The Pension Fund Regulatory and Development Authority (PFRDA), on December 10, 2025, issued a 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.
The following has been stated namely:-
• 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.
[PFRDA/Master Circular/2025/05/PF-03]
