The Pension Fund Regulatory and Development Authority (PFRDA) has issued fresh guidelines revising how corporate employers and employees under the National Pension System (NPS) can select pension funds and investment options. The circular, dated November 7, 2025 (Circular No. PFRDA/2025/20/PDES/03), partially modifies the regulator’s earlier notification from September 12, 2025. These new rules aim to bring transparency, reduce employer apprehensions, and strengthen decision-making frameworks around NPS investments in the corporate sector. Advertisement

Corporate NPS model

Under the corporate model of NPS, employers can offer retirement savings benefits to their workforce through two contribution structures:

Joint contribution – where both employer and employee contribute, and

Employe

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