the largest pension fund manager (PFM) in India and its assets under management(AUM) level is ₹61,000 crore. At present, central government employees have no say in the matter of choice of fund manager or investment allocation in NPS, as both are decided by the government. All the NPS contributions of Central government employees are being distributed evenly across three public sector fund managers :LIC Pension Fund, SBI Pension Fund and UTI Retirement Solutions. All the major commercial banks, brokers and stock holding corporations perform the role of PoP. The subscriber can choose any one of them. There are seven fund managers and eight annuity service providers for subscribers to choose from. The subscriber can choose to invest either, wholly or in combination, in four types of investment schemes offered by the pension fund managers. These are: Scheme E (equity) which allows up to 75% equity participation, this is invested in stocks Scheme C (corporate debt) which invests only in high-quality corporate bonds up to 100% Scheme G (government/gilt bonds) which invests only in government bonds up to 100% Scheme A (alternative investment) which allows up to 5% (newly added asset class only for private sector subscriber with active choice) Alternatively, the subscriber can opt for the default scheme, whereas per the time left to retirement his portfolio is rebalanced each year for the proportion of equity, corporate bonds, and government bonds. NPS offers two types of accounts to its subscribers: Tier I :The primary account, which is a pension account which has restrictions on withdrawals and utilization of accumulated corpus. All the tax breaks that NPS offers are applicable only to Tier I accounts. Tier II: In order to introduce some liquidity to the scheme, the PFRDA allows for a Tier II account where subscribers with pre-existing Tier I accounts can deposit and withdraw money as and when they want. NPS Tier II is an investment account, similar to a mutual fund in characteristics, but offers no Exit load, no commissions, good returns. The Tier 2 NPS account offers tax benefits to government employees under certain conditions. The contribution to voluntary savings account (also called Tier-II account) can only be made by the subscriber and not by any third party. PFRDA introduced new features to NPS in 2016, including more choices to lifecycle funds: Aggressive Life Cycle Fund (LC-75) which allows subscribers equity exposure of up to 75% till 35