Max Life Pension Fund Management Limited has also announced on its website that it has ceased its operations as a pension fund manager and Point of Presence (POP) under the National Pension System.
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The Pension Fund Regulatory and Development Authority (PFRDA) has cancelled the registration certificate of Max Life Pension Fund Management Limited (Max Life PFM), effective June 2, 2025. This action was taken in response to a request made by the company through a letter dated December 31, 2024. In its letter dated December 31, 2024, the company had expressed its desire to cease operations as a pension fund. The PFRDA has now accepted this request.
The company provided information on its website.
Max Life also announced on its website that it has ceased its operations as a Pension Fund Manager (PFM) and Point of Presence (POP) under the National Pension System (NPS). The PFRDA stated in a statement that all customers associated with the Max Life Pension Fund have been transferred to another pension fund. All account holders were also given the option to choose a new pension fund of their choice.
According to the company’s website, all NPS funds managed by Max Life have been transferred to UTI Pension Fund effective April 19, 2025, while all POP customers have been transferred to Axis Bank effective June 21, 2025. Max Life stated that this move was due to the company’s rebranding and restructuring. The company is now in the process of voluntary liquidation.
Will NPS subscribers be affected?
The investments of customers who were associated with Max Life under the National Pension System (NPS) are safe. Only the management responsibility has changed. Now, UTI Pension Fund will manage these customers’ investments. The entire NPS system is governed by PFRDA regulations, so no customer needs to worry about the safety of funds or the status of their investments.
What is NPS?
NPS, or National Pension System, is a long-term savings scheme of the Government of India designed to ensure regular income after retirement. In this, investors create a retirement fund through their contributions, which is used to provide pension in future.
