Policies · BFSI
PFRDA has amended its framework for NPS scheme classification, setting uniform naming formats and requiring PoP platforms to show schemes from all pension funds in a subscriber's chosen category.
✦ AI SUMMARY 30-second read
- Scheme names under the Multiple Scheme Framework must combine the pension fund's abbreviation, 'NPS' and a unique fund-assigned name; Tier II schemes must carry 'Tier II' at the end.
- PoP platforms must display schemes from all pension funds within the category a subscriber selects, though a fund's own website onboarding an investor is exempt from this requirement.
- CRAs, pension funds and PoPs must update names, documents, platforms and onboarding processes by December 1.
Why it matters: Uniform naming and mandatory multi-fund display on PoP platforms are set to make scheme comparison more straightforward for NPS subscribers.
This summary was generated by AI. Editors may review and update it.
Document details
| Document type | Rules & Regulation |
|---|---|
| Issued by | PFRDA / NPCI / IFSCA |
| Region | India |
| Published | 4 November 2026 |
PFRDA has revised its rules on how schemes under the National Pension System must be named and presented across platforms. The changes were issued through a circular dated November 2, which amends an earlier circular issued on August 28 on the standardised framework for NPS schemes.
All intermediaries — including Central Recordkeeping Agencies, pension funds and Points of Presence — have been directed to comply by December 1. Updates must cover scheme names, brochures, scheme documents, advertising material, websites, applications and subscriber onboarding processes.
What the document says on naming
Under the revised framework, every scheme name must contain three elements: the pension fund's abbreviation, the common identifier 'NPS' and a unique name chosen by the pension fund. A scheme could, for example, be named 'XYZ NPS Retirement Scheme'.
Tier I is the default and need not be referenced in the name. Tier II schemes must carry 'Tier II' at the end — for instance, 'XYZ NPS Retirement Scheme Tier II'. The category codes A to E will not form part of any scheme name, and funds offering more than one scheme within the same category must give each a distinct name.
How categories and risk levels must appear
In public-facing material — including advertisements, brochures and media communications — the full applicable scheme or growth category must appear immediately below or alongside the scheme name, in a smaller font. A scheme named 'XYZ NPS Retirement Scheme' could thus carry the description 'Aggressive Growth – Very High Risk' beneath it.
The category must also be clearly stated in the NPS Scheme Essentials Document and the scheme brochure.
Who is affected and how platforms must display schemes
PoPs operating their own platforms must show schemes from all pension funds within whichever category a subscriber selects, along with prescribed information. If a subscriber picks 'Balanced Growth – Medium Risk', the platform must list options from every pension fund in that category.
A PoP may place a particular pension fund's schemes at the top of the list and pre-select a scheme, but must continue to display alternatives from other pension funds. An exception applies when a subscriber uses a pension fund's own website or application and the fund itself manages the onboarding; in that case, only that fund's schemes need be shown.
NPS Central and CRA platforms, including interim redirection journeys, must similarly display schemes from all pension funds within the subscriber-selected category. The Star NPS platform used by pension funds may display their schemes to pension agents appointed by them.
What happens next
All intermediaries must implement the provisions of the August 28 circular, as amended by the November 2 circular, by December 1. This requires coordinated updates across scheme documentation, digital platforms and subscriber-facing communications within that deadline.
