{"id":8206,"date":"2026-10-26T12:36:29","date_gmt":"2026-10-26T07:06:29","guid":{"rendered":"https:\/\/1finance.co.in\/1f-dashboard\/?post_type=blog&p=8206"},"modified":"2026-10-26T16:05:02","modified_gmt":"2026-10-26T10:35:02","slug":"icici-prudential-pension-fund-nps-review","status":"publish","type":"blog","link":"https:\/\/1finance.co.in\/1f-dashboard\/blog\/icici-prudential-pension-fund-nps-review\/","title":{"rendered":"ICICI Prudential Pension Fund NPS review: returns, portfolio and fees (2026)"},"content":{"rendered":"

ICICI Prudential Pension Funds Management has run NPS money since 2009. Its regular Tier I E, C and G schemes hold about \u20b971,700 crore, the third largest among the ten pension funds.<\/p>\n

It has the most consistent equity record in NPS. Its corporate bond scheme is solid, and its government bond scheme is average.<\/p>\n

At a glance<\/h2>\n\n\n\n\n\n\n\n
Scheme (Tier I)<\/th>\nAssets<\/th>\n3-year return (rank)<\/th>\n5-year return (rank)<\/th>\n10-year return (rank)<\/th>\n<\/tr>\n<\/thead>\n
Scheme E (equity)<\/td>\n\u20b931,743 crore<\/td>\n9.17% (2 of 9)<\/td>\n9.22% (1 of 7)<\/td>\n12.05% (2 of 6)<\/td>\n<\/tr>\n
Scheme C (corporate bonds)<\/td>\n\u20b915,287 crore<\/td>\n7.54% (5 of 9)<\/td>\n6.46% (3 of 7)<\/td>\n7.62% (2 of 6 (tied))<\/td>\n<\/tr>\n
Scheme G (government bonds)<\/td>\n\u20b924,703 crore<\/td>\n6.31% (5 of 9)<\/td>\n5.69% (5 of 7)<\/td>\n6.96% (4 of 6)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Returns for Tier I as on 18 September 2026; assets from Value Research, October 2026. Rank is among funds with a record for that period.<\/em><\/p>\n

Scheme E (equity)<\/h2>\n\n\n\n\n\n\n\n\n\n\n
Period<\/th>\nICICI Prudential<\/th>\nBenchmark<\/th>\nAverage of all funds<\/th>\nRank<\/th>\n<\/tr>\n<\/thead>\n
1 year<\/td>\n-2.77%<\/td>\n-3.95%<\/td>\n-5.09%<\/td>\n1 of 10 (tied)<\/td>\n<\/tr>\n
3 years<\/td>\n9.17%<\/td>\n8.56%<\/td>\n8.10%<\/td>\n2 of 9<\/td>\n<\/tr>\n
5 years<\/td>\n9.22%<\/td>\n8.76%<\/td>\n8.44%<\/td>\n1 of 7<\/td>\n<\/tr>\n
7 years<\/td>\n14.21%<\/td>\n14.05%<\/td>\n13.42%<\/td>\n1 of 7<\/td>\n<\/tr>\n
10 years<\/td>\n12.05%<\/td>\n12.37%<\/td>\n11.55%<\/td>\n2 of 6<\/td>\n<\/tr>\n
Since inception<\/td>\n12.05%<\/td>\n\u2013<\/td>\n\u2013<\/td>\n\u2013<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

ICICI Prudential ranks first over 5 and 7 years, second over 3 and 10 years, and joint first over 1 year. No other fund stays in the top two across all of 3, 5, 7 and 10 years.<\/p>\n

It beat the benchmark over 1, 3, 5 and 7 years. Over 10 years it trails by 0.32 percentage points, which still puts it second. It is the only fund to beat the benchmark over 7 years.<\/p>\n

The portfolio holds less equity than most: 93.71%, with 3.29% in cash (held through overnight and liquid funds) and 1.55% in REITs. That buffer helps in falls like the past year’s.<\/p>\n

Scheme E holds \u20b931,743 crore, the second-largest book after HDFC.<\/p>\n

Scheme C (corporate bonds)<\/h2>\n\n\n\n\n\n\n\n\n\n\n
Period<\/th>\nICICI Prudential<\/th>\nBenchmark<\/th>\nAverage of all funds<\/th>\nRank<\/th>\n<\/tr>\n<\/thead>\n
1 year<\/td>\n5.39%<\/td>\n4.90%<\/td>\n5.26%<\/td>\n5 of 10<\/td>\n<\/tr>\n
3 years<\/td>\n7.54%<\/td>\n7.05%<\/td>\n7.50%<\/td>\n5 of 9<\/td>\n<\/tr>\n
5 years<\/td>\n6.46%<\/td>\n6.19%<\/td>\n6.43%<\/td>\n3 of 7<\/td>\n<\/tr>\n
7 years<\/td>\n7.29%<\/td>\n7.48%<\/td>\n7.33%<\/td>\n5 of 7<\/td>\n<\/tr>\n
10 years<\/td>\n7.62%<\/td>\n7.59%<\/td>\n7.52%<\/td>\n2 of 6 (tied)<\/td>\n<\/tr>\n
Since inception<\/td>\n9.26%<\/td>\n\u2013<\/td>\n\u2013<\/td>\n\u2013<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

ICICI Prudential’s corporate bond record is solid rather than leading. It ranks joint second over 10 years with SBI, third over 5 years and fifth over 3 and 7 years. It beat the benchmark over 3, 5 and 10 years.<\/p>\n

The portfolio is 78.41% AAA-rated and 16.12% AA-rated. Its largest holdings include bonds of Bajaj Finance, Reliance Industries and Larsen & Toubro.<\/p>\n

Scheme G (government bonds)<\/h2>\n\n\n\n\n\n\n\n\n\n\n
Period<\/th>\nICICI Prudential<\/th>\nBenchmark<\/th>\nAverage of all funds<\/th>\nRank<\/th>\n<\/tr>\n<\/thead>\n
1 year<\/td>\n3.20%<\/td>\n3.43%<\/td>\n2.93%<\/td>\n1 of 10<\/td>\n<\/tr>\n
3 years<\/td>\n6.31%<\/td>\n6.75%<\/td>\n6.25%<\/td>\n5 of 9<\/td>\n<\/tr>\n
5 years<\/td>\n5.69%<\/td>\n5.90%<\/td>\n5.73%<\/td>\n5 of 7<\/td>\n<\/tr>\n
7 years<\/td>\n6.48%<\/td>\n6.41%<\/td>\n6.55%<\/td>\n6 of 7<\/td>\n<\/tr>\n
10 years<\/td>\n6.96%<\/td>\n6.86%<\/td>\n7.07%<\/td>\n4 of 6<\/td>\n<\/tr>\n
Since inception<\/td>\n8.09%<\/td>\n\u2013<\/td>\n\u2013<\/td>\n\u2013<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The government bond scheme had the best 1-year return of all ten funds (3.20%), but ranks fifth or sixth over 3, 5 and 7 years and fourth over 10.<\/p>\n

Its portfolio stands out in two ways. It has the lowest sovereign share of the ten, at 86.80%, with 8.38% in unrated or other holdings. And its largest holding is a 6.94% government bond maturing in 2036, much shorter than the 2050s and 2060s bonds most peers hold at the top. Shorter bonds fall less when rates rise, which fits its better 1-year return.<\/p>\n

MSF schemes<\/h2>\n\n\n\n\n\n\n
Scheme (as listed by NPS Trust)<\/th>\nEquity range<\/th>\nAssets (\u20b9 crore)<\/th>\n<\/tr>\n<\/thead>\n
DREAM – I<\/td>\n50%-100%<\/td>\n160.28<\/td>\n<\/tr>\n
My Family – I<\/td>\n50%-85%<\/td>\n88.21<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

NPS Trust, as on 30 September 2026.<\/em><\/p>\n

ICICI Prudential is the second-largest MSF manager, with \u20b9248 crore and about 23% of all MSF money. DREAM allows 50% to 100% equity; My Family is a balanced scheme with 50% to 85%. See the MSF comparison<\/a>.<\/p>\n

Fees<\/h2>\n

From 1 April 2026, the investment management fee on regular non-government NPS schemes is slab-based: 0.12% a year on the first \u20b925,000 crore of assets, then 0.08%, 0.06% and 0.04% on higher slabs. MSF schemes can charge up to 0.30%.<\/p>\n

Verdict<\/h2>\n