The Pension Fund Regulatory and Development Authority (PFRDA) has, effective June 2, 2025, cancelled the registration certificate of Max Life Pension Fund Management Limited (Max Life PFM) as per the company's request in a letter dated December 31, 2024. Through this letter, the company articulated its intent to stop functioning as a pension fund, a request the PFRDA has now accommodated. Max Life has provided the relevant information on its website.Max Life has also communicated on its website that it has stopped functioning as a Pension Fund Manager (PFM) and Point of Presence (POP) under the National Pension System (NPS). PFRDA stated in a press release that all customers associated with the Max Life Pension Fund have been migrated to a new pension fund, where all account holders have been provided with the option of choosing a new pension fund of their choice.As stated on the corporate website, effective April 19, 2025, all NPS funds managed by Max Life will be delegated to UTI Pension Fund, while all POP customers transferred to Axis Bank on June 21, 2025. Max Life declared that such decisions were due to rebranding and restructuring. Currently, the corporation is in voluntary liquidation.Will NPS subscribers be affected?The NPS customers' funds previously managed by Max Life are still safe, as only the management control has changed. UTI Pension Fund will manage the investments. Furthermore, the entire NPS investments are regulated by the PFRDA, therefore, each and every customer’s funds are safe regardless of the status of their investments.What is NPS? NPS, or National Pension System is a Government of India long-term savings scheme, with the goal of creating a continuous income stream post retirement. This is done through personal pension contributions which, in turn, is used to pay pension benefits when retired.
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