By Lal Singh The National Pension System (NPS) is one of the most popular retirement investment options in India. It offers low charges, tax benefits, and the flexibility to choose your own fund manager and investment scheme. Many investors don’t realise that they can change their NPS fund manager anytime if they are not satisfied with the performance. The process has become even simpler and faster with online facilities.
In this article, we explain why you may want to change your fund manager, the step-by-step process, the rules, and important points to remember.
Why Should You Change Your NPS Fund Manager?
Your fund manager plays a key role in handling your investments. Every fund manager has a different investment style, risk approach, and performance record. You may want to switch if:
- Your current fund manager’s returns are lower compared to others.
- You prefer a different style of investment (aggressive, balanced, or conservative).
- You want better long-term performance for retirement planning.
- You are shifting to a new asset mix where another manager performs better.
- You simply wish to explore new managers introduced by PFRDA in 2025.
The good news is that NPS allows all subscribers to change their fund manager without any penalty.
Who Can Change Their Fund Manager?
Both Tier I (retirement account) and Tier II (voluntary account) subscribers can request a fund manager change.
- Government employees can also change their fund manager, but the investment choice rules may vary as per department guidelines.
- Private sector and self-employed subscribers have full flexibility.
How to Change Your NPS Fund Manager Online
You can change your NPS fund manager through two main platforms:
1. Through the CRA Website (NSDL or Karvy/KFintech)
Follow these steps:
1. Visit your CRA website:
- NSDL CRA: https://cra-nsdl.com
- KFintech CRA: https://nps.kfintech.com
2. Log in using your PRAN number and password/OTP.
3. Go to the menu “Transaction” → “Change Scheme Preference”.
4. Select “Change Pension Fund Manager”.
5. Choose your new fund manager from the list.
6. Select asset allocation (E, C, G, A) if needed or keep it unchanged.
7. Confirm the request and authenticate using OTP.
8. Submit the request.
Your fund manager will be changed in the next processing cycle, usually within 3–5 working days.
2. Through the NPS Mobile App
The NPS mobile app introduced new upgrades in 2025 for faster switching.
- Download the ‘NPS by NSDL’ or ‘KFin NPS’ official app.
- Log in using PRAN and OTP.
- Tap on Scheme Preference → Change Fund Manager.
- Select the new manager and submit.
This method is quick and ideal for users who prefer mobile access.
Offline Method (For Those Who Prefer Physical Forms)
You can submit a S2 Form to your POP (Point of Presence), like your bank. Fill in:
- Personal details
- PRAN
- Existing fund manager
- New fund manager
- Scheme details
The POP will process the request, but this takes slightly longer than online mode.
Rules for Changing Fund Manager
- You can change your fund manager once in a financial year for Tier I and Tier II.
- No charges apply from PFRDA, but POP may charge a small service fee.
- Switching does not affect your past returns; it applies only to future investments.
- You can also change your scheme preference and asset allocation along with your manager.
Final Thoughts
Changing the NPS fund manager is a smart move if you want better returns or a more suitable investment approach. The online process is simple, quick, and fully secure. If your current fund manager is not meeting your expectations, switching is a practical step that can improve your long-term retirement wealth.
If needed, always compare fund manager returns before making a decision. A small change today can add lakhs to your retirement corpus tomorrow.