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.