PFRDA Revises NPS Rules From 1 December 2026: Pension Platforms Must Display Schemes From All Funds In Selected Categories

The Pension Fund Regulatory and Development Authority (PFRDA) has revised the framework governing the naming and display of National Pension System (NPS) schemes.

The revision also changes how Point of Presence (PoP) platforms present scheme choices during subscriber onboarding. From 1 December 2026, pension funds and platforms must follow standardised naming rules and show subscribers schemes from all pension funds within their selected category.

NPS Drops Category Codes From Scheme Names

Under the Multiple Scheme Framework (MSF), each scheme name must contain the pension fund’s abbreviation, the common identifier “NPS” and a unique name assigned by the fund. Tier II schemes must include “Tier II” at the end, while Tier I schemes do not need a separate tier label.

The category codes A to E will no longer form part of scheme names. Pension funds offering more than one scheme in the same category must use distinct names for each.

NPS Platforms Must Show All Pension Fund Schemes

PoP platforms operating their own websites or applications must display schemes from all pension funds in the category selected by a subscriber. They may place one fund’s schemes at the top or pre-select an option, but cannot hide other funds’ schemes.

The same requirement applies to NPS Central and Central Recordkeeping Agency (CRA) platforms, including interim redirection journeys. An exception applies when subscribers use a pension fund’s own website or application and that fund handles onboarding. In this case, the platform may show only its own schemes.

NPS Schemes Must Display Risk Categories

Public-facing material, including advertisements, brochures and media communications, must show the full scheme or growth category immediately below or alongside the scheme name. The category should appear in a smaller font. It must also be included in the NPS Scheme Essentials Document and scheme brochure.

For example, a scheme may carry the description “Aggressive Growth - Very High Risk”. This is intended to help subscribers understand the category and risk level before choosing a scheme.

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