Dear Subscriber,

In terms of the applicable regulations issued by Pension Fund Regulatory and Development
Authority, the Pension Fund Manager (‘PFM’) is required to draw up the annual accounts of the
various National Pension System (‘NPS’) Schemes managed by it, at the end of each financial year
and thereafter have the same audited from the statutory auditor of such NPS schemes, duly
appointed by the NPS Trust for the same.

The audited annual accounts of the NPS schemes are thereafter recommended by the Board of
Directors of the PFM to the NPS Trust for their approval, after which the same are required to be
sent across to the concerned NPS subscribers.

In this regard, we would like to bring to your kind attention that the annual accounts of the NPS
schemes managed by the Company, for the financial year 2021 – 2022, duly audited by its statutory
auditors Khandelwal Jain & Co. and have been approved by the Board of NPS Trust.

The Asset Under Management as at March 31, 2022 of all the NPS Scheme Managed by the HDFC
Pension Management Company Limited was ₹ 28,41,386.23 Lakhs

Synopsis of various schemes

SCHEME E TIER I - Equity market instruments

Investment Objective
The Investment objective is to optimise returns and deliver returns better than benchmark while
investing in the prescribed universe of stocks over a rolling annual basis.
Scheme Performance against Benchmark
The performance of the scheme is measured by reference to the performance of the BSE 100 TRI
Index.
The performance of Scheme E Tier I at March 31, 2022 is presented below:
Period Returns (%)^ Benchmark Returns (%) #
1 Year 19.14% 20.66%
3 Years 15.67% 15.91%
5 Years 14.35% 14.75%
Since inception @ 15.30% 15.03%
^ Past performance may or may not be sustained in the future. Returns are compounded annualised
(CAGR).
# Benchmark index: Total Return Index (TRI) for S&P BSE 100 has been used from April 01, 2019
as shared by the Crisil Ltd
# Post changes in the PFRDA investment regulation vide circular No PFRDA/2015/PFM/08 in
September 2015; company has changed the fund management strategy of the equity schemes. Due
to this change, the benchmark of the scheme has been changed from Nifty 50 to Nifty 100 TRI
effective from October 01, 2015. Hence since inception returns is not comparable with
Benchmark returns. The benchmark return mentioned above represents the return of existing
scheme benchmark, which is BSE 100 TRI w.e.f 01st April 2019.
@ Date of Inception: August 01, 2013

AUM and Asset Mix

The net assets of the Scheme at March 31, 2022 stood at ₹ 12,42,745.84 lakhs
At March 31, 2022, 94.61% of the net assets were invested in Equity Shares and 5.39% in money
market instruments and cash/cash equivalent & net current assets.

SCHEME E TIER II - Equity market instruments

Investment Objective
The Investment objective is to optimise returns and deliver returns better than benchmark while
investing in the prescribed universe of stocks over a rolling annual basis.
Scheme Performance against Benchmark
The performance of the scheme is measured by reference to the total performance of the BSE 100
TRI Index.
The performance of Scheme E Tier II at March 31, 2022 is presented below:

Period Returns (%)^ Benchmark Returns (%) #

$
1 Year 19.03% 20.66%
3 Years 15.58% 15.91%
5 Years 14.33% 14.75%
Since inception @ 13.35% 15.03%
^ Past performance may or may not be sustained in the future. Returns are compounded annualised
(CAGR).
# Benchmark index: Total Return Index (TRI) for S&P BSE 100 has been used from April 01, 2019
as shared by the Crisil Ltd
# Post changes in the PFRDA investment regulation vide circular No PFRDA/2015/PFM/08 in
September 2015; company has changed the fund management strategy of the equity schemes. Due
to this change, the benchmark of the scheme has been changed from Nifty 50 to Nifty 100 TRI
effective from October 01, 2015, hence since inception returns is not comparable with Benchmark
returns. The benchmark return mentioned above represents the return of existing scheme
benchmark, which is BSE 100 TRI w.e.f 01st April 2019.
@ Date of Inception: August 01, 2013

$ The investments into the mandated assets of the fund started in March 2014. From the date of
inception of the fund till March 2014 the inflows were invested in liquid schemes of mutual funds.
As per then prevailing fund objective of Tier II Scheme E, the fund could only invest in equity
securities through Nifty 50 Index basket. There was a minimum threshold amount for investment in
Nifty 50 basket and till the time investable amount reaches the threshold, it was invested
temporarily in liquid and money market schemes of mutual funds. Due to small size of the fund this
has affected the fund performance. Hence, Fund performance since inception of the scheme is not
comparable with the benchmark.

AUM and Asset Mix

The net assets of the Scheme at March 31, 2022 stood at ₹ 61,452.72 lakhs.
At March 31, 2022, 96.72% of the net assets were invested in Equity Shares and 3.28% in money
market instruments and cash/cash equivalent & net current assets.

SCHEME C TIER I - Credit risk bearing fixed income instruments

Investment Objective
The investment objective is to optimize returns by investing in the securities of the prescribed asset
class.
Scheme Performance against Benchmark
The performance of Scheme C Tier I at March 31, 2022 is presented below:
Period Returns (%)^ Benchmark Returns (%) #
1 Year 6.65% 6.44%
3 Years 9.61% 10.20%
5 Years 8.66% 8.65%
Since inception @ 10.02% 9.94%
^ Past performance may or may not be sustained in the future. Returns are compounded annualised
(CAGR).
# Benchmark index: NPS - Corporate Bond Index
@ Date of Inception: August 01, 2013

AUM and Asset Mix

The net assets of the Scheme at March 31, 2022 stood at ₹ 5,56,825.25 lakhs.
At March 31, 2022, 89.95% of the net assets were invested in bonds and non-convertible
debentures and 10.05% in money market instruments and cash/cash equivalent & net current
assets.

SCHEME C TIER II - Credit risk bearing fixed income instruments

Investment Objective
The investment objective is to optimise returns by investing in the securities of the prescribed asset
class..
Scheme Performance against Benchmark
The performance of Scheme C Tier II at March 31, 2022 is presented below:
Period Returns (%)^ Benchmark Returns (%) # $
1 Year 6.37% 6.44%
3 Years 9.39% 10.20%
5 Years 8.54% 8.65%
Since inception @ 9.19% 9.94%
^ Past performance may or may not be sustained in the future. Returns are compounded annualised
(CAGR).
# Benchmark index: NPS - Corporate Bond Index
@ Date of Inception: August 01, 2013
$ The investments into the mandated assets of the fund started in March 2015. From the date of
inception of the fund till March 2015 the inflows were invested in liquid schemes of mutual funds.
As per fund objective of Tier II Scheme C, the fund only invests in Corporate Bonds. There is a
minimum threshold of Rs.10 Lacs for investment Corporate Bonds and till the time investable
amount reaches this threshold, it is invested temporarily in liquid and money market schemes of
mutual funds. Due to small size of the fund this has affected the fund performance. Hence, Fund
performance since inception of the scheme is not comparable with the benchmark.

AUM and Asset Mix

The net assets of the Scheme at March 31, 2022 stood at ₹ 30,311.29 lakhs.
At March 31, 2022, 92.61% of the net assets were invested in bonds and non-convertible
debentures and 7.39% in money market instruments and cash/cash equivalent & net current assets.

SCHEME G TIER I - Government securities

Investment Objective
The investment objective is to optimise returns by investing in the securities of the prescribed asset
class.
Scheme Performance against Benchmark
The performance of Scheme G Tier I at March 31, 2022 is presented below:
Period Returns (%)^ Benchmark Returns (%) #

1 Year 3.64% 3.09%

3 Years 8.95% 8.12%
5 Years 8.14% 7.18%
Since inception @ 9.49% 8.74%
^ Past performance may or may not be sustained in the future. Returns are compounded annualised
(CAGR).
# Benchmark index: NPS – Government Securities Index

@ Date of Inception: August 01, 2013

AUM and Asset Mix

The net assets of the Scheme at March 31, 2022 stood at ₹ 8,98,321.78 lakhs.
At March 31, 2022, 91.31% of the net assets were invested in government securities and 8.69% in
money market instruments and cash/cash equivalent & net current assets.
SCHEME G TIER II - Government securities
Investment Objective
The investment objective is to optimise returns by investing in the securities of the prescribed asset
class.
Scheme Performance against Benchmark
The performance of Scheme G Tier II at March 31, 2021 is presented below:
Period Returns (%)^ Benchmark Returns (%) #
1 Year 3.83% 3.09%
3 Years 8.62% 8.12%
5 Years 7.98% 7.18%
Since inception @ 9.67% 8.74%
^ Past performance may or may not be sustained in the future. Returns are compounded annualised
(CAGR).
# Benchmark index: NPS – Government Securities Index
@ Date of Inception: August 01, 2013

AUM and Asset Mix

The net assets of the Scheme at March 31, 2022 stood at ₹ 42,830.05 lakhs.

At March 31, 2022, 93.27% of the net assets were invested in government securities and 6.73% in
money market instruments and cash/cash equivalent & net current assets.

SCHEME A TIER I - Alternative Asset Class

Investment Objective
The investment objective is to optimise returns by investing in the securities of the prescribed asset
class.
Scheme Performance against Benchmark
The performance of Scheme A Tier I at March 31, 2022 is presented below:
Period Returns (%)^ Benchmark Returns (%) #
1 Year 11.87% N.A.
3 Years 9.31% N.A.
5 Years 9.18%. N.A.
Since inception @ 8.91% N.A.
^ Past performance may or may not be sustained in the future. Returns are compounded annualised
(CAGR).
# Benchmark index: As per fund objective of Scheme A, the fund is mandated to invest in
Commercial/Residential mortgage based securities, Units issued by REITs, Alternative Investment
Funds, Units issued by InvITs, Asset backed securities, etc. and for that there is no comparable
market benchmark is available and hence benchmark returns are not disclosed for this fund.
@ Date of Inception: October 10, 2016

AUM and Asset Mix

The net assets of the Scheme at March 31, 2022 stood at ₹ 8,691.04 lakhs.
At March 31, 2022, 60.74% of the assets were invested in Asset Backed, Trust Structured and
Miscellaneous Investments, 19.40% in units issued by Real Estate Investment Trust, 9.61% in units
issued by Infrastructure Investment Trust and 10.25% in money market instruments and cash/cash
equivalent & net current assets.

SCHEME TAX SAVER TIER II – Hybrid Investment Fund

Investment Objective
The investment objective is to optimise returns through 1) asset allocation among the prescribed
asset classes 2) stock/security selection..
Scheme Performance against Benchmark
The performance of Scheme Tax Saver Tier II at March 31, 2022 is presented below:
Period Returns (%) ^ Benchmark Returns (%)
1 Year 6.09% N.A.
3 Years N.A. N.A.
5 Years N.A. N.A.
Since inception @ 3.92% N.A.
^ Past performance may or may not be sustained in the future. Returns are compounded annualised
(CAGR). As per the directions issued by the PFRDA on introduction of new asset class, Scheme Tax
Saver Tier-2 was launched and first NAV of the scheme was declared on August 17, 2020. Hence
Scheme and Benchmark returns for 3 and 5 years are not available.
@ Date of Inception: August 17, 2020
AUM and Asset Mix
The net assets of the Scheme at March 31, 2022 stood at ₹ 208.26 lakhs.
At March 31, 2022, 17.21% of the assets were invested in Equity shares, 47.68% of the assets were
invested in Debt securities and 35.11% in money market instruments and cash/cash equivalent &
net current assets.
Accordingly, the duly audited annual accounts of the NPS schemes managed by the Company, for
the financial year 2021 -2022, as approved by the Board of NPS Trust is available at our website:
www.hdfcpension.com

The Annual Report can also be downloaded through the following link:

https://d2o42wz6gj7hm6.cloudfront.net/wp-content/uploads/2022/07/04180811/HDFC-
Pension-Annual-Report-and-Scheme-Financial-for-the-Year-Ended-Mar-2022.pdf

The compliance related Stewardship policy can be downloaded through the following link:

https://d2o42wz6gj7hm6.cloudfront.net/wp-content/uploads/2021/06/27170912/HDFC-
Pension-Management-Company-Limited-Stewardship-Policy.docx.pdf

Thanks & Regards,

Sd/-
Sriram Iyer
Chief Executive Officer

HDFC PENSION MANAGEMENT COMPANY LIMITED

14th Floor, Lodha Excelus, Apollo Mills Compound,
N.M.Joshi Road, Mahalaxmi Mumbai - 400 011
CIN: U99999MH2000PLC128245
For any further queries, please write to us at [email protected] or call us at 022 6751 6123/6786.