PFRDA Revises NPS Scheme Naming Format and Clarifies Display Rules for PoP Platforms

The Pension Fund Regulatory and Development Authority (PFRDA) has revised the rules for naming schemes under the National Pension System (NPS), as per The Livemint report.  

The changes also specify which pension fund schemes must be displayed on Point of Presence (PoP) platforms when subscribers select a particular category. 

The regulator issued the amendments on November 3, 2026, modifying its circular dated August 28, 2026. The revised provisions will come into effect on December 1, 2026, along with the earlier requirements. 

Changes in MSF Scheme Names 

The earlier rules required scheme names to include the pension fund's abbreviation, 'NPS', the category code and the scheme name. The category codes ranged from A to E, with Category A indicating the highest equity exposure and Category E the lowest. 

Under the amended rules, the category code will no longer be included in the scheme name. The new format will consist of the pension fund's abbreviation, 'NPS' and a unique scheme name decided by the fund. 

Where a pension fund offers multiple schemes in the same category, each must have a different name. Tier II schemes must carry the suffix 'Tier II' at the end of the name. Tier I is the default offering and does not require a separate mention. 

Display of Scheme Categories and Risk Levels 

The removal of category codes from scheme names will not affect the disclosure of category and risk information. Pension funds must display the applicable scheme or growth category in a smaller font below or alongside the scheme name. 

This requirement applies to advertisements, public-facing literature and other media. The category must also be mentioned in the NPS Scheme Essentials Document and scheme brochure, wherever applicable. 

Rules for PoP Platforms 

PoPs operating their own platforms must display schemes from all pension funds within the category selected by the subscriber. They may place one fund's schemes at the top or pre-select a particular scheme, but cannot exclude other funds. 

Pension fund-owned platforms are exempt when subscribers specifically access the fund's website or application and the fund handles the onboarding process. In such cases, only its own schemes may be displayed. 

NPS Central and CRA platforms, including interim redirection journeys, must also show schemes from all pension funds within the selected category. The Star NPS platform may display schemes to appointed pension agents. 

Implementation Deadline 

Pension funds, PoPs and CRAs must implement the changes by December 1, 2026. Updates will cover scheme names, brochures, websites, applications and subscriber onboarding processes. 

Read More: Central Government Proposes New Import Locations in 5 States for Drugs, Medical Devices and Cosmetics! 

Conclusion  

The amendments set new requirements for MSF scheme names and the display of pension fund options. The revised provisions will apply from December 1, 2026. 

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