The National Pension System (NPS) is a government-sponsored retirement savings scheme in India. It aims to provide a regular income after retirement and is available to all Indian citizens. NPS allows individuals to contribute regularly to a pension account during their working life. Upon retirement, a part of the accumulated pension wealth is used to purchase an annuity, ensuring a steady income, while the remaining can be withdrawn as a lump sum. It offers tax benefits and is managed by professional fund managers to ensure growth and security of the funds.