Pension Bulletin December 2025

पशन बुलेटन Pension Bulletin 2025 दसंबर December 2025 वॉल्यूम XIV इश ू XI Volume XIV Issue XIAcknowledgment The Pension Bulletin is issued monthly by the Department of Policy Research, Market Watch and Systemic Risk under the direction of the Pension Bulletin Editorial Committee. The Committee and PFRDA are not responsible for the interpretation and opinions expressed. In the case of articles, the responsibility is that of the author and not of the PFRDA.

Comments and observations may please be forwarded to the department at market.watch@pfrda.org.in. @Copyright: Pension Fund Regulatory and Development Authority (PFRDA). प्रमाणन पेंशन बलु ेटिन प्रत्येक महीने नीटि अनसु ंधान, माकेि वॉच और टसस्िटमक ररस्क टवभाग द्वारा, पेंशन बलु ेटिन संपादकीय सटमटि के टनदशे न म ेंजारी टकया जािा ह।ै सटमटि और पीएफआरडीए व्याख्याओ ंऔर प्रकि टकए गए मिों के टलए उत्तरदायी नहीं ह।ैं लेखों के मामले में, टजम्मदे ारी लेखक की होिी ह,ै न टक पीएफआरडीए की। टिप्पटियां और अवलोकन कृपया टवभाग को market.watch@pfrda.org.in पर अग्रेटिि टकए जा सकिे ह।ैं @कॉपीराइि: पेंशन फंड टनयामक और टवकास प्राटधकरि (पीएफआरडीए).Glossary AA A ccount Aggregators Government Bonds and Related G AIF Alternative Investment Fund Instruments Administradoras de Fondos de G-sec Government securities AFP Pensiones GBP Pound Sterling APY Atal Pension Yojana GDP Gross Domestic Product ASP Annuity Service Provider GST Goods and Services Tax AUM Assets Under Management GSTN Goods and Services Tax Network CAGR Compound Annual Growth Rate IGB Indian Government Bonds CDC Collective Defined Contribution INR Indian Rupee CDD Client Due Diligence IIP Index of Industrial Production Combating the Financing of CFT Insurance Regulatory and Terrorism IRDAI Development Authority of India CIP Customer Identification Procedures IT Act Information Technology Act, 2000 CKYCR Central KYC Records Registry JSPP Jointly Sponsored Pension Plans CPFB Central Provident Fund Board KYC Know Your Customer CRA Central Recordkeeping Agency LTCG Long Term Capital Gain CPI Consumer Price Index MEPP Multi-Employer Pension Plans DC Defined Contribution NBFC Non-Banking Financial Company Debt-VRR Debt Voluntary Retention Route NDC Notional Defined Contribution DIIs Domestic Institutional Investor(s) NPA Normal Pension Age Digital Personal Data Protection DPDP Act NPS National Pension System Act, 2023 Organization for Economic E Equity and Related Instruments OECD Cooperation and Development EPF Employees’ Provident Fund Private Investment in Public Employees’ Provident Fund PIPE EPFO Equity Organization POC Proof of Concept ETF Exchange-Traded Fund PoP Points of Presence EU European Union RBI Reserve Bank of India FAR Fully Accessible Route REER Real Effective Exchange Rate Financial Benchmarks India Pvt.

FBIL REIT Real Estate Investment Trust Ltd.

Sistema de Consultas y Ofertas de Foreign Institutional SCOMP Montos de Pensión FII/FPI Investors/Foreign Portfolio STCG Short Term Capital Gain Investors TFR Total Fertility Rate FIP Financial Information Providers USD United States Dollar FIU Financial Information Users UNFPA United Nations Population Fund Financial Stability and FSDC VCF Venture Capital Fund Development Council WPI Wholesale Price Index iiS. No. Section Details I Ec onomy Indian Economy Data Table “From Theory to Product- Strengthening Old Age Income Security through Financial Innovation and Choice” II Management Speaks Excerpts of Chairperson, PFRDA’s speech at the Seminar on "Consultation Papers on Enhancing the National Pension System" held at Insurance Institute of India, Mumbai on 28th October 2025 Corporate governance in Pension Funds III Articles By Sachin Joneja, General Manager, PFRDA IV International Section Chilean SCOMP V Did You Know? Blended Phased Withdrawal Products

Corporate Model NPS: Revision in the Circulars/ Regulations/ VI provisions for exercising choices of Pension Guidelines Funds and Investment Choices Sector wise NPS Growth No. of NPS & APY Subscribers Contribution from NPS & APY Subscribers AUM under NPS & APY PFM-wise Total Assets under NPS schemes Scheme wise AUM under NPS PFM-wise Return on NPS Schemes iiiखडं 1

Section 1/ अर्थव्यवस्र्ा Economy/ 3November, foreign investments recorded net Indian Economy inflows of USD 320 million in the capital market compared to net investments of USD 4 billion in *The data used in this section has been taken from CMIE’s the previous month.

Economic Outlook and MOSPI.

Domestic Institutional Investors (DIIs) continued Equity Market to remain net investors in the equity market in November 2025. DIIs invested USD 6.6 billion in the domestic equity market in November, higher than the USD 6 billion invested in the previous month.

Commodity Market In November 2025, NSE Nifty 50 index touched an all-time high of around 26,202 level mark from 25,722 level in the previous month. Nifty 50 rose by two per cent in November 2025, while S&P BSE Sensex rose by 2.1 per cent. This was the third consecutive month to record a rise in both In November 2025, price of gold in London the indices.

Bullion rose to average at an all-time high of USD 4,083 per troy ounce from USD 4,053 per troy Midcaps performed the best, while smallcaps ounce in the previous month. This was an gave negative returns. In November 2025, Nifty increase of 0.7 per cent from the previous month.

Midcap 100 rose by two per cent, while Nifty The gold price has skyrocketed from USD 2,709.7 Smallcap 100 fell by three per cent. per troy ounce in January 2025 to USD 4,083 per troy ounce in November.

The price-to-earnings (P/E) ratio of the Nifty 50 and BSE Sensex reached a five-month high of Crude oil price continued to ease for the second

22.8 times and 23.4 times, respectively in consecutive month in November 2025. On a November 2025. monthly basis, the price of Indian basket of crude oil declined to average at USD 64.3 per barrel in Institutional Investment November 2025 from USD 65.1 per barrel in the Foreign portfolio investment (FPI) recorded net previous month. This was a decline of 1.3 per outflows of USD 425 million from the equity cent. Before this, the price of crude oil had market in November 2025, following net inflows recorded a sharp fall of 6.5 per cent in October of USD 1.7 billion in the equity segment on a net 2025. The continuous fall in crude oil price could basis in the previous month. Meanwhile, the be due to the rising possibility of Russia-Ukraine domestic debt segment continued to witness ceasefire. The crude oil price has sharply inflows for the fifth consecutive month, however, declined to USD 64.3 per barrel in November the quantum of inflows slowed significantly. In from USD 80.2 per barrel in January.

November, FPI investments in debt were at USD 527 million, compared to inflows of USD 2.1 billion in the previous month. In total, in 4Currency Market crossed Rs.90 per USD on November 3. It averaged at Rs.90.08 per USD in the first fortnight of December 2025. Uncertainty regarding the trade agreement with the US and persistent outflows on account of foreign portfolio investments (FPIs) have been weighing down the INR.

Interest Rate INR continued to weaken for the sixth consecutive month in November. The Indian Rupee (INR) depreciated against the US Dollar

(USD) to average at Rs.88.83 per USD in October from Rs.88.42 per USD in the previous month, a depreciation of 0.46 per cent. The weekly average of INR hovered between a narrow range of Rs.88.61 and Rs.88.69 per USD during the first three weeks of the month. INR largely The yield on Government securities (G-secs) of 1- depreciated due to uncertainty regarding India- year residual maturity remained stable at 5.59 US trade deal. per cent in November 2025. The yield on 1-year G-sec has mostly remained between 5.57-5.6 per Between May-November, INR weakened from cent since June 2025, barring September when USD 85.19 per barrel to USD 88.83 per barrel in the yield went to 5.63 per cent. The 3-year G-sec just six months. The INR depreciated in declined for the third consecutive month to 5.82 November despite the US Dollar index per cent in November, recording a decline of depreciating by 0.4 per cent. three bps from the previous month. In contrast, the benchmark 10-year G-sec yield remained Meanwhile, INR strengthened against other stable at 6.52 per cent in November 2025 for the major currencies. Among other currencies, INR second consecutive month. This was the highest strengthened the most against Japanese Yen yield since March 2025 when the benchmark

(JPY). INR appreciated by two per cent against yield had reached 6.66 per cent.

JPY to average at Rs.0.57 per JPY in November

2025. INR appreciated by 1.2 per cent to Rs.116.72 Yields across AAA rated corporate bonds largely per Pound Sterling (GBP) during the same hardened. The yield on 1-year AAA rated month. INR appreciated by 0.2 per cent against corporate bond rose to 6.71 per cent in November Euro to average at Rs.102.71 per Euro in 2025, an increase of eight bps from the previous November 2025 from Rs.102.95 per Euro in the month. The 10-year AAA corporate bond yield previous month. INR appreciated against all rose to 7.36 per cent in November, an increase of these currencies for the second consecutive six bps from the previous month month.

GVA Growth The Indian Rupee (INR) averaged Rs.88.83 per Gross value added (GVA) grew by 8.1 per cent in cent USD in November 2025. It weakened by 0.5 the September 2025 quarter on a year-on-year (y- per cent against the US Dollar (USD) compared o-y) basis. This growth comes over a low base to the preceding month. This was the sixth year increase of 5.8 per cent. Industry, successive month of a depreciation. The INR 5particularly the manufacturing sector and the Consumer Price Index services sector drove the growth in GVA during the quarter.

Industrial sector expanded y-o-y by 7.7 per cent in the September 2025 quarter. Nearly 70 per cent of this increment was due to a surge in value added by the manufacturing sector. GVA by manufacturing sector grew by 9.2 per cent during the quarter. This was a 6-quarter high.

Profits of manufacturing companies soared to Retail inflation i.e. consumer price index (CPI)

78.8 per cent in nominal terms in the September inched up to 0.7 per cent in November 2025 after quarter, driving this increase. Another indicator sliding to an all-time low of 0.3 per cent in of manufacturing sector activity, the Index of October. At the all-India level, food prices Industrial Production (IIP), grew at a much increased in November after declining in the slower pace of 5.1 per cent in the quarter.

preceding two months. This was mainly driven by the rise in prices of vegetables by 2.6 per cent.

Apart from manufacturing, the construction As a result, deflation in vegetables and activity also aided growth in GVA by the consequently food, lessened in November industry. Construction activity expanded by 7.2 compared to October, pushing up inflation.

per cent during the September 2025 quarter, on a y-o-y basis. During the September 2025 quarter, Inflation in other subgroups such as pan, tobacco GVA by mining & quarrying activity contracted & intoxicants, clothing & footwear, housing, fuel by 0.04 per cent while GVA by electricity & other & power and miscellaneous did not witness any utilities grew by 4.4 per cent.

significant increase. Inflation in the miscellaneous group eased, though marginally, GVA by the services sector rose to 9.3 per cent in to 5.6 per cent in November from 5.7 per cent in the September 2025 quarter, on a y-o-y basis.

the preceding month. This was because and gold GVA by financial services, real estate & and silver prices crawled up by a mere 1-2 per professional services and public administration, cent during the month after rising in double- defence & other services drove this increase.

digits in October. Core inflation eased to 4.2 per GVA by financial services, real estate & cent in November from 4.3 per cent in the professional services grew y-o-y by 10.2 per cent preceding month. Core inflation has mostly during the September 2025 quarter. GVA by moved in the range of four per cent to 4.4 per cent agriculture, forestry & fishing grew by 3.5 per since February 2025. Rising gold and silver prices cent in the September 2025 quarter.

kept core inflation firm. Inflation in other categories of core group has not seen any Quarter Sep Dec Mar Jun Sep significant uptick.

2024 2024 2025 25 25 GVA 5.8 6.5 6.8 7.6 8.1 Index of Industrial Production Agriculture, 4.1 6.6 5.4 3.7 3.5 The IIP growth rate for the month of November forestry and 2025 is 6.7 percent which was 0.4 percent (Quick fishing Estimate) in the month of October 2025. The Industry 3.8 4.9 6.5 6.3 7.7 growth rates of the three sectors, Mining, Services 7.2 7.4 7.3 9.3 9.2 Manufacturing and Electricity for the month of November 2025 are 5.4 percent, 8.0 percent and (-)1.5 percent respectively.

6Within the manufacturing sector, 20 out of 23 industry groups at NIC 2 digit-level have recorded a positive growth in November 2025 over November 2024. The top three positive contributors for the month of November 2025 are – “Manufacture of basic metals” (10.2%), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (10.5%) and “Manufacture of motor vehicles, trailers and semi-trailers” (11.9%).

The growth rates of IIP as per Use-based classification in November 2025 over November 2024 are 2.0 percent in Primary goods, 10.4 percent in Capital goods, 7.3 percent in Intermediate goods, 12.1 percent in Infrastructure/ Construction Goods, 10.3 percent in Consumer durables and 7.3 percent in Consumer non-durables. Monthly Indices and Growth Rate (in %) of IIP for the last 13 months 7Data Table Economic Indicators YoY change Indicators Nov-24 Oct-25 Nov-25 (% / bps) FPI Equity Investments (USD billion) -2.563 1.656 -0.424 -83.46 Rupees per dollar 84.36 88.42 88.83 -4.47 Rupees per Pound Sterling* 107.57 118.11 116.72 -9.15 Rupees per Euro* 89.63 102.95 102.71 -13.08 Rupees per Japanese Yen* 0.5494 0.5836 0.5723 -0.0229 Crude Oil (USD/Barrel)* 73.1 65.1 64.3 -12.04 Gold (USD/troy ounce)* 2657.7 4053.3 4083 53.63 Weighted Average Call rate (%) 6.51 5.47 5.39 -112 Market repo rate (%) 6.5 5.5 5.5 -100 G sec 1-year (%) 6.7 5.6 5.59 -111 G sec 10-year (%) 6.84 6.52 6.52 -32 AAA rated corporate bond 10-year (%) 7.41 7.31 7.37 -4 CPI Inflation (%) 5.5 0.25 0.7 -480 WPI Inflation (%) 2.16 -1.21 -0.32 -248 IIP# (%) 5 0.5 6.7 170 * Monthly Average Rate # Figs. For Oct 24, Sept 2025 and Oct 2025, respectively 8Section 2/खंड 2 प्रबंधन का वक्तव्य Management Speaks/ 9What I really feel is that like we have Professor “From Theory to here, we have a sort of international practitioner/ academician market, we need that Product- within India also. And I'm very happy to see that people like Ravi (Ravi Saraogi, CFA) have come Strengthening Old forward to analyse the papers (PFRDA Consultation Paper). Of course, due credit to our Age Income Security own team at PFRDA for having put together these papers.

through Financial And I appreciate Professor's congratulatory Innovation and message to all of you youngsters that you have really tried to think through something and put Choice” it out. One is to keep debating and discussing, but the other one is really to understand that who is going to really work on this. And I think the Excerpts of Chairperson, PFRDA’s speech at the Seminar on pension funds have just been sort of woken up "Consultation Papers on Enhancing the National Pension System" held at Insurance Institute of India, Mumbai on from a bit of a slumber and now are rushing into 28th October 2025 the market.

But we would certainly expect that they would Good afternoon to all of you and thank you so be the prime movers for taking this to the next m uch for making it here. step. It's got a lot to do with modelling and the What was really important for us at PFRDA was maths behind it. But I'm coming from a very to look at the entire journey of an individual from practical, grounded point of view that if there is when they start working to when you sort of so much of criticism of annuity, it is just a matter depart from this world. So, I think it's very of a lot of people comparing the annuity rates to important that if we are to carry out our full the returns that equity is currently giving.

mandate as a pension regulator, we should be able to provide old age security to the citizens of And I think it's completely unfair and out of India. sync. Tomorrow when the equity markets collapse, then what will people say? They'll And this bit of the decumulation phase was probably all rush to annuities. But I'm saying it's something that was not visible. I don't think we not that annuities can be pointed out or picked had really thought through it as a country. And up as the sole poor performer in all of this.

whenever the law was sort of put into place, they simply said there's something called annuity and It's again a set of people who are and as Professor let's go ahead with that. said very correctly that, let the financial sector come into something and they'll certainly take Many thanks to Professor Arun (Prof. Arun the cream out of it and leave a little else to the Muralidhar, Adjunct Faculty, Georgetown others. But I think that is also a matter of supply University) for maybe even igniting our own and demand. From our point of view, it's about thinking process. So, we've gone into his papers providing more choice.

and we've managed to, I think, decipher some little bit out of it. We've had several discussions And therefore, one of the things that emerged in with him. our discussion was how do we break it into smaller chunks so that there is no particular 20 10and 30-year dilemma on anyone's head, neither created would, of course, go towards more a the manufacturer nor the consumer. And government intervention. But let me also say that therefore, everyone's life also is planned in that there is and I think Professor said it, there is way. I mean, none of us look at only a single nothing called perfect and perfect should not be product. the enemy of good. So instead of just thinking that government is going to step in and produce We have a slew of products that help us go a product for us, it's useful that we create this through our own life, whether it's the financial product too, which is more a market-linked side or the consumer side. So, we are all product like a pension credit.

partakers of various products. That is really where I think we should also look at providing And that becomes one more product. And if the the choices to the persons who have completed government does come out with a bond product, an accumulation stage. that is just yet another one. So, it goes back to the theory or the kind of experience that we get from And we therefore also need to mix it in with the our practice, that it requires several products for law of the land, the taxation policies, etc. So, my people to feel that, yes, they have choice.

suggestion is really that we should, with the pension funds and with the practitioners, should And as it should be, there is a life and death of be able to arrive at some kind of initial product products as the market sort of looks at it and how and then go to the market and test it. This is it judges it and evaluates it. And I think we really the only way we'll be able to figure it out. should see an intermediate product coming out If we don't bring out some kind of a POC (Proof and many more products coming out in the of Concept) with a set of people, we'll never future.

really get to understand what could be the It all goes to show that whether you hold FDs or uptake of such products. whether you hold 30-year paper, people will use And as I said, the Model 2 sounds very nice different instruments the way they think is best because there is a step-up SWP and an annuity. suited to themselves.

So, I think it also goes to buttressing the fact that So, thank you so much for all the hard work. But people will use multiple products. It's a matter of I think there's much more work that needs to be giving choice to people for what period of time put in to be able to finally come out with a and to what extent they want to use products product that is usable by the people.

simultaneously, together, alone, etc. It's really for them to be able to buy it and use it. Thank you so much.

We should be able to put a timeline to this and work out certain products. The pension credit product, combined with what Brazil has done, is something which I believe has a lot of potential for the future. I mean, my own sense, probably more coming from the capital markets side of myself, that this is a product that has legs because you can create an entirely new market for these products.

And therefore, the larger conversation of a deferred bond kind of a product that Brazil has 11खडं 3

Section 3/ लेख Articles/ 12company especially Pension Fund can ensure Corporate that the company has been steered in the right direction which will lead to overall growth of the governance in organization. Realizing the importance of the principles of corporate governance, even the Pension Funds Organization for Economic Cooperation and Development (OECD) adopted the basic principles of corporate governance which is By Sachin Joneja, General Manager, PFRDA.

advocated for wider adoption by member The views expressed in the article are personal countries.* In fact, the principles laid down by and do not necessarily represent that of the OECD are treated as global standards in the field Authority.

of corporate governance.

Article originally published in Hindi in “सचं यिता Besides, adherence to the principles of corporate Volume 2- October 2025” governance, there are other factors like structure of the Board, internal controls laid down in the Corporate governance is of utmost importance in organization, availability of specialization in the business world. In a company, most of the different domains on the Board, etc. which are important policy decisions affecting various equally important in ensuring effective stakeholders are taken at the level of Board.

discharge of functions by the Boards.

Good corporate governance is an essential Globally, pension funds offer various kinds of element to make the Board accountable so that pension products. However, in India, even interests of the all the stakeholders are duly met.

though Pension Funds have been mainly It is like foundation of t he responsible business engaged in the investment of subscriptions and practices. contributions received from National Pension In the last two decades, with the advent of NPS System (NPS), Atal Pension Yojana (APY) and in the country and later APY in 2015, the pension Unified Pension Scheme (UPS), they have been sector has been growing at a significant pace recently permitted to design schemes that are which is beneficial fr om both social and tailored to specific subscriber persona. Thus, economic point of view. As a result, the number they are involved in not only maximizing of pension funds is also increasing in the pension generation of returns and consequently, corpus sector. With increase in number and size of of individual subscribers but also distribution of Pension Funds, there is no doubt, the concept of different schemes which may be targeted at corporate governance is also gaining importance.

general or specific segments. It may be noted that It has been observed that in various economies the Assets under Management of these Pension around the world, the Pension Funds play a Funds have swelled from Rs. 4,679.2cr as on 31 pivotal role in not only providing pensions to the March 2010 to 14,36,588.05cr as on 31 March target segments but also to drive the economy by 2025** in a time span of 15 years. Thus, the role channelizing the investments in appropriate of Boards of these Pension Funds assume greater sectors and to accelerate the growth. In such a significance and there is need to strengthen them scenario, it becomes important that the Board of further through different ways which have been a Pension Fund follows the principles of

listed below: corporate governance in its functioning to ensure

1) Specialization on the boards is important that the expectations of the different as directors from varied fields bring stakeholders are duly met. The important different kind of required experience to principles of corporate governance are the forum where direction setting for the transparency, accountability, independence, organization is done and major policy integrity and fairness. By ensuring complete decisions are taken. Thus, presence of adherence to the above principles, the Board of a 13directors having varied experience on the 3) The Independent directors is crucial on board will be quite helpful. For example, the boards. In the later part of decade of the technology world is rapidly evolving 1990s, the need was felt that there should and pension funds also need to keep pace be certain directors on the Boards of in order to maintain their viability in the companies who can protect the interest of sector. Directors having specialization in the minority shareholders. Moreover, the technology will help in plugging the number of corporate scandals increased gaps. With the MSF (Multiple Scheme in the same period which also led to the Framework) in vogue, the Pension Funds advocacy for inclusion of independent under NPS are now allowed to innovate directors on the Boards. It was and come out with new products of their deliberated how it can be ensured and it own. Thus, the directors having was envisaged that the directors who are specialization in actuarial sciences and independent of any kind of investment will be of great help. Besides, representation only can ensure protection providing the requisite technical know of the interest of the minority how about the products to make them shareholders. Thus, the term more appealing, they can also provide ‘independent directors’ came to light. The guidance about assessing the future concept of independent directors was projections of the AUM. In other words, initially introduced by SEBI as part of the the composition of the Board should have Listing agreement. Finally, the concept of proper mix in order to ensure the independent directors found the required diversity. legislative recognition in year 2013 when it was incorporated in the Companies

2) Nominee director is appointed to oversee Act. This change was hailed as a major the interests of the specific category of step towards bolstering corporate stakeholder. But in the banking sector, governance. It was contemplated that the RBI also appoints nominee directors to presence of independent directors on the various banks and financial institutions.

Boards will help in preventing corporate With the massive growth of the pension scams or scandals and ensuring better sector, PFRDA can also contemplate control over operations. In order to about similar decision. Nominee ensure true independence of directors are normally those who have independent directors, the selection sound knowledge of industry as well as process and disclosure requirements play regulatory environment. Presence of a pivotal role.

nominee director of PFRDA on the boards of pension funds will help in 4) Need for listing of pension funds – With steering the development in the right the growing scale of pension funds in direction. Adoption of technology in terms of AUM and underlying subscriber different areas of functioning for efficient base, the profitability of PFs is bound to output, expansion plans, monitoring of increase. But with increase in AUM and ensuring compliance as per directives profitability, the Pension Fund is also received from Regulators, etc. will be expected to undertake technological greatly helped in case nominee directors changes which are more customer are present on the Board. Amendments in centric. For this purpose, they may the concerned Regulations will be require capital. In order to ensure raising required for implementation of the same. of capital, the Pension Funds can also consider route of listing on the bourses.

This will also greatly help in creating the brand awareness and leading to 14recognition of the brand among the economic and geo political conditions general public which further helps in and suggest preventive actions to be fueling the growth. The listing leads to taken to reduce the impact of such considerable increase in the compliances actions. How the Board and auditors are to be ensured by the company which is discharging their functions is an also a significant step towards ensuring important parameter for assessing the corporate governance. The Board risk-based supervision in an becomes accountable to the shareholders organization. Similarly, effectiveness in from which the capital is raised. It is corporate governance is a pre-requisite mandatory for listed companies to for efficient risk based supervision.

comply with the provisions stipulated in The above are some of the suggested measures SEBI (Listing Obligations and Disclosure which will definitely help in strengthening the Requirements) Regulations. Besides, corporate governance in the pension funds in the listed companies need to submit present ecosystem. With rapidly growing periodical financial reporting to stock challenges in the economy like issues on geo exchanges. They also need to make event political front, innovations in fintech, based reporting to stock exchanges. Thus, introduction of new financial products, frequent there is complete transparency in the regulatory changes, rapid changes in technology, functioning of the board and the growing cyber risks, etc., strong corporate company.

governance will help a pension fund to overcome

5) Evaluation of the performance of the the challenges and emerge stronger. Ultimately, Boards is another major step towards this will be beneficial for all intermediaries who enhancing the corporate governance. The are inter-connected with each other, the same has been part of the Companies Act, subscribers in the pension ecosystem and overall 2013 as well as SEBI (LODR) Regulations. the entire pension sector.

Despite being a statutory requirement, References- the efficacy of this exercise varies from • OECD website – www.oecd.org company to company. Some consider this • Handbook of Pension Statistics, PFRDA to be an important tool for bringing about website – www.pfrda.org.in the required changes which can lead to improvements in the functioning of the Board. But in some cases, the exercise becomes a mere compliance exercise.

There needs to be more focus on making proper disclosures about the findings of the evaluation process undertaken. The disclosures will help in taking further remedial actions.

6) Risk based supervision is another important tool which complements corporate governance. Both need to move in tandem with each other. The purpose of risk based supervision is to proactively mitigate risks by identifying them at an early stage. It is primary function of the Board also to foresee the risks which may emanate from prevailing social, 15खडं 4

Section 4/ अतं र्ाथष्ट्रीय खडं International Section/ 16• Complexity of payout options and low Chilean SCOMP financial literacy, which made it difficult for retirees to compare contracts with different indexation, guarantee periods The Centralized Electronic marketplace for formal and survivor benefits.

quotations for pension payouts By creating a standardized, compulsory Chile’s Sistema de Consultas y Ofertas de quotation system, policymakers sought to Montos de Pensión (SCOMP) is a centralized improve price discovery, discipline electronic marketplace that standardizes and intermediaries and give retirees a structured way intermediates all formal quotations for pension to compare all allowed payout modes on a payouts, forcing life insurers and pension funds common basis.

to compete transparently when a member chooses between annui ties and programmed Institutional Design and Governance withdrawals. It is widely regarded as a core SCOMP (Sistema de Consultas y Ofertas de institutional innovation of Chile’s DC pension Montos de Pensión) is an electronic system, reshaping incentives, reducing interconnection platform jointly created by the commissions and improving information for AFPs and life insurance companies, operating as retirees at the decumulation stage.

a neutral infrastructure that channels all pension Origins and Policy Rationale quote requests and offers. Its legal framework is embedded in Chile’s pension and insurance SCOMP was introduced in 2004 as part of regulation, under the joint oversight of the broader reforms to Chile’s private pension and pension supervisor and the financial markets annuity markets, which had experienced rapid regulator.

growth but also rising concerns about high intermediation costs, aggressive selling practices Key institutional features include: and opaque pricing. Before SCOMP, brokers and • Mandatory use: Any member who wishes company agents dominated the retail market for to retire, change pension modality, or life annuities, often earning large commissions switch provider (for annuities or that eroded pensions and exploiting information programmed withdrawals) must obtain a asymmetries faced by low‑literacy retirees.

formal quotation through SCOMP.

The main policy problems that SCOMP targeted • Participating entities: All AFPs (pension

were: fund administrators), all life insurance • High and non‑transparent broker companies authorized to sell annuities and commissions, which could exceed 5% of the licensed pension advisers/brokers connect account balance in some cases. to SCOMP via secure channels.

• Strong conflicts of interest and “steering” • Neutral operator: The system is run by a by agents towards high‑commission specialized company owned by industry products rather than best‑value annuities participants but operating under strict for retirees. regulatory standards, with detailed rules on information flows, security and • Lack of a level playing field between conflict‑of‑interest management.

annuities sold by insurers and programmed withdrawals offered by AFPs • Standardized documentation: All quotes (Administradoras de Fondos de are consolidated in a “Pension Amount Pensiones), which were not shown on a Consultation and Offers Certificate” single, comparable quote. (Certificado de Ofertas), with harmonized layout, definitions and numerical summaries.

17The governance structure aligns platform descriptions, annuity offers (by sustainability with public policy objectives; insurer) and programmed industry co‑ownership ensures technical buy‑in, withdrawal pension amounts from while regulation and supervision ensure that the AFPs.

platform serves retirees’ interests rather than o The document highlights minimum, providers’ marketing strategies. maximum and representative offers Operational Mechanics and User Journey and displays the monetary pension amount for each option on a The SCOMP process formalizes the retirement comparable basis.

decision into a sequence of standardized steps, starting from the member’s expression of intent 4. Advice, “auctions” and selection to pension and ending with the choice of payout o The retiree may review the certificate mode. In broad terms, the journey works as directly at the AFP, via a licensed

follows: adviser or with an independent

1. Initiation of retirement process broker, who may then trigger an optional “auction” round by asking o The member informs the AFP of the insurers to improve their bids for a intention to retire (or to change selected set of offers.

pension modality) and provides personal and family data, including o After reviewing the final bids, the eligible survivors. member chooses between: o The AFP calculates the member’s − A life annuity (possibly in accumulated balance and sends a combination with programmed SCOMP “consultation request” into withdrawal).

the system with all relevant − Pure programmed withdrawals parameters (balance, age, from the AFP. beneficiaries, type of pension requested). − A mix, such as a partial annuity plus residual programmed

2. Generation and circulation of offers withdrawals. o SCOMP forwards the consultation to o The chosen option is formalized via a all participating life insurers and contract; in the case of annuities, the relevant AFPs.

AFP transfers the corresponding o Life insurers respond with annuity balance to the selected life insurer. offers (simple, joint, guaranteed SCOMP’s workflow is designed to ensure that, period, with or without indexation) prior to any commitment, the member sees all that respect regulatory constraints available offers in a single comparable and the member’s characteristics.

document, even if a broker or insurer initiated o AFPs provide the projected pension the process. amounts for programmed Transparency, Standardization and Consumer withdrawals under the standard Protection actuarial formula and technical interest rate set by the regulator. A central objective of SCOMP is to reduce the cognitive load and ambiguity confronting

3. Consolidated offer certificate retirees by standardizing information and o SCOMP compiles all valid bids into a ensuring comparability across products and standardized certificate, presenting: key personal data, modality 18providers. The system introduces several financial education and advice by providing an consumer protection features.[1][4] authoritative, standardized information base.

Core transparency mechanisms: Impact on Annuity Market Structure and Competition • Standard templates and terminology: All certificates follow a uniform structure, Empirical studies show that SCOMP has using common terminology for pension materially affected the pricing and structure of types, indexation rules, survivor’s benefits Chile’s annuity market, as well as the interplay and guarantee periods. between annuities and programmed withdrawals. Chile now exhibits one of the most • Monetary focus: Offers are expressed in developed voluntary annuity markets among monthly pension amounts (and sometimes DC systems, with high volumes and relatively replacement rates), helping retirees competitive pricing.

compare output, not just technical parameters like interest rates. Key impacts: • Disclosure of conditions: Each annuity • Reduction in price dispersion: By forcing offer specifies whether the benefit is insurers to bid on the same consult and inflation‑indexed, nominal or making bids visible in a consolidated wage‑indexed and whether it includes document, SCOMP narrowed the spread survivorship rights or minimum guarantee between the best and worst annuity offers periods. available to retirees with similar characteristics.

• Explicit comparison with programmed withdrawals- Programmed withdrawal • Commission compression: The legal cap on pensions, computed under the regulated commissions, combined with standardized actuarial rule, appear alongside annuity bidding, reduced the average share of quotes on the same certificate. account balances lost to intermediation, increasing effective pensions for a given Consumer‑protection enhancements include:

balance. • Caps on commissions: Reforms • Stronger head‑to‑head competition with accompanying SCOMP imposed a legal cap

programmed withdrawals: Annuities must on annuity sales commissions (2.5% of the now compete more directly with premium), significantly lower than earlier programmed withdrawals, since SCOMP market practice.

certificates show both options • Limits on steering: Since all offers must simultaneously. flow through SCOMP and appear on the • Data infrastructure for research: The standardized certificate, a broker faces centralized system generates rich greater difficulty in hiding better quotes administrative data used in academic from rival insurers.

research on annuity market equilibria, • Audit trail and oversight: The electronic adverse selection and behavioural record of requests, offers and selections responses. allows supervisors to monitor patterns, However, studies also note that:

detect abuses and analyse outcomes (e.g., dominant products, use of auctions). • A significant share of accepted annuity offers remains “dominated” (inferior to Although SCOMP does not itself provide available alternatives), suggesting that advisory content or personalized advice quality, framing and behavioural recommendations, its design complements 19biases still play a major role in ultimate underscores the importance of integrating such choices despite transparency. platforms with financial education, nudges and default designs.

• Intermediaries continue to influence early retirement timing and the selection of Overall, Chile’s SCOMP is a distinctive specific annuity types, though within a institutional innovation that couples a more transparent and regulated mandatory, centralized quotation platform with environment. standardized information and regulated intermediation, fostering a relatively competitive Lessons for Transparency and Platform Design annuity market and clearer comparison with The Chilean SCOMP system has attracted programmed withdrawals while still leaving international attention as a reference model for space for advice, behavioural influences and enhancing transparency and competition in further reforms[5] decumulation markets, especially where both References annuities and drawdown products coexist.

Several design lessons emerge. 1. https://www.fiapinternacional.org/wp- content/uploads/2016/01/Pension-

Notable lessons:

Notes-No.9_vf.17.10.2016.pdf • Centralized quotation platforms can

2. https://pensionresearchcouncil.wharton.u discipline markets without eliminating penn.edu/wp- retail intermediation; brokers continue to content/uploads/2015/09/WP07- operate, but within a framework where all Mitchell-Ruiz.pdf offers must pass through a standardized, monitored system. 3. https://www.scomp.cl/que-es- scomp.html • Mandatory use at key decision points (retirement, change of modality) ensures 4. https://www.oecd.org/content/dam/iop near‑universal coverage, which s/en/working-papers/WP-7- strengthens both consumer protection and Transparency-and-competition-in-the- the informational value of the platform’s choice-of-pension-products-The-Chilean- data. and-UK-experience.pdf • Standardization of output metrics (pension 5. https://ideas.repec.org/p/wbk/wbrwps amounts) rather than inputs (fees, rates) /5325.html helps retirees compare what ultimately

6. https://www.tiaa.org/content/dam/tiaa matters for welfare—monthly income— /institute/pdf/research-report/2021- despite heterogeneity in product 03/tiaa-institute-auctioning-annuities-rd- structures.

176-gaurab-march-2021.pdf • Combining transparency tools with

7. https://www.afphabitat.cl/wp- regulatory caps on commissions and content/uploads/2021/08/26-Sistema-de- licensing of advisers is more effective than consultas_IMP.pdf transparency alone in curbing conflicts of interest. 8. https://afiliadoinformado.cl/wp- content/uploads/2018/06/40.SCOMP- At the same time, Chile’s experience suggests Sistema-de-consultas-y-ofertas-de-montos- that information platforms, though powerful, do de-pension.pdf not fully solve behavioural and literacy

challenges: dominated offers persist and 9. https://documents1.worldbank.org/curat retirement timing and product selection remain ed/en/099455207152241762/pdf/P172020 sensitive to intermediaries’ framing. This 034616d00409bb10dac389ad9d3b.pdf

2010. https://www.nber.org/system/files/wor king_papers/w26285/w26285.pdf

11. https://www.ftc.gov/system/files/docu ments/public_events/1349883/illanespad i_1.pdf 21खंड 5

Section 5/ क्या आप जानते ह?ैं Did You Know/ 22an advanced age (for example 80 or 85), Blended Phased while pre‑start years are managed via phased withdrawals.

Withdrawal Products • Hybrid funds with embedded guarantees:

Target‑date or multi‑asset funds that Blended phased withdr awal products combine progressively allocate to deferred systematic withdrawals from an invested pension pot annuities. with some form of guaranteed income, usually via life Risk Management Features annuities or embedded guarantees, to balance flexibility, growth potential and longevity protection. Blended phased withdrawal products redistribute key retirement risks viz. longevity, Concept and Design Rat ionale investment, inflation and liquidity across the Blended structures can be implemented within a guarantee and drawdown components. Their single retirement account, via coordinated use of appeal lies in the ability to shape the profile of annuities alongside drawdown, or through each risk rather than fully offloading or retaining hybrid products with built‑in guaranteed it. Typical risk features include:

withdrawal benefits.[10] [2] These products sit • Longevity risk: between pure drawdown and full annuitisation, using a mix of programmed withdrawals and o The drawdown portion is still guaranteed lifetime income. The core idea is to exposed to exhaustion risk, but the cover essential expenses with guarantees while presence of a longevity “backstop” leaving residual assets in flexible, invested allows more flexible spending earlier accounts that support discretionary spending in retirement.

and a potential for future bequest. • Investment risk:

Typical Structures and Variants o The drawdown account stays Several architectures fall under the umbrella of invested in multi‑asset portfolios, blended phased withdrawal products, differing creating upside but also in timing, scale of guarantees and technical sequence‑of‑returns risk.

design. The variants share a common principle • Inflation risk: i.e. time‑segmentation of retirement risk, with early years funded largely by phased o Drawdown can help hedge inflation drawdowns and later years backed by stronger through growth assets, especially in longevity insurance. early and mid‑retirement, while annuities may be level,

Common variants are: inflation‑linked, or partially indexed. • Partial immediate annuity plus drawdown: • Liquidity and bequest:

A portion of the corpus buys an annuity at retirement while the rest remains in phased o The guaranteed component usually withdrawals. sacrifices liquidity in exchange for mortality credits and guaranteed • Phased or stepwise annuitisation: Retirees income. The drawdown portion buy further annuities at later ages from the preserves access, enabling ad‑hoc drawdown pot, gradually increasing withdrawals, health‑care spending guaranteed income as longevity risk rises.

and bequest planning. • Drawdown with deferred/longevity International Practice and Market Examples

annuities: A deferred income annuity, or Retail markets in countries with flexible “longevity insurance,” starts payments at decumulation frameworks have developed 23practical templates for blending phased makes decisions easier and reduces anxiety withdrawals and guarantees. during market downturns, as essentials are perceived as safe.

• UK and similar drawdown markets:

Advisers often recommend a “blended • Smoother decision path: Phased or delayed approach,” allocating part of the pension to annuitisation allows retirees to avoid an annuity and the rest to drawdown to committing their entire pot at one point, provide both secure income and growth which can be more acceptable potential. psychologically than a single, irreversible annuity purchase • Phased annuity plus drawdown strategies:

Recent UK analyses show that buying level • Advice alignment: Advisers can map client annuities in stages from a drawdown pot goals (essential, lifestyle, discretionary; can deliver higher total income over a legacy; health‑care contingencies) to 25‑year retirement than a single upfront product components in a more intuitive annuity, given assumed investment returns “bucketing” framework.

and annuity rate improvements.

However, these products also introduce • Hybrid advice frameworks: Some complexity: fee layers, guarantee conditions and providers explicitly classify income into interaction between withdrawal rates and essential, lifestyle and discretionary guarantee mechanics can be difficult to buckets, funding the first with guaranteed understand without professional advice. For this products and the others with drawdown, reason, many markets emphasise suitability all within one pension account. assessment and guidance when recommending blended solutions.

• CIPR‑type designs: In Australia and similar contexts, “comprehensive income products Evidence from simulation and optimisation for retirement” combine longevity models indicates that, under reasonable insurance with account‑based pensions, preference assumptions, combinations of phased effectively creating blended phased withdrawals and appropriately sized deferred withdrawal solutions with an integrated annuities often dominate pure strategies in terms regulatory label. of welfare and shortfall risk.

Academic literature supports these designs, As more DC systems move towards flexible showing that delayed or partial annuitisation decumulation, blended phased withdrawal combined with phased withdrawals can yield products are likely to become a central tool for attractive trade‑offs between expected income reconciling individual choice with adequate and shortfall risk. protection against longevity and investment risk.

Example: Phased annuity plus drawdown 1. https://www.fidelity.co.uk/markets- insights/personal-finance/saving-for- Behavioural and Advice Considerations retirement/the-benefits-of-a-blended- Blended phased withdrawal products are as approach-to-annuities-and-drawdown/ much a behavioural tool as a financial one,

2. https://www.mandg.com/pru/adviser/e helping retirees cope with complexity and n-gb/products/retirement- emotional stress in decumulation. Providers and pensions/retirement-account/blending- advisers highlight several behavioural drawdown-and-annuities advantages.

3. https://www.apra.gov.au/sites/default/f

Observed and expected effects: iles/Balnozan-Modelling-heterogeneous- • Income framing: Segmenting income into drawdown-behaviours-in-phased- guaranteed “floor” and flexible “top‑up” 24withdrawal-retirement-income- products.pdf

4. https://luminwealth.co.uk/a-blended- retirement-strategy-annuities-alongside- drawdown/

5. https://www.nber.org/system/files/wor king_papers/w11271/w11271.pdf

6. https://actuary.org/wp- content/uploads/2017/11/The- Challenge-of-Longevity-Risk.pdf

7. https://corporate.vanguard.com/content /dam/corp/research/pdf/from_theory_t o_practice_guaranteed_income_and_hybri d_annuity_target_date_funds.pdf

8. https://www.standardlife.co.uk/about/p ress-releases/annuitising-in-phases

9. https://professionalparaplanner.co.uk/co mbining-drawdown-and-phased- annuitising-could-boost-retirement- income/

10. https://www.cambridge.org/core/journa ls/journal-of-pension-economics-and- finance/article/glide-paths-for-a- retirement-plan-with-deferred- annuities/963FD2510B471E609C228B335D 9F7F30

11. https://www.financialplanningassociatio n.org/sites/default/files/2021-11/MAR07 Robinson PDF.pdf

12. https://www.wealthify.com/blog/withdr awing-money-from-your-pension

13. https://corporate-adviser.com/combined- phased-annuity-and-drawdown-offers- higher-income-and-flexibility-standard- life/

14. https://www.sciencedirect.com/science/ article/abs/pii/S0167668711000370 25खंड 6

Section 6/ Circulars/Regulations/Guidelines परर्पत्र/वववनयम/विशावनिशे 26Circular No: PFRDA/2025/20/PDES/03

Corporate Model NPS:

Revision in the provisions 07th November for exercising choices of 2025 Pension Funds and Investment Choices This circular, issued by the Pension Fund Regulatory and Development Authority (PFRDA) revises the provisions for choosing Pension Funds and investment schemes within the Corporate Model NPS.

Key Provisions for Corporate Employers • Mutual Agreement: Decisions regarding the choice of Pension Fund and investment schemes must be decided through a formal and mutual agreement between management and employees.

• Annual Reviews: Employers must review the Pension Fund selection annually4. Any change should be based on pre-determined conditions and historical performance (20– 30 years) rather than short-term impulses.

• Investment Flexibility: o Employers may choose to let employees make all investment decisions independently without a mutual agreement. o Employees can still make voluntary investments in common schemes or the Multiple Scheme Framework

(MSF) outside of the co- contribution arrangement. o Agreements must offer enough scheme variety to accommodate different employee risk appetites. • Grievance Redressal: Employees must first lodge grievances with their corporate HR department. A complaint can only be escalated to the PFRDA if there is proof of inaction by HR.

27खंड 7

Section 7/ एनपीएस/ एपीवाई आँकड़े NPS/APY Statistics/ 28I. Sector Wise Growth / क्षेत्रवार वद्धृि Table 1: NPS & APY growth in Subscribers base as on 30th November 2025 ३० नवम्बर २०२५ तक एनपीएस और एपीवाई के अद्धिदाताओ ंकी सख्ं या में वद्धृि able 1: NPS & APY growth in Subscribers base as on 31st July 2025 No. of Subscribers (in lakh) / ३१ जुलाई २०२५ तक एनपीएस और एपीवाई के अद्धिदाताओ ंकYीo सYख्ं (%या) में वद्धृि S.N. / Sector / क्षेत्र अद्धिदाताओ ंकी संख्या (लाख में) / वाद्धषिक वृद्धि Share (%) / क्रम संख्या द्धिस्सेदारी (%) (%) 30-Nov-24 31-Mar-25 30-Nov-25 i CG 26,86,888 27,26,039 27,99,786 4.2 3.1 ii SG 68,10,902 71,32,125 74,58,874 9.5 8.2 Sub Total 94,97,790 98,58,164 1,02,58,660 8.0 11.2 iii Corporate 21,92,427 22,75,356 25,96,803 18.4 2.8 iv All Citizen 39,28,110 42,89,264 46,65,118 18.8 5.1 v Vatsalya 70,305 1,07,523 1,59,205 126.4 0.2 Sub Total 61,90,842 66,72,143 74,21,126 19.9 8.1 vi NPS Lite 33,45,524 33,50,389 33,49,895 0.1 3.7 vii APY 6,07,23,874 6,41,34,198 7,04,78,072 16.1 77.0 Grand viii 7,97,58,030 8,40,14,894 9,15,07,753 14.7 100.0 Total

Source: CRAs Table 2: NPS & APY growth in Contribution as on 30th November 2025 ३० नवम्बर २०२५ तक एनपीएस और एपीवाई के कॉद्धरिब्यूशन में वद्धृि S.N. / क्रम Contribution (Rs. in crore) / योगदान (रु. करोड़ में) YoY (%) / Share (%) Sector / क्षेत्र वाद्धषिक वृद्धि / द्धिस्सेदारी संख्या (%) (%) 30-Nov-24 31-Mar-25 30-Nov-25

(i) CG 2,47,177.02 2,61,347.65 2,91,827.02 18.1 24.8

(ii) SG 4,73,933.32 5,05,769.09 5,73,259.55 21.0 48.6 Sub Total 7,21,110.34 7,67,116.75 8,65,086.56 20.0 73.4

(iii) Corporate 1,37,988.60 1,52,189.94 1,81,988.33 31.9 15.4

(iv) All Citizen 59,836.92 66,184.19 72,115.92 20.5 6.1

(v) Vatsalya 42.29 94.11 208.24 392.4 0.0

(vi) Tier-II 9,406.18 10,088.45 11,567.88 23.0 1.0

(vii) TTS 18.09 19.26 19.97 10.4 0.0

(viii) MSF Tier-I - - 19.95 - 0.0 Sub Total 2,07,292.08 2,28,575.96 2,65,920.28 28.3 22.6

(ix) NPS Lite 3,481.51 3,550.38 3,673.47 5.5 0.3

(x) APY* 36,020.03 38,569.70 43,952.38 22.0 3.7 Grand Total 9,67,903.97 10,37,812.79 11,78,632.69 21.8 100.0 * Fig does not include APY Fund Scheme; Source: CRAs 29Table 3: NPS & APY growth in AUM as 30th November 2025 ३० नवम्बर २०२५ तक एनपीएस और एपीवाई के एयूएम में वद्धृि AUM (Rs. in crore) / एयूएम (रु. करोड़ में) YoY (%) / Share S.N. / क्रम संख्या Sector / क्षेत्र वाद्धषिक वृद्धि (%) / 30-Nov-24 31-Mar-25 30-Nov-25 (%) द्धिस्सेदारी (%)

(i) CG 3,64,415.80 3,84,016.79 4,30,673.24 18.18 26.16

(ii) SG 6,72,178.83 7,16,724.78 8,14,671.78 21.20 49.49 Sub Total 10,36,594.63 11,00,741.57 12,45,345.03 20.14 75.66

(iii) Corporate 2,02,025.13 2,18,550.26 2,62,915.92 30.14 15.97

(iv) All Citizen 62,165.43 66,336.46 71,976.67 15.78 4.37

(v) Vatsalya 40.03 92.89 - 0.01

219.38

(vi) MSF - - 14.36 - 0.00

(vii) Tier-II 6,611.54 6,901.03 8,060.84 21.92 0.49

(viii) TTS 19.33 19.90 20.00 3.47 0.00 Sub Total 2,70,861.46 2,91,900.54 3,43,207.17 26.71 20.85

(ix) NPS Lite 5,953.71 6,086.39 6,387.97 7.29 0.39

(x) APY* 41,881.61 44,780.48 51,118.47 22.05 3.11 Grand 13,55,291.41 14,43,508.98 16,46,058.63 21.45 100.00 Total * Fig does not include APY Fund Scheme; MSF is included in respective Sector; Source: CRAs.

II. PFM-wise Assets under NPS schemes / पीएफएम के अनुसार एनपीएस योजनाओ ंके अंतगित संपद्धियााँ Table 4: Pension Fund-wise Assets under Management (in crore) as on 30th November 2025 ३० नवम्बर २०२५ को पेंशन फंड के अनुसार एयूएम (करोड़ में) AUM (Rs. In Crore) Growth (%) PF 29-Nov-24 31-Mar-25 28-Nov-25 YOY Over % share March 25 SBI 4,88,233 5,14,752 5z,6x7x,5c7x9v 16.25 10.26 34.45 LIC 3,61,904 3,82,441 4,25,232 17.50 11.19 25.81 UTI 3,39,828 3,59,180 4,03,579 18.76 12.36 24.50 ICICI 40,510 45,455 58,157 43.56 27.94 3.53 Kotak 5,969 6,378 8,653 44.96 35.66 0.53 HDFC 1,04,182 1,15,627 1,51,547 45.46 31.07 9.20 Aditya Birla 2,870 4,025 6,131 113.61 52.32 0.37 Tata 3,935 4,385 5,049 28.32 15.16 0.31 Max Life* 1,432 1,607 -100 -100 - Axis 6,340 8,854 14,162 123.36 59.94 0.86 DSP 1,033 2,049 7,222 599.09 252.53 0.44 Total 13,56,237 14,44,753 16,47,312 21.46 14.02 100.00

Source: NPS Trust, APY Fund Scheme is not included.

30III. Scheme Wise AUM under NPS / एनपीएस के अंतगित योजनावार एयूएम Table 5: Scheme-wise Assets under Management (in Crores) as of 30th November 2025 ३० नवम्बर २०२५ को योजनावार एयूएम सपं द्धियााँ (करोड़ में) AUM (Rs. In Crore) Growth (%) Scheme Over % share 29-Nov-24 31-Mar-25 28-Nov-25 YOY March 25 CG 3,26,460 3,38,663 3,51,122 7.55 3.68 21.31 SG 6,51,049 6,90,249 7,76,256 19.23 12.46 47.12 Corporate CG 89,729 96,143 96,715 7.78 0.59 5.87 A 553 635 963 73.97 51.64 0.06 E 1,02,493 1,10,012 1,53,270 49.54 39.32 9.30 TIER I C 47,867 54,782 70,669 47.64 29.00 4.29 G 82,680 95,238 1,17,058 41.58 22.91 7.11 NPS Lite 5,954 6,086 6,388 7.29 4.96 0.39 E 3,179 3,255 4,022 26.50 23.55 0.24 C 1,237 1,296 1,480 19.64 14.18 0.09 TIER II G 2,189 2,347 2,555 16.73 8.86 0.16 TTS 19 20 20 3.45 0.52 0.00 APY 41,882 44,781 51,119 22.05 14.15 3.10 Tier II 2 2 5 162.48 96.45 0.00 Composite APY Fund 943 1,242 1,301 37.96 4.75 0.08 Scheme UPS CG - - 14,275 - - 0.87 Total Asset 13,56,237 14,44,753 16,47,312 21.46 14.02 100.00 Minor difference in AUM provided in Table 3 is due to difference in the methodology of calculation of PFs and CRA.

IV. PFM-wise Return on NPS Schemes / पीएफएम के अनुसार एनपीएस योजनाओ ंपर लाि Table 6: Returns since inception (in %) as on 30th November 2025 ३० नवम्बर २०२५ तक आरंि से लाि (% में) Aditya Pension Funds→ SBI LIC UTI ICICI KOTAK HDFC Birla TATA Axis DSP CG 9.54% 9.40% 9.38% SG 9.25% 9.36% 9.34% Corporate-CG 9.26% 9.36% A 9.96% 8.21% 8.82% 8.56% 8.18% 9.66% 7.68% 12.87% 8.96% 6.90% E 11.26% 13.41% 13.01% 13.15% 12.65% 15.11% 13.67% 16.93% 14.28% 16.16% TIER I C 9.54% 8.99% 8.73% 9.52% 9.24% 9.29% 8.44% 7.88% 8.28% 8.91% G 8.88% 9.47% 8.16% 8.33% 8.26% 8.70% 7.80% 7.48% 7.67% 7.95% E 11.31% 11.79% 11.94% 12.00% 12.24% 13.75% 13.81% 16.88% 15.05% 15.29% C 9.12% 8.56% 8.73% 9.36% 8.62% 8.67% 7.93% 8.07% 7.71% 9.97% TIER II G 8.90% 9.70% 8.65% 8.41% 8.05% 8.87% 7.28% 7.62% 7.40% 7.89% TTS 6.77% 8.17% 7.14% 7.86% 8.25% 7.24% 8.10% 8.87% 6.69% 6.27% NPS Swavalamban 9.61% 9.66% 9.62% 9.53% APY 8.82% 9.10% 9.09% 31UPS CG 3.66% 1.95% 3.58% Tier II Composite 6.76% 6.69% 7.06%

Source: NPS Trust 3233