New pension scheme

National Pension Scheme offers following important features to help subscriber save for retirement:

• The subscriber will be allotted a unique Permanent Retirement Account Number (PRAN). This unique account number will remain the same for the rest of subscriber's life. This unique PRAN can be used from any location in India.
•  

Permanent Retirement Account Number  will provide access to two personal accounts:

• Tier I Account: This is a non-withdrawable account meant for savings for retirement.
• Tier II Account: This is simply a voluntary savings facility. The subscriber is free to withdraw savings from this account whenever subscriber wishes. No tax benefit is available on this account.

Respected Ramacharya Sir

Thanks for your reply. But u didnt get the question I asked. I already read the policy and its details but the question is why government dont return the hard earned money of the employee who has resigned from his job.

For example : A employee resigned from his job after two years of appointment and to intend start his own business. lets say  he has Rs 1 lakh in his PF account under tear -1. But as per the policy on resignation of the subscriber, 80 percent of the PF  has to be annuitized and the subscriber can withdraw remaining wealth i.e. 20 percent only.

And its a simple calculation that 80 % of the PF will account for a very less amount of pension which is not sufficient for subsistence. So it will be better to return the whole amount of PF if so desired by subscriber to invest in his business.