS). NPS was made applicable for all new entrants who joined Central Government service on or after 01.2004, except the Armed Forces. Subsequently, all State Governments excluding West Bengal have also switched to NPS for their employees. 3. NPS is being administered and regulated by Pension Fund Regulatory & Development Authority (PFRDA) in a professional manner. The investments of the accumulated corpus are made in a balanced p...