The NPS contributions are managed by Govt/PSU Fund Managers; viz ,  LIC Pension Fund, SBI Pension Fund and UTI Retiremement Solutions.The Central Government has now decided giving option for the depositors to invest in private pension fund thus exposing the hard earned money to the vagaries of share market. It is to be noted that some of these private funds are in loss, which may result in loss of NPS investments also.  Therefore be careful about same before giving option.