NPS has an unbundled architecture where each function is performed by different entities as mentioned below :

• Pension Fund Regulatory and Development Authority (PFRDA) – An autonomous body set up by the Government of India to develop and regulate the pension market in India.

• Point of Presence – Points of Presence (POPs) are the first point of interaction of the NPS subscriber with the NPS architecture. Authorized branches of a POP, called Point of Presence Service Providers (POP-SPs), act as collection points and extend a number of customer services to NPS subscribers.

• Central Record keeping Agency– The record keeping, administration and customer service functions for all subscribers to NPS are handled by NSDL e-Governance Infrastructure Limited, which is the Central Record-keeper for NPS.

• Pension Fund Managers – The Pension Funds Managers (PFMs) appointed by PFRDA manage retirement savings under NPS.

• Annuity Service Providers (ASPs) – ASPs are responsible for delivering a regular monthly pension after you exit from NPS.

• Trustee Bank – The Trustee Bank appointed under NPS facilitates fund transfers across various entities in the NPS system viz. PFMs, ASPs, Subscribers, etc. Axis Bank has been appointed as the Trustee Bank

• NPS Trust – The NPS trust has been set up for taking care of assets and funds under NPS in the interest of the beneficiaries or subscribers.

• Custodian-The custodian provides custodial services to the Pension Fund and ensures that benefits due on the holdings are received; provides detailed information and other reports as required by the NPS Trust.