Key Takeaways
- • PFRDA amended its guidelines on standardised classification and presentation of NPS schemes via a circular dated November 2, 2026, with intermediaries required to implement the changes by December 1, 2026.
- • Under the revised Multiple Scheme Framework (MSF) naming rules, each scheme name must combine the pension fund's abbreviation, the identifier 'NPS', and a unique scheme name, with 'Tier II' appended for Tier II schemes.
- • Any Point of Presence (PoP) operating its own platform must display schemes from all pension funds within the subscriber-selected category, with a narrow exception for pension fund-operated onboarding websites and apps.
- • The category code (A to E) is excluded from scheme names, and schemes within the same category offered by one pension fund must carry distinct names.
- • The changes aim to improve transparency and allow subscribers to compare NPS investment options across pension funds before investing.
Summary
The Pension Fund Regulatory and Development Authority (PFRDA) has revised its rules on how National Pension System (NPS) schemes are named and displayed, according to a Moneycontrol report dated November 4, 2026. In a circular dated November 2, 2026, the regulator amended its earlier guidelines on the standardised classification and presentation of NPS schemes, focusing on two areas: how pension funds name their schemes and how those schemes appear on online platforms. All intermediaries have been asked to implement the provisions by December 1, 2026.
Under the Multiple Scheme Framework (MSF), scheme names will follow a standard three-part format: the abbreviation of the pension fund's name, the common identifier 'NPS', and a unique name assigned by the pension fund. The example cited is 'XYZ NPS Retirement Scheme'. Tier II schemes must carry the words 'Tier II' at the end of the name, while Tier I, as the default offering, needs no separate mention. The category code (A to E) will not form part of the scheme name, and where a pension fund offers multiple schemes in the same category, each must have a distinct name. The regulator's stated aim is names that are simple, distinctive and easy to remember.
The more consequential change concerns platform display. PFRDA has clarified that any Point of Presence (PoP) operating its own platform must show schemes from all pension funds within the category selected by the subscriber. A PoP may place a particular pension fund's schemes at the top of the list or pre-select a scheme, but it must still display the full set of schemes in that category. The sole exception applies when a subscriber deliberately visits a pension fund's own website or application and the fund itself runs the onboarding process; in that case only that fund's schemes may be shown. The standardised navigation journey on NPS Central and Central Recordkeeping Agency (CRA) platforms, including interim redirection journeys, must likewise display schemes from all pension funds in the selected category.
The revisions are intended to help subscribers, particularly first-time investors, compare options such as balanced growth schemes across pension funds before committing to one.
Under the Multiple Scheme Framework (MSF), scheme names will follow a standard three-part format: the abbreviation of the pension fund's name, the common identifier 'NPS', and a unique name assigned by the pension fund. The example cited is 'XYZ NPS Retirement Scheme'. Tier II schemes must carry the words 'Tier II' at the end of the name, while Tier I, as the default offering, needs no separate mention. The category code (A to E) will not form part of the scheme name, and where a pension fund offers multiple schemes in the same category, each must have a distinct name. The regulator's stated aim is names that are simple, distinctive and easy to remember.
The more consequential change concerns platform display. PFRDA has clarified that any Point of Presence (PoP) operating its own platform must show schemes from all pension funds within the category selected by the subscriber. A PoP may place a particular pension fund's schemes at the top of the list or pre-select a scheme, but it must still display the full set of schemes in that category. The sole exception applies when a subscriber deliberately visits a pension fund's own website or application and the fund itself runs the onboarding process; in that case only that fund's schemes may be shown. The standardised navigation journey on NPS Central and Central Recordkeeping Agency (CRA) platforms, including interim redirection journeys, must likewise display schemes from all pension funds in the selected category.
The revisions are intended to help subscribers, particularly first-time investors, compare options such as balanced growth schemes across pension funds before committing to one.
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