(1)

This Act shall apply to—

(a) the National Pension System;

(b) any other pension scheme not regulated by any other enactment.

(2)

Every pension scheme referred to in clause (b) shall conform to the regulations made by the Authority within such time as may be specified in the regulations.

(3)

Notwithstanding anything contained in sub-section (1), the provisions of this Act shall not apply to–

(a) the schemes or funds under–

(b) contracts referred to in sub-section (11) of section 2 of the Insurance Act, 1938 (4 of 1938);

(c) any other pension scheme, which the Central Government may, by notification, exempt from the application of this Act;

(d) persons appointed before the 1st day of January, 2004 to public services in connection with the affairs of the Union, or to All-India Services constituted under section 2A of the All-India Services Act, 1951 (61 of 1951);

(e) persons appointed to public services in connection with the affairs of any State, or such Union territories as may be specified by notification by the Central Government.

(4)

Notwithstanding anything contained in sub-section (3), any State Government or administrator of a Union territory may, by notification, extend the National Pension System to its employees.

(5)

Notwithstanding anything contained in clause (c) of sub-section (3), the Central Government may, by notification, extend the application of this Act to any other pension scheme including any other pension scheme exempted and notified under clause (c) of sub-section (3).

(6)

Any person governed under any of the schemes or funds referred to in sub-section (3) may, at his option, also join the National Pension System.