An expert committee headed by G.N. Bajpai has recommended Pension Fund Regulatory and Development Authority (PFRDA) to increase cap on equity exposure of life cycle funds in National Pension Scheme (NPS) from 50% to 75%. Life cycle fund is an NPS scheme in which allocation towards equity decreases with the increase in age of subscribers. Such schemes invest 50% of corpus in equity till the subscriber attains 35 years of age. Subsequently, the fund reduces its equity exposure by 2% every year. Eventually, equity exposure comes down to 10% by the time subscriber attains 55 years of age. The committee has recommended that the pension fund regulator should consider introducing two more variants in life cycle funds, namely aggressive and conservative life cycle funds.