Tools
Pension Fund Manager performance, asset-class returns, and historical comparisons across the PFMs registered under NPS.
Section 01
The top three Pension Fund Managers in each asset class — Equity (E), Corporate Debt (C), and Government Securities (G) — measured on Average 5-Year Rolling Return.
Asset class
Listed equity shares and equity-related instruments. The largest long-term return driver in NPS portfolios.
Asset class
Corporate bonds and debentures. Moderate risk, generally more stable than equity, with steady interest income.
Asset class
Central Government securities and State Development Loans. Lowest credit risk in NPS.
Source
The three values per scheme are taken verbatim from the NPS Desk PFM Performance reference, which in turn cites etmoney.com/nps/pension-fund-manager. The metric is Average 5-Year Rolling Return. Rolling-return rankings move with the observation window and methodology — verify the latest position from the CRA portals (Protean, KFin, CAMS) or the NPS Trust before acting on this data.
Section 02
Considering Scheme E (largest return driver), Scheme C, Scheme G, rolling-return consistency, and track record across asset classes.
Section 03
The PFM evaluation framework weights long-term consistency over short-term peaks.
Long-term wealth creation across multiple market cycles.
Consistency of performance over different 5-year holding periods.
How often the PFM beats its benchmark — fund-manager skill signal.
Recent performance trend and current competitiveness.
Operational stability, experience, and investor confidence.
Section 04
NPS investments sit in four regulated asset classes. Subscribers can pick the mix themselves under Active Choice, or let it run by age under Auto Choice. Returns and risk look very different across the four.
Invests predominantly in listed equity shares. Has the highest long-term return potential and the highest short-term volatility. Active Choice equity allocation is capped at 75 percent of Tier I assets, with prescribed limits for older subscribers.
Invests in corporate bonds and debentures. Sits between equity and government securities on the risk and return scale. Returns are affected by interest rate movements and the credit quality of underlying issuers.
Invests in Central and State Government bonds and related instruments. Carries the lowest credit risk in the NPS lineup, with returns driven mainly by the interest rate cycle and duration positioning.
Historically invested in REITs, InvITs, AIFs, and similar alternatives, with a five percent cap in Tier I. Scheme A was discontinued and merged into other schemes effective January 2026 and is no longer available for fresh allocation.
Section 05
Under Auto Choice, NPS uses three lifecycle funds. Each starts at a maximum equity allocation up to age 35 and then tapers equity down on a fixed schedule, with the balance moving into Corporate Debt and Government Securities.
Holds up to 75 percent equity until age 35, after which equity drops by 4 percent each year. Suited to subscribers with a long horizon who want maximum growth in the early years.
Holds up to 50 percent equity until age 35, after which equity tapers by 2 percent each year. The default choice for subscribers who want a balanced glidepath.
Holds up to 25 percent equity until age 35, after which equity tapers by 1 percent each year. Aimed at conservative subscribers who prefer to keep the bulk of the portfolio in debt and government securities.
Section 06
PFM returns are reported scheme by scheme, not at the PFM level overall. Comparisons are done on common windows so subscribers can read like-for-like numbers across managers.
Each PFM calculates and publishes a Net Asset Value for every NPS scheme on each business day. The NAV reflects the market value of holdings net of expenses, and is the basis for unit allotment, switches, and exit valuations.
PFM performance is typically compared on 1-year, 3-year, 5-year, and since-inception returns within each scheme. Long-window comparisons matter more than short-window ones because NPS is a retirement product.
Returns are compared across PFMs for the same scheme (E, C, or G) over the same period. A PFM that is consistently above the peer median across cycles is generally preferred to one with occasional top rankings.
Headline returns are read alongside volatility and drawdown behaviour. A PFM that delivers similar returns with lower volatility is preferable, particularly for subscribers closer to retirement.
Section 07
Subscribers can change PFM, switch between Active and Auto Choice, or revise asset allocation. There are PFRDA-prescribed frequency caps designed to discourage performance-chasing.
A subscriber can change Pension Fund Manager once per financial year. The change request can be filed through the CRA portal or app, eNPS, or a PoP.
Asset allocation and Active or Auto Choice can be adjusted up to four times per financial year, again through the CRA portal, app, or a PoP.
Government sector subscribers are generally limited to making these changes in their Tier II accounts, while Corporate and All Citizen subscribers can adjust both Tier I and Tier II.
PFM switches should be evaluated over multi-year windows rather than 1-year returns. Frequent switching tends to lock in short-term underperformance and disrupt long-term compounding.
Also under reference