Major Change in NPS: PFRDA to Revise Scheme Names Starting December 1

The PFRDA has updated the naming conventions and online display rules for NPS schemes. Effective December 1, 2026, category codes A, B, C, D, and E will be removed; however, information regarding risk and investment details will still be provided.

If you invest in the National Pension System (NPS) or are considering opening an account for your retirement, this information is important for you. The Pension Fund Regulatory and Development Authority (PFRDA) has introduced changes to the names of NPS schemes and how they are displayed online. These new rules will come into effect on December 1, 2026. The objective is to make it easier for investors to understand and compare the various pension fund schemes.

Under the new regulations, pension funds will no longer include category codes—such as A, B, C, D, and E—in the names of their schemes. Nevertheless, details regarding the nature of the scheme's investments and its associated risk level must be provided alongside the name.

What will change in the names of NPS schemes?

According to the new PFRDA guidelines, pension funds are no longer required to include category codes like A, B, C, D, or E in the names of schemes under the Multiple Scheme Framework (MSF). Instead, the scheme name will consist of the pension fund's abbreviated name, 'NPS', and a distinct name for the specific scheme. The regulator has specified that these names should be simple and easy to remember.

For instance, a scheme might be named 'XYZ NPS Retirement Scheme'. If a single fund manages multiple schemes within the same category, each must have a unique name. While no additional suffix is ​​required for Tier-I schemes, the term 'Tier II' must be included at the end of the names for Tier-II schemes.

Will investors no longer receive information about risk?

The removal of category codes from scheme names does not mean that investors will no longer have access to information regarding risk. The PFRDA has mandated that pension funds must disclose the growth category and risk level of a scheme—alongside its name—in advertisements, on websites, in brochures, and in any other public-facing information. This means that, by looking at the name of a scheme, investors will also be able to understand the level of risk involved.