Cancellation of Max Life Pension Fund Management Ltd.’s Registration: What Central Government Employees Need to Know

Key Takeaway: Max Life PF’s registration was cancelled effective 2nd June 2025, and all its NPS subscribers have been migrated to alternative pension funds. You retain the right to choose your preferred fund manager under the defined migration process.

Background of the Notice

On 6th October 2025, PFRDA issued Public Notice (File No.: PFRDA-16/3/0001/2023-REG-PF) announcing the cancellation of the Certificate of Registration granted to Max Life Pension Fund Management Ltd. This action follows a letter submitted by Max Life PF on 31st December 2024, requesting cancellation.

Contact Details of PFRDA

E-500, Tower–E, Fifth Floor, World Trade Center,
Nauroji Nagar, New Delhi – 110029
Phone: 91–11–40717900 | Website: www.pfrda.org.in

Why Was Registration Cancelled?

While PFRDA’s notice does not specify detailed reasons, fund managers may request cancellation for regulatory compliance, strategic restructuring, or performance-related issues. In this case, Max Life PF approached PFRDA to withdraw its registration voluntarily.

Automatic Migration of Subscribers

PFRDA has ensured minimal disruption to your pension contributions by automatically migrating all subscribers of Max Life PF to other approved pension funds. This migration follows a defined process designed to protect subscriber interests and maintain continuity of fund management.

• Default Allocation: Subscribers were initially moved to other PFRDA-registered pension funds based on a default allocation policy.
• Option to Choose: If you prefer a different pension fund manager, you can exercise your choice within a specified window.

Action Required: Exercising Your Choice

If you wish to switch from the default pension fund assigned:

1. Log in to the NPS Subscriber Portal
2. Navigate to ‘Switch Pension Fund’
3. Select Your Preferred Pension Fund Manager
4. Confirm and Submit

Factors to Consider When Choosing a New Pension Fund

When selecting a new fund manager, evaluate:

• Fund Performance: Historical annualized returns over 1–5 years
• Risk Profile: Equity, corporate bond, government securities allocations
• Expense Ratio: Lower expense ratios can boost long-term corpus growth
• Customer Service: Accessibility and responsiveness of the fund manager

Impact on Your Retirement Savings

Continuity: Your accrued pension wealth remains intact and continues to grow under the new fund.

Flexibility: You maintain the option to switch funds up to twice a year, as per PFRDA guidelines.

Transparency: All transaction statements and fund performance updates will be available in your NPS account.

Conclusion

The cancellation of Max Life Pension Fund Management Ltd.’s registration marks a structural change within the NPS framework, but safeguards ensure uninterrupted management of your pension savings. Review your default fund allocation, assess performance metrics, and switch to a fund manager aligned with your retirement goals if needed.

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Download PDF of Public Notice