NPS is a retirement scheme for which subscriber at the time of enrolling into the scheme need to specify whether he or she wishes to allocate funds across available asset classes or wants to go by the auto choice option. Note in the auto choice option in NPS or National Pension Scheme funds get allocated depending upon the subscribers' age. Also, the NPS subscriber needs to select the fund manager at the time of account opening.
And during the term of the NPS scheme, investors can change the fund manager together with the investment choice via the online route as well as through PoP or Point of Presence.
Here's the process to change
For initiating any of the changes, NPS subscriber must first log in to his or her account using the link https://cra-nsdl. com/CRA/. For logging in into the account, user ID is NPS holder's PRAN number.
For changing scheme preference:
In the online route, after you have logged into your NPS account, you need to follow the below steps:
1. Log in superannuation
2. Under the main link for Transaction, you need to click on ' Scheme preference change'
3. Select Tier type and opt for scheme preference change as desired by you i.e. choose the desired scheme i.e. Active choice or Auto choice and within the Auto choice select Conservative or moderate or aggressive auto choice.
In a case if the active choice is being made, across asset classes, the asset allocation percentage is also to be pre-specified.
Changing investment choice under NPS through offline route:
And if you are not internet savvy or wish to complete the process physically, you can also submit request form GOS-S3 to your nodal office. This form is easily available on the CRA website and can be downloaded. After the request has been received physically, the Nodal office will update the Scheme Preference in the CRA.
Changing portfolio manager in NPS
Pension fund management company can also be changed once in a financial year. For effecting it online, after you have logged into your NPS account, you need to click on 'Transact online' tab and select the "Change PFM" option. After you have selected the pension fund manager, submit your request.
One can go for change in the pension fund manager by comparing and analyzing returns of NPS fund managers across same time horizon and for a particular asset category.