①With regard to the affairs of the National Pension Fund prescribed in paragraph (3) of the preceding Article, a director must comply with laws and regulations, dispositions of the Minister of Health, Labour and Welfare made based on laws and regulations, the articles of association, and resolutions of the board of delegates, and must faithfully perform their duties for the National Pension Fund.

②If a director neglects their duty with regard to the affairs of the National Pension Fund prescribed in paragraph (3) of the preceding Article, that director is jointly and severally liable to the National Pension Fund for damages.

①A director must not, for the purpose of benefiting themselves or a third party other than the National Pension Fund, engage in an act specified by Order of the Ministry of Health, Labour and Welfare as one that impairs the proper management and investment of the reserve fund.

②A National Pension Fund may, as specified by the articles of association, replace a director who has violated the preceding paragraph, upon a resolution of the board of delegates.

With regard to a matter in which the interests of the National Pension Fund and the president (including a person who acts on behalf of the president or performs the president's duties under Article 125, paragraph (1); the same applies hereinafter in this Article) conflict, the president does not have the authority of representation. In this case, an auditor elected from among persons having knowledge and experience represents the National Pension Fund.

Officers of a National Pension Fund, and a person employed by a National Pension Fund who is engaged in its affairs, are deemed to be an employee engaged in public duties pursuant to laws and regulations, for the purpose of applying the Penal Code and other penal provisions.

①A category 1 insured person may, by making a request to the regional fund pertaining to the district where the person has their domicile, or the occupation-based fund pertaining to the business or work in which the person is engaged, become a member of it; provided, however, that this does not apply if the person is a member of another National Pension Fund.

②A person who has made the request under the preceding paragraph is to acquire the status as a member on the day of making that request.

③A member loses the status as a member on the day following the day on which the member comes to fall under any of the following items (or, if the member comes to fall under item (i) or item (iv), on that day, and if the member comes to fall under item (iii), on the first day of the month for which the member is not required to pay the premium concerned).

④A person who loses their status as a member in the month in which the person acquired that status is deemed, retroactively to the day of acquiring it, to not have been a member.

The provisions of Article 12, paragraph (1) apply mutatis mutandis to a member, and the provisions of paragraph (2) of that Article apply mutatis mutandis to the head of household to which a member belongs. In this case, the term "mayor of municipality" in paragraph (1) of that Article is deemed to be replaced with "National Pension Fund", and the term "insured person" in paragraph (2) of that Article is deemed to be replaced with "member".

①A National Pension Fund is to pay a pension to a member or a person who was a member, and is also to pay a lump-sum benefit in connection with the death of a member or a person who was a member.

②A National Pension Fund may establish facilities necessary to promote the welfare of members and persons who were members.

③A National Pension Fund must, when it concludes, with a trust company (limited to one that has obtained a license under Article 3 or Article 53, paragraph (1) of the Trust Business Act (Act No. 154 of 2004); the same applies below), a financial institution engaged in trust business (meaning a financial institution that has obtained the approval under Article 1, paragraph (1) of the Act on Engagement in Trust Business by Financial Institutions (Act No. 43 of 1943); the same applies below), a life insurance company, a federation of agricultural cooperatives (limited to one whose district is the whole country and that conducts the business set forth in Article 10, paragraph (1), item (x) of the Agricultural Co-operatives Act (Act No. 132 of 1947); the same applies below), or a federation of fishery cooperatives for mutual aid (limited to one whose district is the whole country; the same applies below), or a financial instruments business operator (meaning a financial instruments business operator as defined in Article 2, paragraph (9) of the Financial Instruments and Exchange Act (Act No. 25 of 1948); the same applies below), a contract of trust, insurance or mutual aid, or a discretionary investment contract (meaning a contract prescribed in Article 2, paragraph (8), item (xii), sub-item (b) of that Article; the same applies below), concerning the expenses required for the pension or lump-sum benefit paid by that National Pension Fund, do so as provided by Cabinet Order.

④A trust company, a financial institution engaged in trust business, a life insurance company, a federation of agricultural cooperatives or a federation of fishery cooperatives for mutual aid, or a financial instruments business operator must not refuse to conclude a contract prescribed in the preceding paragraph (excluding a trust contract that specifies the method of investment and that is specified by Cabinet Order), except where there is a justifiable reason.

⑤A National Pension Fund may, as provided by Cabinet Order and with the authorization of the Minister of Health, Labour and Welfare, entrust part of its operations (including the collection, organization or analysis of information concerning a member or a person who was a member, that is necessary for paying a pension or lump-sum benefit to that person) to a trust company, a financial institution engaged in trust business, a life insurance company, a federation of agricultural cooperatives, a federation of fishery cooperatives for mutual aid, the National Pension Fund Association, or any other juridical person.

⑥Notwithstanding the provisions of other Acts, a bank or any other financial institution specified by Cabinet Order may accept entrustment of the operations set forth in the preceding paragraph (limited to operations concerning the acceptance of requests under Article 127, paragraph (1)).

A National Pension Fund must conduct its operations based on appropriate actuarial calculations.

①A pension paid by a National Pension Fund must, at minimum, be paid to a person who was a member of that National Pension Fund when that person acquires the right to receive an old-age basic pension.

②A pension that a National Pension Fund pays to a person entitled to receive an old-age basic pension must not be extinguished on grounds other than the grounds for extinguishment of the right to receive that old-age basic pension.

③A lump-sum benefit paid by a National Pension Fund must, at minimum, be paid to the survivors of a member or a person who was a member of that National Pension Fund if, in the case where that member or person who was a member has died, the survivors receive a death lump-sum payment.

①The amount of a pension paid by a National Pension Fund must be calculated as provided by Cabinet Order.

②The amount of a pension that a National Pension Fund pays to a person entitled to receive an old-age basic pension must exceed the amount obtained by multiplying 200 yen (for a pension paid by a National Pension Fund to a person entitled to receive an old-age basic pension under Article 28, or under Article 9-2 or Article 9-2-2 of the Supplementary Provisions, the amount specified by Cabinet Order; the same applies below) by the number of months of the period during which that person was a member of that National Pension Fund and to which the contributions paid relate (limited to a period that is a premium-paid period relating to premiums under Article 87; hereinafter referred to as the "membership period").

③The amount of a lump-sum benefit paid by a National Pension Fund must exceed 8,500 yen.

Payment of a pension that a National Pension Fund pays to a person entitled to receive an old-age basic pension may not be suspended, except in the case where payment of the whole amount of that old-age basic pension is suspended; provided, however, that this does not apply to the part of the amount of that pension that exceeds the amount obtained by multiplying 200 yen by the number of months of the membership period relating to that National Pension Fund.

A National Pension Fund must accumulate a reserve fund as provided by Cabinet Order.

①The investment of the reserve fund of a National Pension Fund must be conducted safely and efficiently, as provided by Cabinet Order.

②The investment of surplus funds arising in the course of the operations of a National Pension Fund must be conducted safely and efficiently, as provided by Cabinet Order and according to the purpose of the National Pension Fund's operations and the nature of the funds.

③With respect to its business year and other financial matters, a National Pension Fund must, in addition to complying with the provisions of the preceding Article and the preceding two paragraphs, comply with what is provided by Cabinet Order.

The provisions of Article 16 and Article 24 apply mutatis mutandis to the right to receive a pension or lump-sum benefit paid by a National Pension Fund; the provisions of Article 18, paragraphs (1) and (2) and Article 19, paragraph (1) and paragraphs (3) through (5) apply mutatis mutandis to a pension paid by a National Pension Fund; the provisions of Article 21-2 apply mutatis mutandis to a pension and a lump-sum benefit paid by a National Pension Fund; the provisions of Article 22 and Article 23 apply mutatis mutandis to a National Pension Fund; and the provisions of Article 25, the second sentence of Article 70 and Article 71, paragraph (1) apply mutatis mutandis to a lump-sum benefit paid by a National Pension Fund. In this case, the term "Minister of Health, Labour and Welfare" in Article 16 is deemed to be replaced with "National Pension Fund"; the terms "pension benefit payable" and "payment of a pension benefit" in Article 21-2 are deemed to be replaced with "lump-sum benefit payable" and "payment of a lump-sum benefit", respectively; the term "old-age basic pension" in Article 24 is deemed to be replaced with "pension paid by a National Pension Fund"; and the term "an insured person or a person who was an insured person" in Article 71, paragraph (1) is deemed to be replaced with "a member or a person who was a member".

①A National Pension Fund collects contributions in order to cover the expenses required for the operations concerning the pension and lump-sum benefit paid by that National Pension Fund.

②Contributions are to be collected for each month that serves as the basis for calculating the amount of the pension.

③The amount of contributions must be calculated as provided by Cabinet Order.

①The provisions of Article 88 apply mutatis mutandis to a member, and the provisions of Article 95, Article 96, paragraphs (1) through (5), Article 97 and Article 98 apply mutatis mutandis to contributions and to the amount to be collected under Article 23 as applied mutatis mutandis under Article 133. In this case, the term "premium" in Article 88 and Article 97, paragraph (1) is deemed to be replaced with "contribution"; the term "Minister of Health, Labour and Welfare" in Article 96, paragraphs (1), (2), (4) and (5) and Article 97, paragraph (1) is deemed to be replaced with "National Pension Fund"; and the term "paragraph (1) of the preceding Article" is deemed to be replaced with "paragraph (1) of the preceding Article as applied mutatis mutandis under Article 134-2".

②When a National Pension Fund intends to take a disposition in accordance with the example of a disposition for national tax arrears under Article 96, paragraph (4) as applied mutatis mutandis under the preceding paragraph, it must obtain the authorization of the Minister of Health, Labour and Welfare.

①A National Pension Fund is dissolved for the following reasons:

②When a National Pension Fund intends to dissolve for a reason set forth in item (i) or item (ii) of the preceding paragraph, it must obtain the authorization of the Minister of Health, Labour and Welfare.