PFRDA Implements Multiple NAVs framework w.e.f. 01st April 2026

The Pension Fund Regulatory and Development Authority (PFRDA), through its public notice dated 24 March 2026, has announced the implementation of a Multiple NAV (Net Asset Value) framework effective 1 April 2026. This change follows revised Investment Management Fee (IMF) structures and updated Point of Presence (PoP) charges, which now differentiate between Government and Non-Government subscribers under the National Pension System (NPS). To operationalize these differentiated charges through NAV adjustments, pension funds will adopt multiple NAVs within the same scheme. During the transition, several subscriber transactions—including inter-CRA shifting, portfolio rebalancing, withdrawals, and preference changes—will be temporarily suspended between 25 March and 1 April 2026. However, new registrations and contributions will continue uninterrupted. The framework aims to ensure accurate charge allocation while enhancing transparency and operational efficiency in pension fund management, with normal services resuming from 2 April 2026.

 Pension Fund Regulatory and Development Authority

Public Notice

Date: 24^th March 2026

Implementation of Multiple NAVs framework w.e.f. 01^st April 2026

PFRDA has vide Circular No. PFRDA/2026/15/REG-PF/04 dated 06th March 2026 revised the Investment Management Fee (IMF) charges levied by Pension Funds wherein the charges have been differentiated for Government and Non-Government subscribers with effect from 1^st April 2026. Further, vide circular No. PFRDA/2026/16/REG-POP/01 and PFRDA/2026/17/REG-POP/02 dated 10th March 2026, charge structure of Point of Presence (POPs) for common schemes under NPS including NPS Vatsalya and NPS Lite has been revised and the POP charges are required to be adjusted through NAV (Net Asset Value).

2. To enable levying of above mentioned charges and adjustment of the same in NAV, based on the principles of differentiated IMF rates and PoP Charges for Government and Non-Government (PoP and e-NPS) subscribers, the concept of multiple NAV framework within a scheme will be introduced w.e.f. 01^st April 2026.

3. For implementation of the said framework, Central Recordkeeping Agencies and Pension Funds will be undertaking system and functionality changes. During such transition period, certain transactions will not be supported on CRAs’ platforms. Details of such transactions along with the period of impact are mentioned below for information of all stakeholders:

4. Subscribers and other stakeholders are advised to schedule their transactions accordingly. Subscribers/other stakeholders can resume carrying out the above transactions w.e.f 2^nd April 2026 onwards.

5. Kindly note that onboarding/registration of new subscribers and contributions by the existing subscribers will continue to be accepted and processed in the CRA system during the above said period.

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General Manager