NPS gets an upgrade with 100% equity option. What changes?

Summary: NPS has undergone substantial changes with an entirely new framework now in place. From complete equity investment options to shorter lock-ins and multiple pension schemes, the new framework could change how you build your retirement savings. Here’s what these changes mean for you. The National Pension System (NPS) is seeing a major shake-up. From October 1, a new framework comes into effect for non-government subscribers that includes sweeping changes: a separate set of schemes alongside the existing ones, long-awaited flexibility especially around equity exposure, diversification and vesting period. Here’s a clear breakdown of what’s changed, what’s new and what may be coming next. You can now hold multiple pension schemes Until now, NPS subscribers could hold just one investment option per tier under one central record-keeping agency (CRA) such as Protean, CAMS and KFintech. That was restrictive since you had to choose a single strategy. Pension funds, too, could offer only one scheme per asset class. The new Multiple Scheme Framework (MSF) changes this. Now, your PAN will be the unique identifier, and you can hold multiple pension schemes with different permanent retirement account numbers (PRAN) across CRAs. This means you can now split your savings between aggressive and conservative schemes, tailoring investments for different life stages. You can now invest in 100 per cent equity under n

This article was originally published on October 01, 2025.