Saving now, an income later.

A government clerk who joined service before 2004 retires on a pension the state pays for life. Her colleague who joined in 2010 does not: he has an NPS account, into which he and the government pay each month, and his income after 60 depends on what that account has grown to. A shopkeeper or a farm worker has neither, unless they choose to save.

The National Pension System began in 2004 for new central government employees. Most states followed, then employers in the private sector, and since 2009 anyone can open an account on their own.

Atal Pension Yojana, launched in 2015, is built for low earners outside formal jobs. A member pays a small fixed amount each month until 60 and is promised a fixed monthly pension after that, with the government making up any shortfall.

An account is a start, not a retirement income. Many accounts receive small or irregular payments, and the money a member ends up with depends on how long and how much they paid in.

Atal Pension Yojana has grown into the largest scheme by far. Within the NPS, state government employees are the biggest group, at 77.1 lakh accounts, ahead of individuals who joined on their own (52.0 lakh), employees in company schemes (29.5 lakh) and central government staff (28.6 lakh). 17,502 employers offered the NPS by FY 2024-25.

NPS Lite, the older scheme for informal workers, peaked at 44.8 lakh accounts in March 2016 and has since fallen to 33.5 lakh.

The money is concentrated where the salaries are. State government employees' accounts hold ₹8.81 lakh crore and central government accounts ₹4.61 lakh crore. APY, with many times their members, holds ₹55,773 crore, because its members pay in small amounts.

In FY 2024-25, PFRDA processed 2.4 lakh requests to withdraw part of the savings early, 1.6 lakh of them to buy or build a house. 40,498 people bought an annuity at retirement or exit that year.

"Crores of Indians now have a pension." They have an account. Whether it pays a living income at 60 depends on years of regular contributions, and many accounts get little.

"The fund with the most money performs best." A fund manager's assets reflect which schemes and members it was given, not its returns.

"These are all of India's pensions." Provident funds, the old government pension, and private savings and insurance sit outside these figures.

"Expected retirements are people who have retired." The retirement chart is PFRDA's estimate of who reaches retirement age, not exits that have happened or pensions paid.