NPS naming rules to change from December 1
The Pension Fund Regulatory and Development Authority (PFRDA) has amended its framework for the classification and presentation of schemes under the National Pension System (NPS). The changes clarify how Multiple Scheme Framework (MSF) schemes, or pension fund schemes, should be named and displayed on websites and platforms used by subscribers to open NPS accounts.
The PFRDA has also clarified which schemes can be displayed on Point of Presence (PoP) platforms.
In most cases, PoPs operating their own platforms must show subscribers the schemes offered by all pension funds within the category selected by them, says the PFRDA circular dated November 2, 2026. The new circular partially modifies the earlier circular issued on August 28, 2026. The new rules will come into effect from December 1, 2026.
How will NPS scheme names change?
The PFRDA has prescribed a common naming format for MSF schemes. The scheme name will consist of three main elements:
Table
The PFRDA has also clarified that category codes A to E will not form part of the scheme name.
If a pension fund offers more than one scheme within the same category, each scheme must have a distinct name.
NPS scheme category and risk level must be displayed
The scheme name alone will not be enough in public-facing material. Pension funds must display the full applicable scheme category or growth category along with the scheme name in media, advertisements and other public-facing literature, the PFRDA said in its circular
Which NPS schemes can PoP platforms display?
The PFRDA has also amended the rules governing the display of NPS schemes on PoP platforms. The revised provision distinguishes between a pension fund's own platform and other PoP platforms.
A pension fund that also holds a PoP licence can display only its own schemes on its website or application if the subscriber has specifically chosen to access that pension fund's platform and the pension fund itself operates the onboarding process.
However, other PoPs operating their own platforms must display schemes offered by all pension funds within the category selected by the subscriber. They must follow the standardised navigation and scheme-selection framework.
A PoP may place the schemes of a particular pension fund at the top of the list and pre-select a particular scheme. However, it must continue to display schemes from all pension funds in the category selected by a subscriber.
What will subscribers see while selecting an NPS scheme?
The subscriber-facing process must first capture the subscriber's choice of scheme type, category or risk appetite, as applicable. The platform must then display schemes corresponding to that selection.
The same requirement applies to the standardised navigation journey on NPS Central and Central Recordkeeping Agency (CRA) platforms, including any interim redirection process. These platforms must display schemes from all pension funds within the category selected by the subscriber.
The PFRDA has clarified that the category does not need to be repeated as a separate element in the scheme name if the subscriber-facing screen already displays the category selected by the subscriber.
The circular also states that the Star NPS platform used by pension funds can display their schemes to pension agents appointed by them.
Here are some llustrations 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 PFRDA has also clarified which schemes can be displayed on Point of Presence (PoP) platforms.
In most cases, PoPs operating their own platforms must show subscribers the schemes offered by all pension funds within the category selected by them, says the PFRDA circular dated November 2, 2026. The new circular partially modifies the earlier circular issued on August 28, 2026. The new rules will come into effect from December 1, 2026.
How will NPS scheme names change?
The PFRDA has prescribed a common naming format for MSF schemes. The scheme name will consist of three main elements:
Table
The PFRDA has also clarified that category codes A to E will not form part of the scheme name.
If a pension fund offers more than one scheme within the same category, each scheme must have a distinct name.
NPS scheme category and risk level must be displayed
Which NPS schemes can PoP platforms display?
The PFRDA has also amended the rules governing the display of NPS schemes on PoP platforms. The revised provision distinguishes between a pension fund's own platform and other PoP platforms.
A pension fund that also holds a PoP licence can display only its own schemes on its website or application if the subscriber has specifically chosen to access that pension fund's platform and the pension fund itself operates the onboarding process.
However, other PoPs operating their own platforms must display schemes offered by all pension funds within the category selected by the subscriber. They must follow the standardised navigation and scheme-selection framework.
A PoP may place the schemes of a particular pension fund at the top of the list and pre-select a particular scheme. However, it must continue to display schemes from all pension funds in the category selected by a subscriber.
What will subscribers see while selecting an NPS scheme?
The subscriber-facing process must first capture the subscriber's choice of scheme type, category or risk appetite, as applicable. The platform must then display schemes corresponding to that selection.
The same requirement applies to the standardised navigation journey on NPS Central and Central Recordkeeping Agency (CRA) platforms, including any interim redirection process. These platforms must display schemes from all pension funds within the category selected by the subscriber.
The PFRDA has clarified that the category does not need to be repeated as a separate element in the scheme name if the subscriber-facing screen already displays the category selected by the subscriber.
The circular also states that the Star NPS platform used by pension funds can display their schemes to pension agents appointed by them.
Here are some llustrations 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.
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