MASTER CIRCULAR
PFRDA/Master Circular/2025/05/PF-03
Date: 10th December 2025
To
The CEOs of All Pension Funds & NPS Trust
All other NPS Stake Holders
SUBJECT: Master Circular on Investment Guidelines for Government Sector – UPS/NPS/APY Schemes- Central/ State Government (default), Corporate CG, NPS Lite, Atal Pension Yojana and APY Fund Scheme.
- This Master Circular is being issued in exercise of powers of the Authority conferred under sub-clause (b) of sub-section (2) of Section 14 read with Section 23 of the PFRDA Act, 2013 and sub-regulation (1) of Regulation 14 of PFRDA (Pension Fund) Regulations, 2015 as amended from time to time.
- This master circular supersedes the earlier circular dated 28.03.2025 and all the circulars/ letters mentioned in the Appendix.
- This master circular shall be effective immediately.
Yours sincerely
K MOHAN GANDHI
Digitally signed by
K MOHAN GANDHI
Chief General Manager
