NPS scheme names, risk labels and PoP screens must follow PFRDA's new framework by 1 December 2026
TaxByKK · Compliance News · taxbykk.com2 Nov 2026
In short
PFRDA has amended its 28 August 2026 circular on how NPS schemes are classified and presented. Multiple-scheme names now follow a fixed pattern (pension fund abbreviation, then "NPS", then a distinct scheme name, with "Tier II" added for Tier II schemes), every advertisement must carry the scheme's growth and risk category, and Points of Presence that run their own platform must show the schemes of all pension funds in the category a subscriber picks. All intermediaries must make these changes by 1 December 2026.
- Authority
- Pension Fund Regulatory and Development Authority
- Circular
- PFRDA/2026/52/REG-PF/12 dated 2 November 2026
- Type
- Circular
- Modifies
- Circular PFRDA/2026/47/REG-PF/10 dated 28 August 2026 (clauses 3.1 to 3.3 and 4.2)
- Deadline
- 1 December 2026, for all intermediaries
- Law
- Section 14(1) read with 14(2)(a) of the PFRDA Act, 2013; regulation 22(1) of the PFRDA (Pension Fund) Regulations, 2015
What changed
| Item | Before | Now |
|---|---|---|
| Name of an MSF scheme | Clauses 3.1 to 3.3 of the 28 August 2026 circular | Pension fund abbreviation + "NPS" + a distinct scheme name; "Tier II" at the end for Tier II schemes; category code (A to E) not in the name |
| Ads, brochures and outreach material | — | Scheme name must be shown with its full growth/risk category (for example "Aggressive Growth – Very High Risk") in smaller font below or beside it |
| Pension fund's own website or app (also a PoP) | Clause 4.2 | May show only its own schemes, where the subscriber chose that website or app and the fund runs the onboarding |
| Any other PoP platform | Clause 4.2 | Must show schemes of all pension funds in the subscriber's chosen category; may place one fund's schemes at the top and pre-select one |
| NPS Central and CRA platforms | — | Must show all pension funds' schemes in the selected category |
PFRDA also says the Star NPS platform used by pension funds may show their schemes to the pension agents they appoint, and that subscriber screens must first capture the category or risk appetite and then list matching schemes. The circular sets 1 December 2026 for implementing the whole 28 August 2026 framework, including renaming schemes and updating brochures, NPS Scheme Essentials Documents, websites, apps and onboarding journeys.
Who it applies to
- NPS subscribers choosing a scheme
- Pension funds, Points of Presence and Central Recordkeeping Agencies
- Pension agents and distributors
- CAs, CSs and lawyers advising NPS intermediaries
What to do
- Pension funds: rename MSF schemes to the new pattern and give each scheme in the same category a distinct name.
- Show the full growth/risk category with the scheme name in every advertisement, brochure and NPS Scheme Essentials Document.
- PoPs with their own platform: list all pension funds' schemes in the chosen category.
- Complete the changes by 1 December 2026.
Reference
PFRDA circular PFRDA/2026/52/REG-PF/12, 2 November 2026, Amendment to the Circular on the Standardised Framework for Classification and Presentation of Schemes under the NPS (modifies circular PFRDA/2026/47/REG-PF/10 of 28 August 2026).
Read the official PDF: PFRDA circularWritten by TaxByKK from the official notification. Check the official text before you act on it.
Frequently asked questions
What is the new naming rule for NPS schemes?
Pension fund abbreviation, then "NPS", then a distinct scheme name; Tier II schemes add "Tier II" at the end. The category code is not part of the name.
Must a PoP show other pension funds' schemes?
Yes, a PoP running its own platform must show all pension funds' schemes in the chosen category, though it may list one fund first and pre-select a scheme.
What is the deadline?
1 December 2026 for all intermediaries.