The Pension Fund Regulatory and Development Authority (PFRDA) has released a comprehensive Master Circular dated March 28, 2025, outlining investment guidelines for multiple pension schemes including:
- Central/State Government (default) NPS
- Corporate Central Government (Corporate CG) NPS
- NPS Lite
- Atal Pension Yojana (APY)
- APY Fund Scheme
This Master Circular supersedes the earlier version dated August 18, 2023, along with several individual circulars and letters, which are now consolidated in this update.
📘 Key Highlights of the Circular:
🔹 Authority & Applicability
- Issued under PFRDA Act, 2013 and Regulation 14 of the Pension Fund Regulations, 2015.
- Applicable to all Pension Funds and the NPS Trust.
🔹 Coverage
- Guidelines applicable to multiple schemes: Central/State Government NPS, Corporate CG, NPS Lite, APY, and APY Fund Scheme.
🔹 Supersession & Continuity
- The circular consolidates prior circulars (listed in Part IV) and rescinds them officially.
- Past actions taken under previous circulars are considered valid and remain unaffected.
- No break in regulatory continuity: the transition preserves legal and procedural integrity.
📑 Appendix Overview:
The Master Circular is organized as follows:
| Part | Description |
| Part I | Introduction |
| Part II | General Guidelines |
| Part III | Investment Guidelines |
| Part IV | List of circulars/letters consolidated and rescinded |
The Circular will take effect from April 1 ,2025
