The Pension Fund Regulatory and Development Authority (PFRDA) has revised the framework governing how National Pension System (NPS) schemes are named, classified and displayed on digital platforms. The changes are scheduled to take effect from December 1, 2026, bringing greater uniformity to the pension scheme selection process.
Standardised Naming Rules for NPS Schemes
Under the revised framework, pension funds must follow a common naming structure for schemes offered through the Multiple Scheme Framework (MSF). The new format will help subscribers identify the pension fund, investment category and individual scheme more clearly.
PFRDA has also clarified that category codes A to E will not be included in the official scheme names. If a pension fund offers multiple schemes within the same investment category, each scheme must have a distinct name.
Subscribers Will Be Able to Compare More Schemes
The updated rules also change how Point of Presence (PoP) platforms display pension fund options.
Platforms operated by PoPs will generally have to show schemes offered by all pension funds within the category selected by a subscriber. This will allow people to compare different available options instead of seeing only a limited selection.
However, a pension fund operating its own platform can display its own schemes when subscribers specifically choose that platform and the fund manages the account-opening process.
What Does This Mean for NPS Subscribers?
The revised framework requires digital platforms to first capture the subscriber’s preferred scheme type, investment category or risk level. They must then display the relevant schemes according to that selection.
The changes are intended to make scheme information more consistent and improve transparency during the NPS account-opening process.
For existing and new NPS subscribers, the revised rules will primarily affect how investment options are presented and compared on digital platforms.
