9 NPS transactions unavailable on CRA platforms till April 1, 2026: Multiple NAV framework & other key changes

The Pension Fund Regulatory and Development Authority (PFRDA) has announced a set of changes that will come into effect from April 1, 2026. These changes include revised investment management fees and updated Point of Presence (PoP) charges, along with the introduction of a multiple Net Asset Value (NAV) framework within schemes. Because of the implementation of some of these changes, as many as nine types of National Pension System (NPS) transactions will be unavailable on Central Recordkeeping Agency (CRA) platforms till April 1, 2026.

Multiple NAV framework from April 1, 2026

With effect from April 1, 2026, the concept of multiple NAV framework within a scheme will be introduced to enable the levying of the aforementioned charges and the adjustment of the same in net asset value (NAV), based on the principles of differentiated IMF rates and PoP Charges for government and non-government (PoP and e-NPS) subscribers.

The introduction of multiple NAVs within the same scheme marks an operational change aimed at aligning fee deductions more accurately with subscriber categories.

System changes to impact several NPS transactions temporarily

Central Recordkeeping Agencies (CRAs) and pension funds will be making necessary changes to their systems and functionalities. During this transition period, certain subscriber transactions will not be available on CRA platforms for specific dates.

Subscribers planning to carry out important account-related activities should take note of the following temporary closures:

• Inter-CRA shifting: March 25, 2026 to April 1, 2026
• Rebalancing of portfolio: March 28, 2026 to April 1, 2026
• Subscriber shifting: March 27, 2026 (from 10:30 AM) to April 1, 2026
• Error rectification (including GPF withdrawal): March 31, 2026, (from 10:30 AM) to April 1, 2026
• NPS to UPS migration or claim request: March 27, 2026, to April 1, 2026
• One-way switch: March 27, 2026, to April 1, 2026
• Subscriber preference change: March 27, 2026, to April 1, 2026
• Withdrawals (exit, Tier 2, partial withdrawal, family pension): March 27, 2026, to April 1, 2026
• NPS Lite to APY migration: March 27, 2026, to April 1, 2026

Normal services are expected to resume from April 2, 2026, after the system changes are completed.