If you are a government employee, you can contribute to National Pension Scheme (NPS) only till you are 60 years old (or till the age of superannuation prescribed by your service rules).
On turning 60, you must use at least 40 per cent of the corpus to buy an annuity from a life insurance company.
You have the option to defer your annuity purchase by three years.
Now it has been proposed to provide an option to continue and contribute the NPS till 70 years. All other formalities like 60% and 40% will be as that of 60 years.
Divisional Secretary