Key Takeaways
- • PFRDA amended its framework for classifying and presenting National Pension System (NPS) schemes via a circular dated November 2, 2026, effective December 1, 2026, partially modifying its August 28, 2026 circular.
- • Multiple Scheme Framework (MSF) schemes must follow a prescribed common naming format, and category codes A to E will not form part of the scheme name.
- • Pension funds must display the full scheme category or growth category alongside the scheme name in media, advertisements and public-facing literature.
- • Most PoP platforms operating their own platforms must display schemes from all pension funds within the subscriber-selected category, while a pension fund holding a PoP licence may show only its own schemes when the subscriber chooses its platform and the fund runs onboarding.
- • PoPs may place one pension fund's schemes at the top of the list and pre-select a scheme, but must still show schemes from all pension funds in the selected category.
Summary
The Pension Fund Regulatory and Development Authority (PFRDA) has amended its framework for classifying and presenting schemes under the National Pension System (NPS), according to a circular dated November 2, 2026. The revisions govern how Multiple Scheme Framework (MSF) schemes are named and displayed on websites and platforms that subscribers use to open NPS accounts, as well as which schemes Point of Presence (PoP) platforms may show. The circular partially modifies an earlier circular issued on August 28, 2026, and the new rules take effect December 1, 2026.
On naming, the PFRDA has prescribed a common format for MSF scheme names consisting of three main elements, detailed in a table in the original article. Category codes A to E will not form part of the scheme name, and where a pension fund offers more than one scheme within the same category, each must carry a distinct name. The scheme name alone will not suffice in public-facing material: pension funds must display the full applicable scheme category or growth category with the name in media, advertisements and other literature. Where the subscriber-facing screen already shows the selected category, the category need not be repeated in the scheme name.
On display, the rules distinguish between a pension fund's own platform and other PoPs. A pension fund that also holds a PoP licence may display only its own schemes on its website or application when the subscriber has specifically chosen that platform and the pension fund operates the onboarding process. Other PoPs operating their own platforms must show schemes offered by all pension funds within the category selected by the subscriber and follow the standardised navigation and scheme-selection framework. A PoP may feature one pension fund's schemes at the top of the list and pre-select a particular scheme, but must continue to display schemes from all pension funds in the chosen category.
The subscriber journey begins with capturing the subscriber's choice of scheme type, category or risk appetite, after which the platform displays matching schemes. The same requirement applies to the standardised navigation journey on NPS Central and Central Recordkeeping Agency (CRA) platforms, including any interim redirection process. The circular also states that the Star NPS platform used by pension funds may display their schemes to pension agents appointed by them. The article illustrates the rule with a subscriber selecting "Balanced Growth – Medium Risk", where the screen should show all pension funds' schemes in that category to allow comparison.
On naming, the PFRDA has prescribed a common format for MSF scheme names consisting of three main elements, detailed in a table in the original article. Category codes A to E will not form part of the scheme name, and where a pension fund offers more than one scheme within the same category, each must carry a distinct name. The scheme name alone will not suffice in public-facing material: pension funds must display the full applicable scheme category or growth category with the name in media, advertisements and other literature. Where the subscriber-facing screen already shows the selected category, the category need not be repeated in the scheme name.
On display, the rules distinguish between a pension fund's own platform and other PoPs. A pension fund that also holds a PoP licence may display only its own schemes on its website or application when the subscriber has specifically chosen that platform and the pension fund operates the onboarding process. Other PoPs operating their own platforms must show schemes offered by all pension funds within the category selected by the subscriber and follow the standardised navigation and scheme-selection framework. A PoP may feature one pension fund's schemes at the top of the list and pre-select a particular scheme, but must continue to display schemes from all pension funds in the chosen category.
The subscriber journey begins with capturing the subscriber's choice of scheme type, category or risk appetite, after which the platform displays matching schemes. The same requirement applies to the standardised navigation journey on NPS Central and Central Recordkeeping Agency (CRA) platforms, including any interim redirection process. The circular also states that the Star NPS platform used by pension funds may display their schemes to pension agents appointed by them. The article illustrates the rule with a subscriber selecting "Balanced Growth – Medium Risk", where the screen should show all pension funds' schemes in that category to allow comparison.
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