The Pension Fund Regulatory and Development Authority (PFRDA) has released a comprehensive consultation document that aims to more clearly present accumulated pension assets to subscribers while ensuring long-term financial stability and economic relevance.
The consultation document is entitled ‘Alignment of the valuation guidelines with the core objectives of long-only funds when investing in government bonds and the calculation of the net asset value (NAV)’.
The proposed framework is part of PFRDA’s ongoing commitment to improve governance, protect the interests of subscribers and contribute to India’s broader financial and infrastructure growth, PFRDA said in a statement on Tuesday.
The consultation document, dated October 17, 2025, proposes the adoption of a dual valuation framework (accrual and fair market) for long-term government bonds held in NPS/APY to align investments in Align pension funds with long-term capital formation, thereby increasing stakeholder confidence by creating productive, long-lived infrastructure assets. finance, the report said.
It proposes to display stable and simplified accumulation of pension assets to subscribers during the accumulation phase and reduce the impact of short-term interest rate volatility on the fund’s net asset value, as such fluctuations do not materially affect subscribers during the accumulation phase, the report said.
PFRDA is seeking feedback on the proposal from all stakeholders, including NPS participants, potential subscribers, pension funds, industry experts, academia and the general public, the report said.
Stakeholders are invited to submit their comments, input and feedback on the consultation document by November 30, 2025, the report said.
Published on October 21, 2025
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