Aditya Birla Sun Life Pension Management, part of the Aditya Birla Capital group, has run NPS money since 2017. Its regular Tier I E, C and G schemes hold about ₹8,600 crore, with the largest share in government bonds.
With about nine years of history, it doesn’t have a 10-year record yet. Over the periods it does have, it leads in government bonds, sits mid-table in equity and trails in corporate bonds.
At a glance
| Scheme (Tier I) | Assets | 3-year return (rank) | 5-year return (rank) | 10-year return (rank) |
|---|---|---|---|---|
| Scheme E (equity) | ₹3,068 crore | 8.02% (6 of 9) | 8.45% (4 of 7) | – |
| Scheme C (corporate bonds) | ₹2,061 crore | 7.33% (8 of 9) | 6.35% (6 of 7) | – |
| Scheme G (government bonds) | ₹3,480 crore | 6.54% (1 of 9) | 5.98% (1 of 7) | – |
Returns for Tier I as on 18 September 2026; assets from Value Research, October 2026. “–” means the fund has not completed that period.
Scheme G (government bonds)
| Period | Aditya Birla Sun Life | Benchmark | Average of all funds | Rank |
|---|---|---|---|---|
| 1 year | 3.14% | 3.43% | 2.93% | 2 of 10 (tied) |
| 3 years | 6.54% | 6.75% | 6.25% | 1 of 9 |
| 5 years | 5.98% | 5.90% | 5.73% | 1 of 7 |
| 7 years | 6.73% | 6.41% | 6.55% | 1 of 7 |
| Since inception | 7.37% | – | – | – |
This is Aditya Birla Sun Life’s standout scheme. It ranks first over 3, 5 and 7 years, and joint second over 1 year. It is the only fund of the ten to beat the benchmark over 5 years.
The portfolio is 88.87% sovereign, with 5.07% in AAA-rated bonds and the rest in cash and debt funds. Its largest holding is a 7.71% government bond maturing in 2066, at 8.81% of the fund, which makes it one of the less concentrated G portfolios.
Scheme E (equity)
| Period | Aditya Birla Sun Life | Benchmark | Average of all funds | Rank |
|---|---|---|---|---|
| 1 year | -2.77% | -3.95% | -5.09% | 1 of 10 (tied) |
| 3 years | 8.02% | 8.56% | 8.10% | 6 of 9 |
| 5 years | 8.45% | 8.76% | 8.44% | 4 of 7 |
| 7 years | 13.22% | 14.05% | 13.42% | 5 of 7 |
| Since inception | 11.63% | – | – | – |
The equity scheme had a good past year, tying with ICICI Prudential for the best 1-year return (-2.77%, against the benchmark’s -3.95%). Over longer periods it is mid-table: sixth of nine over 3 years, fourth of seven over 5 years, fifth of seven over 7 years. It trailed the benchmark over each of those periods.
The portfolio is 97.96% equity. At about ₹3,070 crore, its Scheme E book is the smallest of the ten.
Scheme C (corporate bonds)
| Period | Aditya Birla Sun Life | Benchmark | Average of all funds | Rank |
|---|---|---|---|---|
| 1 year | 4.76% | 4.90% | 5.26% | 10 of 10 |
| 3 years | 7.33% | 7.05% | 7.50% | 8 of 9 |
| 5 years | 6.35% | 6.19% | 6.43% | 6 of 7 |
| 7 years | 7.32% | 7.48% | 7.33% | 4 of 7 |
| Since inception | 8.00% | – | – | – |
Aditya Birla Sun Life runs the safest corporate bond portfolio in NPS: 89.08% AAA-rated and only 6.68% AA-rated. Its largest holdings are bonds of Power Grid, ICICI Prudential and HDFC Bank.
That caution costs return. The scheme ranks last over 1 year and eighth of nine over 3 years. It does better over longer periods, fourth of seven over 7 years, and beat the benchmark over 3 and 5 years.
MSF schemes
| Scheme (as listed by NPS Trust) | Equity range | Assets (₹ crore) |
|---|---|---|
| Secure Retirement Equity – I | 90%-100% | 13.91 |
| Secure Future – I | 40%-65% | 7.93 |
NPS Trust, as on 30 September 2026.
Secure Retirement Equity holds 90% to 100% in equity. Secure Future is a balanced scheme with 40% to 65%. Together they hold ₹22 crore. See the MSF comparison.
Fees
From 1 April 2026, the investment management fee on regular non-government NPS schemes is slab-based: 0.12% a year on the first ₹25,000 crore of assets, then 0.08%, 0.06% and 0.04% on higher slabs. MSF schemes can charge up to 0.30%.
Verdict
- Scheme G: the best record over 3, 5 and 7 years; no 10-year record yet.
- Scheme E: mid-table over the long periods, despite a strong past year.
- Scheme C: the safest credit mix, with returns in the lower half.
- Active choice: a strong candidate for Scheme G, alongside LIC, which has the best 10-year record. You can hold up to three pension funds, one per asset class.
- Auto choice: a reasonable choice in your 50s, when government bonds are most of the account.
Compare it with the rest in the Scheme G, Scheme E and Scheme C comparisons.
Sources: returns for Tier I as on 18 September 2026, NPS Trust data as published by HDFC Securities. Net assets and portfolios: Value Research, October 2026. MSF schemes: NPS Trust. Fees: PFRDA. Past returns do not guarantee future returns.
