The Pension Fund Regulatory and Development Authority (PFRDA) has revised the rules governing the naming and display of investment schemes under the National Pension System (NPS). The changes aim to make pension scheme options easier to understand, improve transparency and help subscribers compare offerings from different pension funds before making an investment decision.
Under the revised framework, NPS scheme names will follow a standard format, while Point of Presence (PoP) platforms will have to follow clearer rules when displaying pension fund options to subscribers. The changes are scheduled to take effect from 1 December 2026. The revised provisions are particularly relevant for NPS subscribers, pension funds, Points of Presence (PoPs) and Central Recordkeeping Agencies (CRAs).
Why in News?
On 2 November 2026, PFRDA issued Circular No. PFRDA/2026/52/REG-PF/12, amending its earlier circular of 28 August 2026 on the standardised framework for the classification and presentation of schemes under NPS.
The amendment revises the naming convention for schemes under the Multiple Scheme Framework (MSF) and clarifies how pension fund schemes should be presented on subscriber-facing platforms. All relevant intermediaries are required to implement the provisions by 1 December 2026.
Key Highlights of the Revised NPS Scheme Naming Rules
NABARD 2021-2024 Cutoff Analysis | What we can Learn? #nabard_grade_a_exam #nabard_cutoffTap to play · from the C4S channel
- Standardised scheme names: Each scheme will have the pension fund abbreviation, the common identifier “NPS” and a unique scheme name.
- Tier II identification: Tier II schemes must carry the suffix “Tier II” at the end of the scheme name.
- Tier I identification: Tier I is treated as the default offering and does not need a separate Tier I suffix.
- Removal of category codes: Category codes A to E will no longer form part of the scheme name.
- Clearer subscriber navigation: Platforms must first capture the subscriber’s preferred scheme category or risk appetite and then display the relevant schemes.
- Implementation deadline: The revised framework must be implemented by 1 December 2026.
A clean PDF of this page with the C4S header — it opens right away, and the link comes to your WhatsApp too.
New Naming Convention for NPS Schemes
PFRDA has introduced a uniform naming structure for schemes offered under the Multiple Scheme Framework (MSF). The purpose is to make scheme names consistent and easier for subscribers to identify.
The revised naming format will contain three main elements:
| Component | Meaning |
|---|---|
| Pension Fund Abbreviation | Short form of the pension fund’s name |
| NPS | Common identifier for the National Pension System |
| Unique Scheme Name | A simple and distinctive name selected by the pension fund |
Illustrative examples:most asked
- Tier I: XYZ NPS Retirement Growth
- Tier II: XYZ NPS Retirement Growth Tier II
These are only examples to explain the format, not actual pension fund products.
A pension fund offering more than one scheme within the same category must give each scheme a distinct name.
What Has Changed in the Naming Rules?
Earlier, the naming format included the pension fund abbreviation, NPS, the MSF category code and the scheme name.
The revised rules remove the category code from the scheme name.
| Earlier naming format | Revised naming format |
|---|---|
| Pension Fund Abbreviation + NPS + Category Code + Scheme Name | Pension Fund Abbreviation + NPS + Unique Scheme Name |
Category codes such as A, B, C, D and E will no longer be included as part of the scheme name. The applicable category will instead be communicated separately through the subscriber-facing selection process and disclosures.
Tier I and Tier II Scheme Identification
The revised framework also clarifies how Tier I and Tier II schemes should be identified.
Tier I Schemes
- Tier I is considered the default NPS offering.
- The words “Tier I” do not need to be added separately to the scheme name.
Tier II Schemes
- The words “Tier II” must be added at the end of the scheme name.
- This will help subscribers distinguish Tier II options from the default Tier I offering.
This distinction is important because NPS subscribers may have different investment and withdrawal requirements depending on the account they choose.
Changes in the Display of Pension Fund Options on PoP Platforms
One of the important aspects of the revised framework is the way NPS pension fund schemes will be displayed on Point of Presence platforms. A Point of Presence (PoP) is an authorised intermediary that provides services to NPS subscribers, including registration, contributions and other account-related assistance.
Under the revised rules, subscriber-facing platforms must first understand the subscriber’s preferred scheme category or risk appetite. They must then display the schemes that correspond to that selection.
Display of Schemes on Different Platforms
- PoP platforms: A PoP operating its own platform will generally have to display schemes offered by all pension funds in the category selected by the subscriber.
- Pension fund’s own website or application: Where a subscriber specifically chooses a pension fund’s own website or application and that fund operates the onboarding process, the platform may display only that fund’s schemes.
- NPS Central and CRA platforms: These platforms must provide visibility of the relevant pension fund schemes within the subscriber’s selected category.
A PoP platform may place one pension fund’s schemes at the top or pre-select a scheme, but the subscriber should still be able to view the other eligible options.
Clearer Disclosure of Scheme Category and Risk
- The revised framework also seeks to make information about scheme characteristics easier to understand.
- The scheme’s growth and risk category should be displayed alongside its name in advertisements and promotional material. The category information is to appear below or beside the scheme name in a smaller font.
- This is important because a scheme name alone may not tell an investor how much risk is associated with the investment option.
- For example, a subscriber should be able to understand the relevant growth and risk category before choosing a pension fund scheme.
- The broader framework is intended to improve transparency and comparability between schemes offered by different pension funds.
What Is the Multiple Scheme Framework (MSF) Under NPS?
The Multiple Scheme Framework is a framework that allows pension funds to offer multiple investment schemes to eligible NPS subscribers, particularly in the non-government sector.
It provides subscribers with a wider range of investment choices based on their financial objectives and risk preferences.
Under this framework:
- Pension funds can offer different investment schemes.
- Schemes are classified into prescribed categories based on their equity exposure.
- Subscribers can compare available investment options.
- Pension funds must follow the prescribed naming and disclosure requirements.
The revised naming rules apply to schemes under this framework and are intended to make the available options easier to identify.
Implementation Deadline and Responsibilities
The revised provisions will come into effect on 1 December 2026.
PFRDA has directed the relevant intermediaries to make the necessary changes within the prescribed timeline.
| Stakeholder | Required action |
|---|---|
| Pension Funds | Adopt the revised scheme naming format |
| Points of Presence (PoPs) | Update scheme display and subscriber onboarding processes |
| Central Recordkeeping Agencies (CRAs) | Make necessary changes to their platforms and records |
| Pension Funds and intermediaries | Update brochures, websites, applications and promotional material |
The changes also cover NPS Scheme Essentials Documents, media and advertising material, and subscriber onboarding journeys.
Significance of the Revised PFRDA Guidelines
The revised naming and display rules are expected to improve the experience of NPS subscribers in several ways.
1. Greater Transparency
Standardised scheme names will make it easier for subscribers to identify investment options offered by different pension funds.
2. Easier Comparison
Displaying relevant schemes under the selected category will help subscribers compare available options before making investment decisions.
3. Better Understanding of Risk
Clearer disclosure of growth and risk categories can help subscribers understand the nature of an investment scheme.
4. Improved Investor Protection
A more transparent presentation of schemes can reduce confusion and support better-informed financial decisions.
5. Uniformity Across Platforms
Common naming and display standards will encourage consistency across pension fund websites, PoP platforms and other NPS-related channels.
Challenges in Implementing the New Guidelines
Although the revised framework is intended to improve transparency, its implementation may involve certain challenges.
- Technology Upgradation: Pension funds, PoPs and CRAs will need to update their websites, applications and internal systems.
- Data Consistency: Scheme names and category information must remain consistent across different platforms.
- Subscriber Awareness: Existing subscribers may need guidance to understand the revised names and display structure.
- Compliance Requirements: Intermediaries must complete the necessary changes within the prescribed deadline.
- Operational Coordination: Pension funds, PoPs and CRAs will need to coordinate to ensure that subscribers receive accurate and uniform information.
Way Forward
For effective implementation, PFRDA and the relevant NPS intermediaries should focus on:
- Completing all required technology and platform updates before the deadline.
- Ensuring that scheme names and risk disclosures are consistent across platforms.
- Providing clear information to existing and new NPS subscribers.
- Strengthening monitoring and compliance mechanisms.
- Making scheme comparison simple and accessible for subscribers.
These steps can help improve transparency and make the NPS investment process more user-friendly.
Frequently Asked Questions (FAQs)
Q1. Which authority regulates the National Pension System in India?
The Pension Fund Regulatory and Development Authority (PFRDA) regulates and develops the National Pension System in India.
Q2. When will the revised NPS scheme naming rules come into effect?
The revised framework is scheduled to be implemented by 1 December 2026.
Q3. What is the new naming format for NPS schemes?
The revised format is Pension Fund Abbreviation + NPS + Unique Scheme Name.
Q4. Will Tier II schemes have a separate identification?
Yes. The words “Tier II” must be added at the end of the scheme name.
Q5. Will category codes A to E be included in the revised scheme names?
No. Category codes A to E will not form part of the scheme name.
Q6. What is the full form of PoP in NPS?
PoP stands for Point of Presence. It is an authorised intermediary that provides NPS-related services to subscribers.
Q7. Which PFRDA circular introduced the latest amendment?
Circular No. PFRDA/2026/52/REG-PF/12, dated 2 November 2026.
Conclusion
PFRDA’s revised NPS scheme naming and display guidelines are an important step towards improving transparency and making pension investment choices easier to understand. By introducing standardised scheme names, clearer Tier II identification and improved display of pension fund options, the regulator aims to help subscribers make more informed decisions.
The successful implementation of these changes by 1 December 2026 will depend on timely coordination among pension funds, PoPs and CRAs. Overall, the revised framework seeks to make the National Pension System more transparent, consistent and subscriber-friendly.
