NPS performance 2026: Tata Pension Fund leads equity scheme with 15.46% since inception; check details

Retirement with NPS: Tata Pension Management has emerged as the strongest performer in the equity-focused National Pension System (NPS) scheme based on long-term returns, according to performance data as of July 27, 2026. The data, compiled by ClearTax, compares returns delivered by pension fund managers across different NPS schemes and investment horizons.

The NPS currently has 11 pension fund managers, including SBI Pension Funds, LIC Pension Fund, UTI Retirement Solutions, HDFC Pension Management, ICICI Prudential Pension Fund Management, Kotak Mahindra Pension Fund, Aditya Birla Sun Life Pension Management, Tata Pension Management, Max Life Pension Fund Management, Axis Pension Fund Management and DSP Pension Fund Management.

Tata leads NPS Scheme E

In Scheme E, which invests predominantly in equities and therefore carries higher market exposure, Tata Pension Management recorded the highest returns across the one-year and three-year periods, at 13.84% and 17.89%, respectively.

Tata also delivered the highest return since inception at 15.46%. For the seven-year period, Kotak Pension Fund was the top performer with a return of 15.64%, while HDFC Pension Management led the 10-year category with 14.83%.

Kotak recorded a 16.53% five-year return, the highest among the pension fund managers in the period. ICICI Prudential delivered 16.40%, followed by HDFC at 15.58%.

The data also shows that returns can vary substantially across pension fund managers depending on the investment scheme and time period, highlighting the importance of evaluating performance across multiple horizons rather than focusing on a single year's return.

MUST READ: EPF to NPS transfer: Can salaried employees move their PF money tax-free? Check this key employer condition

NPS Scheme E – Equity: Top Performers

Government securities offer stability

In Scheme G, which invests in government securities, Aditya Birla Sun Life Pension Management delivered the highest one-year return at 4.34% and the highest five-year return at 5.97%.

SBI Pension Funds led the three-year category with 7.89%, while LIC Pension Fund was the top performer over seven years and 10 years, with returns of 8.10% and 8.82%, respectively. LIC also recorded the highest return since inception at 9.36%.

MUST READ: NPS XIRR vs CAGR: Which return measure better reflects your actual pension investment?

Scheme G generally provides lower return potential than equity-oriented Scheme E but offers relatively greater exposure to government securities, making the risk-return profile different.

NPS Scheme G – Government Securities

HDFC leads corporate debt

In Scheme C, which focuses on corporate debt, HDFC Pension Management emerged as the top performer across all reported investment periods. It delivered 7.62% over one year, 8.35% over three years, 6.90% over five years, 8.55% over seven years and 8.48% over 10 years.

SBI Pension Funds recorded the highest return since inception in Scheme C at 9.43%.

ALSO READ: PFRDA extends NPS same-day investment cut-off to 1:30 PM: What it means for subscribers

NPS Scheme C – Corporate Debt

APY performance

The data also covers the NPS Atal Pension Yojana (APY) category. UTI Retirement Solutions recorded the highest one-year return at 6.31%, while LIC led the five-year, seven-year, 10-year and since-inception categories, with returns of 7.54%, 9.05%, 9.07% and 8.91%, respectively.

The performance comparison underlines that there is no single pension fund manager that leads across every NPS category and time frame. Investors should therefore consider the scheme's asset allocation, investment horizon, risk profile and consistency of returns before selecting a pension fund manager.