PFRDA Introduces Multiple Scheme Framework (MSF) under NPS for Non-Government Subscribers, Effective October 1, 2025.

The Pension Fund Regulatory and Development Authority (PFRDA) has announced the launch of a Multiple Scheme Framework (MSF) for non-government sector subscribers under the National Pension System (NPS), marking a major structural change effective from October 1, 2025.

      - The MSF will allow non-government subscribers to hold multiple schemes under a single PRAN (Permanent Retirement Account Number) across different Central Recordkeeping Agencies (CRAs). Earlier, each subscriber could operate only one investment choice per tier and be linked to a single CRA, limiting flexibility.

Main Point :-   (i) The framework empowers Pension Funds (PFs) to design customised schemes catering to diverse subscriber groups, including gig and digital economy workers, self-employed professionals, and corporate employees receiving employer co-contributions. This aims to make NPS more inclusive and adaptable to the evolving workforce structure.

      (ii) Under the MSF, every scheme must offer at least two investment variants—moderate and high-risk—with equity allocation permitted up to 100% in the high-risk option, compared to the earlier maximum limit of 75%.

(iii) This provides subscribers with wider risk-return choices aligned to their investment appetite.
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