The Pension Fund Regulatory Development Authority (PFRDA) on August 28, 2026, issued a circular regarding operationalising the framework for classification and presentation of Schemes under the NPS.
The following has been stated: -
•PFRDA has operationalised the framework for classification and presentation of NPS schemes, requiring existing MSF schemes to be restructured/reclassified into a single category and renamed within 30 days.
•Pension Funds may offer up to two schemes per category per Tier, with excess schemes to be merged/restructured within 45 days.
•New MSF schemes require prior PFRDA approval and must comply with investment norms, Risk-o-meter, benchmarking and disclosure requirements.
•Pension Funds must maintain an NPS Scheme Essentials Document and may offer optional value-added retirement services with appropriate disclosures.
•The distinction between Common Schemes and MSF Schemes is discontinued, and all NPS schemes will henceforth follow the new classification framework.
[Circular No.: PFRDA/2026/48/REG-PF/11]
