NPS gets a makeover: What is Multiple Schemes Framework
India's National Pension System (NPS) just got a big update with the Multiple Schemes Framework (MSF), rolled out by the PFRDA from October 1, 2025.
Now, you can pick between different equity levels and specialized funds to better match your goals—no more one-size-fits-all.
The NPS, which started back in 2004 mainly for government employees, is finally getting a refresh that gives investors more say in how their money grows.
How to choose the right mix for you
With MSF, pension fund managers can offer tailored options—like UTI's Wealth Builder NPS (focused on mid-cap companies outside the top 100, with up to 100% equity exposure, but only among the top 200 companies by market capitalization), HDFC's Surakshit Income Fund (mostly bonds), or ICICI's 'My Family My Future' (designed for women and families with flexible equity).
Heads up though: these new plans charge higher management fees than before.
Also worth noting—government employees still need private accounts to access these new features.
If you're considering NPS now, it's smart to check which mix fits your needs best.