Summary: The Pension Fund Regulatory and Development Authority (PFRDA), through Circular No. PFRDA/2026/52/REG-PF/12 dated November 2, 2026, has amended its earlier Circular No. PFRDA/2026/47/REG-PF/10 dated August 28, 2026, concerning the standardised framework for classification and presentation of schemes under the National Pension System (NPS). The amendments revise the naming convention for Multiple Scheme Framework (MSF) schemes and clarify how schemes must be displayed on subscriber-facing platforms. Under the revised naming convention, scheme names must comprise the Pension Fund abbreviation, the common identifier “NPS” and a unique scheme name. Tier II schemes must carry the suffix “Tier II”, while Tier I need not be separately identified. Category codes A to E must not form part of scheme names. Where a Pension Fund offers multiple schemes in the same category, each must have a distinct name. Public-facing materials must also display the applicable scheme or growth category and risk classification alongside the scheme name. These details must be included in the NPS Scheme Essentials Document and applicable scheme brochures. The circular further clarifies that a Pension Fund operating its own website or application as a licensed Point of Presence may display only its own schemes when subscribers specifically choose that platform. Other PoP platforms, as well as NPS Central and Central Recordkeeping Agency platforms, must display schemes offered by all Pension Funds within the subscriber-selected category. A PoP may prioritise or pre-select a particular scheme but must retain visibility of competing schemes. The StAR NPS platform may display Pension Fund schemes to their appointed Pension Agents. All intermediaries must implement the earlier framework, as modified, by December 1, 2026, including necessary changes to scheme names, documents, advertising, websites, applications and onboarding journeys.
PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
Circular No. PFRDA/2026/52/REG-PF/12 | Dated: 2nd Nov 2026
To,
All NPS Stakeholders
Subject: Amendment to the Circular on the Standardised Framework for Classification and Presentation of Schemes under the NPS
In partial modification of Circular No. PFRDA/2026/47/REG-PF/10 dated 28 August 2026, the following amendments and clarifications are hereby issued.
1. Amendment to Clauses 3.1 to 3.3 – Naming Convention for MSF Schemes
The naming convention for MSF schemes shall be as follows:
| Component | Description | Illustration |
|---|---|---|
| Pension Fund Abbreviation | Abbreviation of the name of the Pension Fund | XYZ |
| NPS | Common identifier “NPS” | NPS |
| Unique Scheme Name | Name of the scheme, as determined by the Pension Fund in accordance with the applicable framework. The name should be simple, distinctive and easy to recall. | Name of the Scheme by PF |
| Tier II Suffix | For Tier II schemes, the words “Tier II” shall be added at the end of the scheme name. Tier I is the default offering and need not be specifically mentioned. | Tier II |
Illustrative Examples
Abbreviation of Pension Fund Name + “NPS” + Unique Scheme Name
| Scheme Type | Illustrative Scheme Name |
|---|---|
| Tier I Scheme | XYZ NPS Name of the Scheme |
| Tier II Scheme | XYZ NPS Name of the Scheme Tier II |
| Two schemes in the same category | XYZ NPS Name of Scheme (Different from the 1st Name) |
The category code (A to E) shall not form part of the scheme name. Where a Pension Fund offers more than one scheme within the same category, each scheme shall have a distinct Scheme Name.
In all media, public facing literature and advertising material, the MSF scheme name shall be accompanied by the full applicable Scheme Category/ Growth category, displayed in a smaller font immediately below or next to the Unique Scheme Name.
Illustration for media/advertising/ Awareness/ Outreach:
XYZ NPS Retirement Scheme
Aggressive Growth – Very High Risk
The full applicable Scheme Category/Growth Category shall also be clearly mentioned in the NPS Scheme Essentials Document and in the scheme brochure as applicable. This ensures that media awareness material communicates the scheme’s growth/risk category without making the scheme name lengthy or difficult to recall.
2. Amendment to Clause 4.2 – Display of Schemes on PoP Platforms
Clause 4.2 shall be substituted with the following:
“Platforms owned and operated by Pension Fund that also hold licence to operate as a Point of Presence (PoP) are permitted to display only the schemes offered by that Pension Fund where the subscriber has specifically chosen to access the Pension Fund’s own website or application and the onboarding journey is operated by that Pension Fund.
Any other PoP operating its own platform shall display the schemes of all Pension Funds within the category selected by the subscriber, in accordance with the standardised navigation and scheme-selection framework. Such PoP may place the schemes of a particular Pension Fund at the top and pre-select a particular scheme, while continuing to display the schemes of all Pension Funds within the selected category.
The standardised navigation journey on NPS Central and CRA platforms, including any interim redirection journey, shall display schemes of all Pension Funds within the category selected by the subscriber, enabling the subscriber to make the final choice from the available schemes.
Star NPS platform used by PFs can display their schemes to the Pension Agents appointed by them.
Illustrations for navigation and display:
- A subscriber selects “Balanced Growth – Medium Risk”. The screen should display the schemes offered by all Pension Funds in that category, along with prescribed information, so the subscriber can compare and select a scheme.
- PoP’s own platform: A PoP may place one Pension Fund’s schemes at the top and pre-select a particular scheme, but it must continue to display schemes of all Pension Funds within the subscriber-selected category.
- Pension Fund’s own website/app: Where the subscriber specifically chooses a Pension Fund’s own website or application and the Pension Fund operates that onboarding journey, the platform may display only that Pension Fund’s schemes.
The subscriber-facing navigation shall first capture the subscriber’s choice of scheme type/category or risk appetite, as applicable, and then display schemes corresponding to that selection. The category need not be repeated as a separate scheme-name element where the screen already reflects the category selected by the subscriber.
3. The provisions of the aforementioned Circular dated 28th Aug 2026 shall be implemented by all intermediaries by 1st December 2026. CRAs, Pension Funds and PoPs shall, within this timeline, make necessary changes to scheme names, brochures, NPS Scheme Essentials Documents, media and advertising material, websites, applications and subscriber onboarding journeys.
This Circular is issued in exercise of the powers conferred upon the Authority under Section 14(1), read with Section 14(2)(a), of the PFRDA Act, 2013, and the applicable provisions of the PFRDA (Pension Fund) Regulations, 2015, including Regulation 22(1).
Yours sincerely
(Chief General Manager)
