The NPS learns its ABCs, and so should you.

Summary: PFRDA's new circulars sort every NPS scheme into five categories (A to E) by equity exposure, force a standardised naming format and mandate side-by-side comparisons before you pick a fund manager. We walk through what changes, what's untouched, and the one word that determines whether your vesting date survives a restructuring.

Summary: PFRDA's new circulars sort every NPS scheme into five categories (A to E) by equity exposure, force a standardised naming format and mandate side-by-side comparisons before you pick a fund manager. We walk through what changes, what's untouched, and the one word that determines whether your vesting date survives a restructuring. The pension regulator has done for the NPS (National Pension System) what SEBI did for mutual funds in 2017. Two circulars issued by PFRDA on August 28, 2026 sort every NPS investment scheme into five types, force every pension-fund-launched scheme into one of five categories labelled A to E and fix a naming format that discloses equity exposure in the name itself. The year-old distinction between Common Schemes and MSF schemes is gone. For most, the reform requires no action. If you hold the NPS through Lifecycle or Active Choice, your account is untouched. If you bought one of the newer pension-fund-launched schemes, expect a rename within 30 days and possibly a merger within 45. The work left for every subscriber is 15 minutes with the new map, because every NPS platform must now sell schemes in this format and no other. Every scheme

This article was originally published on September 20, 2026.