New Delhi, Nov. 9 -- Choosing a National Pension System (NPS) pension fund based on its latest returns could be misleading. A scheme that delivers strong returns over one year may not necessarily outperform its benchmark over longer periods or protect investors adequately when markets decline.

For subscribers investing towards retirement over 15-20 years, consistency across market cycles is important. Investors need to examine not just how much a pension fund has earned but also how frequently it has beaten its benchmark, how it has performed during market rallies and whether it has limited losses during downturns.

A November 2026 analysis by M. Pattabiraman, founder of personal finance platform Freefincal, highlights three measures tha...