PFRDA Introduces Standardized NPS Scheme Categories

Pension Fund Regulatory and Development Authority (PFRDA) updated National Pension System (NPS) rules starting August 28, 2026. This new system makes it easier for people to pick a pension fund. It introduces five standard categories: Lifecycle-based Schemes, Active Choice, NPS Sanchay, Multiple Scheme Framework (MSF), and 4A Schemes.

## Investment updates

MSF schemes now use simple codes A through E to show equity levels. This ranges from Aggressive Growth with 80-100% equity to Debt funds with 0-10% equity. People can now easily compare past returns, risks, and fees before choosing a fund. Subscribers are limited to two requests per financial year to change their pension fund or investment plan. Also, the new rules let you merge multiple NPS schemes into one target scheme. That fund will then follow its own specific rules.