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NPS scheme names and display rules change from 1 December 2026: what it means for you

PFRDA's 2 November 2026 circular drops category codes from NPS scheme names and makes most platforms show all pension funds in your chosen risk category.

By Saifu team · 5 November 2026 · 3 min read · Reviewed by Chandan Kumar Dash

The Pension Fund Regulatory and Development Authority (PFRDA) has changed how Multiple Scheme Framework (MSF) schemes under the National Pension System (NPS) are named and shown to new subscribers. All pension funds, record-keeping agencies and points of presence (PoPs) must make the changes by 1 December 2026. Nothing changes in what you pay or in your existing balance.

What changed

PFRDA issued circular PFRDA/2026/52/REG-PF/12, dated 2 November 2026. It partly changes its circular of 28 August 2026 on how NPS schemes are classified and presented. Two things change.

1. Scheme names no longer carry a category code. The August circular said a name must include the category code, with A for the highest equity share and E for the lowest. The new circular removes that code. A name now has three parts:

• the short name of the pension fund
• the word "NPS"
• a unique scheme name that is simple and easy to recall

A Tier II scheme adds "Tier II" at the end. Tier I is the default and needs no label. If a fund has more than one scheme in the same category, each must have a different name. PFRDA's own example is "XYZ NPS Retirement Scheme".

2. The risk category must still be shown next to the name. In advertising, media and other public material, the full scheme category or growth category must appear in smaller type below or beside the name. PFRDA's example is "Aggressive Growth – Very High Risk". The category must also appear in the NPS Scheme Essentials Document and the scheme brochure.

What you see when you pick a scheme

The circular replaces the rule on how PoP platforms show schemes. The details:

• A PoP that runs its own platform must show the schemes of all pension funds in the category you chose. For example, if you pick "Balanced Growth – Medium Risk", you should see every fund's scheme in that category side by side.
• A PoP may still put one pension fund's schemes at the top of the list and pre-select one scheme, as long as the others stay visible.
• The one exception is a pension fund that also holds a PoP licence. If you choose to go to that fund's own website or app, and the fund runs the sign-up, it may show only its own schemes.
• The common sign-up journey on NPS Central and the record-keeping agency platforms, including any redirect step, must also show all pension funds in your chosen category.
• The screen must first ask for your scheme type, category or risk level, and then show matching schemes.

What to do

• Do not choose a scheme by its name alone. The category code is gone from the name, so read the category and risk level shown beside it.
• Compare schemes in the same category before you decide, using the scheme essentials document.
• A pre-selected scheme or a fund shown first is not a recommendation. You can change it.
• These rules are about presentation. They do not change NPS charges. The point of presence charges that were postponed to 1 December 2026 are explained in our NPS PoP charges guide, and you can try your own numbers in the NPS calculator.

Saifu is not registered with SEBI or PFRDA as an adviser. NPS investments are subject to market risk. This guide explains rules and is not a recommendation.

Sources: PFRDA: Amendment to the circular on the Standardised Framework for Classification and Presentation of Schemes under the NPS, 2 November 2026, PFRDA: active circulars, Business Standard: PFRDA revises NPS scheme naming rules, The Economic Times: NPS rule changes from December 1, 2026.

Rules, rates and limits change. Check the official source linked above before you rely on a figure here. Posts never contain referral or affiliate links from the writer.

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