A Study on the Performance Evaluation of National Pension System with Reference to Scheme E

Author(s)	Dr. Pooja Kumari, Dr. Vennila R, Dr. Balanaga Gurunathan K
Country	India
Abstract	The National Pension System (NPS) has risen to prominence retirement savings instrument in India, offering market-linked returns through professionally managed pension funds. The present study evaluates the performance of Scheme E under both Tier I and Tier II accounts The study covers a ten-year period and utilizes secondary data obtained from the official NPS Trust website. Eleven pension fund managers were selected for the study, while DSP Pension Fund Managers Private Limited was excluded due to the non-availability of consistent data. The Sharpe ratio has been used as the primary tool to measure risk-adjusted performance. The findings reveal considerable variation in performance among fund managers, with ICICI, HDFC, and Kotak consistently delivering superior returns relative to risk across both tiers. In contrast, Axis, Max Life, and Tata exhibited lower efficiency in terms of risk–return trade-off. The study highlights the importance of risk-adjusted evaluation in retirement investment decisions and provides insights for investors in selecting efficient pension fund managers.
Keywords	National Pension System, Scheme E, Tier I, Tier II, Sharpe Ratio, Risk-adjusted return, Pension funds.
Field	Sociology > Banking / Finance
Published In	Volume 7, Issue 2, March-April 2026
Published On	2026-03-21

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