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NEW DELHI—In a significant and carefully managed shift within India’s retirement savings landscape, the Pension Fund Regulatory and Development Authority (PFRDA) has confirmed the cancellation of the Certificate of Registration for Max Life Pension Fund Management. This action formalizes the company’s exit from managing funds under the National Pension System (NPS).
The cancellation, which was executed by the regulator, follows a voluntary request initiated by Max Life itself. The company submitted a letter on December 31, 2024, signaling its intention to surrender its license. According to Max Life, the decision is a strategic corporate move, aligning with a broader rebranding strategy and the initiation of a voluntary liquidation process for the specific pension fund management entity.
The Assurance: Pension Corpus Remains Secure
For the thousands of individuals whose retirement wealth was entrusted to Max Life, the primary concern is the safety of their long-term savings. PFRDA has acted decisively to preempt any disruption, strongly assuring all affected NPS subscribers that their pension corpus remains entirely secure and that services will continue without a hitch. No immediate action is required by the subscribers themselves.
“All subscribers associated with Max Life Pension Fund Management have been migrated to other Pension Funds as per defined process, with the option for those subscribers to exercise their own choice of Pension Fund,” PFRDA noted in its communication. This commitment underscores the regulator’s mandate to protect subscriber interests above all else.
PFRDA’s Defined Process: A Two-Part Migration
To ensure absolute continuity, the PFRDA oversaw a highly structured, two-part transition, effectively transferring all operational responsibilities to existing, regulated entities. This process involved splitting the services between a new fund manager and a new service provider:
- Transfer of Fund Management (PFM): This involved migrating the actual investment holdings, or the pension corpus itself. All NPS pension funds previously managed by Max Life PFM were transferred to the custody and management of UTI Pension Fund on April 19, 2025. UTI Pension Fund, a long-established player in the financial services sector, now handles the investment strategies and returns for the migrated subscribers.
- Transfer of Point of Presence (PoP): The PoP is the customer-facing entity that manages account opening, contributions, transactions, and general customer service. From June 21, 2025, subscribers who previously used Max Life as their PoP were seamlessly transferred to Axis Bank. Axis Bank now acts as their primary interface for account administration, ensuring easy deposit of contributions and prompt customer service.
This dual-layered transfer mechanism ensures that both the investment side and the administrative side of the NPS account remain functional and fully regulated, mitigating any risks associated with the exiting company.
Subscribers Maintain the Power of Choice
Crucially, despite the automatic migration, NPS subscribers have not been locked into their new default providers. The NPS framework is designed to give participants control over their retirement savings strategy.
Subscribers whose accounts were migrated to UTI Pension Fund automatically have the option to:
- Continue with UTI Pension Fund, accepting it as their new Pension Fund Manager (PFM).
- Switch to any other operational PFM of their choice. This flexibility allows investors to align their funds with managers known for specific investment performance or risk profiles. Available options include prominent managers such as HDFC Pension Fund, ICICI Prudential, Kotak Pension Fund, and SBI Pension Fund, among others.
This ability to switch PFMs is a fundamental feature of the NPS, and it remains fully available to all migrated individuals.
Actionable Steps for Investors
While no immediate action is required for the pension corpus to remain secure, subscribers are strongly encouraged to take a crucial step to confirm their updated account details.
Subscribers should log in to their Central Recordkeeping Agency (CRA) accounts. This system holds the definitive record of all NPS transactions. Checking the CRA account will allow them to:
- Verify that the PFM has been successfully updated to UTI Pension Fund.
- Confirm that their servicing entity (PoP) is now listed as Axis Bank.
- Review their current holdings and scheme allocation.
This simple verification ensures that all records are accurate, providing peace of mind regarding the continuity of their essential retirement savings. Max Life Pension Fund Management’s cessation of operations, though a significant event, has been handled by the PFRDA with meticulous care, ultimately reinforcing the robustness and reliability of the National Pension System.
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