NPS or National Pension System or New Pension System is a voluntary ongoing contribution of funds by the individual until she turns 60, in order to receive pension thereafter. This plan is monitored by the PFRDA. NPS is for those who are not eligible for pension on retirement from their service as well as those who have a pension benefit, but would like to enhance their retirement income. Anyone in the 18-60 years age group can avail this scheme. Insurance companies offer traditional plans and unit linked plans of various types based on the individual’s needs.Refer to question What pension plans are offered by insurance companies