The Pension Fund Regulatory Development Authority (PFRDA) on August 28, 2026, issued a circular regarding a standardised framework for classification and presentation of Schemes under the NPS.
The following has been stated: -
•The circular establishes a standardised framework for classification, naming, presentation and selection of NPS investment schemes.
•NPS schemes are classified into Lifecycle-based, Active Choice, NPS Sanchay, MSF and 4A schemes, with MSF schemes categorised from A (80–100% equity) to E (0–10% equity).
•Subscriber-facing platforms must display scheme details including historical returns, benchmark, charges, Risk-o-meter and AUM to facilitate comparison before selecting a Pension Fund.
•Subscribers may hold multiple MSF schemes, but can hold only one Lifecycle-based or Active Choice scheme at a time and are permitted up to two requests per Account per financial year for changing the Pension Fund/Scheme.
•The framework aims to ensure uniformity, informed subscriber choice and comparability across Pension Funds, but does not apply to Government-sector tagged accounts.
[Circular No.: PFRDA/2026/47/REG-PF/10]
