PFRDA circular on -Sharing of Subscriber Information with Pension Funds under NPS Vatsalya Scheme & Asset Allocation Flexibility
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Issuer: PFRDA
PFRDA issued NPS Vatsalya Scheme Guidelines, 2025 vide Circular No. PFRDA/2026/02/NPS-Vatsalya/01 dated 07th January 2026.
2. Sharing of Subscriber Information2.1 Subscriber data (geographical distribution, gender diversity, contribution behaviour, communication insights) under NPS Vatsalya shall be shared by CRAs with respective PFs as per PFRDA communication dated 12th Jan 2026.
2.2 Data sharing subject to:
• Purpose limitation (scheme management/outreach/servicing)
• Strict data privacy & security compliance
• Compliance with Digital Personal Data Protection Act, 2023, IT Act, 2000 & applicable laws
• Regulatory oversight, audits & reporting
2.3 Framework aims to:
• Enable evidence-based promotion & distribution
• Facilitate innovation & targeted engagement
• Strengthen scale & sustainability
• Enhance enrolment & subscriber protection
• Support corrective measures & performance assessment
2.4 Intermediaries must align systems, controls & compliance. Any breach/misuse will attract regulatory action.
3. Asset Allocation Flexibility3.1 As per Para 12 of Guidelines dated 07th January 2026, asset allocation may vary across PFs within prescribed limits.
3.2 PFs may:
• Adopt Authority-prescribed allocation with no minimum requirement across asset classes; OR
• Design own allocation (including MSF-like structure) across Equity, Debt (G-Sec & Corporate Debt) & Money Market, with option up to 100% Equity.
3.3 Must comply with NPS Master Circular dated 10th December 2025 (as amended).
3.4 If own allocation adopted:
• Clearly disclose at onboarding
• Publish prominently on PF website
3.5 PFs to engage subscribers regarding investment approach, allocation, risks & features for informed decision-making.
4. PFs to implement NPS Vatsalya Scheme Guidelines, 2025 at the earliest.Issued under Sections 14 & 20 of the PFRDA Act, 2013.