Overview

• Effective October 1, the framework lets non-government subscribers hold multiple persona-targeted schemes under a single PAN instead of one option per tier.
• Pension funds can offer high-, moderate- and low-risk variants, including a 100% equity choice, with a mandatory Risk-o-meter, market benchmarking and a standard NPS Scheme Essentials disclosure.
• Annual charges are capped at 0.30% of AUM, with a temporary 0.10% incentive for pension funds if 80% of subscribers are new for up to three years or until 50 lakh enrollments.
• Switching to common schemes is allowed, but moves between new MSF schemes are restricted until 15 years of vesting or retirement, and exit provisions continue under existing PFRDA rules.
• Finance minister Nirmala Sitharaman endorsed the move and called for outreach via “Pension Sakhis,” while PFRDA separately issued a consultation paper proposing three pension payout designs with feedback due by October 31.