NPS New Rules announced by the Pension Fund Regulatory and Development Authority (PFRDA) will change how pension fund schemes are named and displayed to subscribers.
The revised framework aims to make investment options easier to identify and compare, helping National Pension System (NPS) investors make more informed decisions.
In a circular dated November 2, 2026, PFRDA amended its earlier guidelines on the standardised classification and presentation of NPS schemes.
The changes will take effect from December 1, 2026, giving pension funds and other intermediaries time to update their platforms and subscriber-facing information.
The amendments mainly cover two areas: the naming format for schemes under the Multiple Scheme Framework (MSF) and the way different pension funds’ schemes must appear on Point of Presence (PoP) platforms.
NPS New Rules: What Changes in Scheme Names?
One of the major changes is the removal of category codes from MSF scheme names.
Earlier guidelines required scheme names to include the pension fund’s abbreviation, the common NPS identifier, a category code and the scheme name.
Under the amended format, the name will contain three main elements: the pension fund’s abbreviation, the word “NPS” and a unique scheme name selected by the pension fund.
For example, a scheme could follow a format such as “XYZ NPS Retirement Scheme”. The category code, ranging from A to E, will no longer be included in the scheme name.
PFRDA has also clarified that if a pension fund offers more than one scheme within the same category, each scheme must have a distinct name.
The names should be simple, recognisable and easy for subscribers to remember.
For Tier II schemes, the words “Tier II” must be added at the end of the scheme name. Tier I is treated as the default offering and does not require a separate suffix.
Risk Category Information Must Still Be Disclosed
Although category codes will no longer form part of scheme names, subscribers will continue to receive information about the applicable investment category and risk level.
PFRDA has directed pension funds to display the full applicable scheme category or growth category alongside the scheme name in public-facing materials, advertisements and other communication.
This information must appear in a smaller font below or next to the unique scheme name.
The applicable category must also be clearly mentioned in the NPS Scheme Essentials Document and scheme brochure, wherever required.
This distinction is important for investors. Removing category codes from names does not mean that information about equity exposure or investment risk will disappear.
Instead, the regulator wants scheme names to remain simple while keeping risk-related details visible.
NPS Platforms Must Display Schemes From All Pension Funds
The second major amendment concerns how pension schemes are presented on digital platforms operated by PoPs.
Under the revised framework, a PoP operating its own platform must display schemes offered by all pension funds within the category selected by the subscriber.
This is intended to give investors an opportunity to compare available options instead of seeing only a limited selection.
For example, if a subscriber selects a particular growth category or risk level, the platform should display the eligible schemes offered by different pension funds in that category.
A PoP is allowed to place the schemes of a particular pension fund at the top of the list or pre-select a specific scheme. However, it must continue displaying schemes from all pension funds within the subscriber’s chosen category.
This requirement also applies to the standardised navigation process on NPS Central and Central Recordkeeping Agency (CRA) platforms, including interim redirection journeys.
Exception for Pension Funds Operating Their Own Platforms
PFRDA has provided a specific exception for pension funds that also hold a licence to operate as a Point of Presence.
If a subscriber specifically chooses to access that pension fund’s own website or application, and the onboarding process is operated by the same pension fund, the platform can display only the schemes offered by that fund.
The regulator has also clarified that the StAR NPS platform used by pension funds can display their schemes to the pension agents appointed by them.
In addition, subscriber-facing platforms must first capture the investor’s choice of scheme type, category or risk appetite, as applicable. The platform should then display the schemes corresponding to that selection.
The category does not need to be repeated as a separate element in the scheme name if it is already clearly displayed on the selection screen.
What NPS Subscribers Should Do Before December 1
The revised rules are primarily aimed at improving scheme identification, comparison and disclosure.
Existing subscribers may notice changes in the names and presentation of investment options when pension funds and platforms implement the new framework.
Investors should pay attention to the scheme category, risk level and other available information rather than relying only on a scheme’s name.
They should also review communications from their pension fund or PoP when the updated scheme details become available.
A change in naming format alone does not mean that subscribers must automatically switch their investments.
However, investors should carefully review any separate communication about scheme restructuring, changes or other actions that may affect their holdings.
All intermediaries are required to implement the amended framework by December 1, 2026.
Pension funds, CRAs and PoPs will need to update relevant scheme names, brochures, disclosure documents, advertisements, websites, applications and subscriber onboarding journeys.
The changes are intended to make NPS investment options more transparent and give subscribers a clearer view of the schemes available before they make a selection.
