Overview

• Effective October 1, non‑government NPS subscribers can hold multiple, persona‑based schemes under a single PRAN, with fund options now permitted to invest up to 100% in equities.
• Charges are capped at 0.30% of assets under management with a temporary 0.10% incentive for acquiring new subscribers, and each new scheme must carry a Risk‑o‑meter, standardized “NPS Scheme Essentials” disclosures, index benchmarks and prior PFRDA approval.
• Switching from new MSF schemes to the existing common schemes is allowed, but transfers among the new schemes are blocked until a 15‑year vesting period or retirement/exit.
• Finance Minister Nirmala Sitharaman called for wider coverage targeting gig workers and women, including exploring training “Pension Sakhis,” and highlighted a new forum uniting PFRDA, EPFO, SEBI and IRDAI to harmonize pension rules and portability.
• PFRDA released a consultation paper proposing flexible decumulation, a target pension with CPI‑IW indexing, and an assured pension via credits, with stakeholder feedback due by October 31.