New rules for naming schemes in National Pension System to come into effect from 1 December

The Pension Fund Regulatory and Development Authority (PFRDA) has amended its framework for the classification and performance of schemes under the National Pension System (NPS). These new rules will come into effect from 1 December, 2026. The primary objective of this reform is to provide clarity regarding the naming of Multiple Scheme Framework (MSF) schemes, i.e., pension fund schemes, and how they are to be displayed on the platforms used by subscribers. According to a report by The Economic Times, PFRDA issued a circular on 2 November, 2026, which partially amends the previous circular dated 28 August, 2026.

Under the new rules, a common naming format has been determined for MSF schemes. The name of the scheme will include three main elements. PFRDA has clarified that category codes A to E will not form part of the scheme name. If a pension fund offers more than one scheme within the same category, the name of each scheme must be distinct. Additionally, the scheme name alone is not sufficient; pension funds will have to display the full applicable scheme category or growth category along with the scheme name in media, advertisements, and other public materials.

The rules regarding the display of schemes on PoP (Point of Presence) platforms have also been amended. Under the new provisions, a distinction has been made between the pension fund's own platform and other PoP platforms. If a pension fund holds a PoP licence and a subscriber specifically chooses to use that pension fund's platform and the pension fund itself conducts the onboarding process, it may display only its own schemes on its website or application.

However, other PoPs operating their own platforms must display all schemes offered by all pension funds within the category selected by the subscriber. They must adhere to standardized navigation and scheme-selection frameworks. A PoP may keep the schemes of a specific pension fund at the top of the list or pre-select a particular scheme, but it must continue to display the schemes of all pension funds in the category selected by the subscriber.

When a subscriber selects an NPS scheme, the process will first involve the subscriber's selection regarding the type of scheme, category, or, if applicable, risk appetite. Subsequently, the platform should display schemes corresponding to that selection. This same requirement applies to standardized navigation on NPS Central and Central Recordkeeping Agency (CRA) platforms. These platforms will display schemes of all pension funds in the category selected by the subscriber. If the pre-selected category is already visible on the subscriber-facing screen, there is no need to repeat the category as a separate element in the scheme name.

For example, if a subscriber selects “Balanced Growth – Medium Risk”, the screen should display all schemes offered by all pension funds in that category along with the prescribed information, so that the subscriber can compare and select a scheme. The Star NPS platforms used by pension funds may show their schemes to their appointed pension agents.

The Pension Fund Regulatory and Development Authority (PFRDA) has functioned as the regulator for the pension sector. It governs the rules and framework of the National Pension System (NPS).