NPS Multiple Scheme Framework 2025: Many Schemes, One PRAN

The NPS Multiple Scheme Framework, or MSF, is a PFRDA reform that lets a non-government subscriber hold and manage several NPS schemes at the same time under a single Permanent Retirement Account Number, instead of being locked into one pension fund and one scheme. PFRDA introduced it through Circular No. PFRDA/2025/09/REG-PF/01 dated 16 September 2025, under Section 20(2) of the PFRDA Act 2013, and it took effect from 1 October 2025.

In plain terms: earlier, one PRAN meant one scheme choice with one pension fund. Now your single PRAN can act like an umbrella, letting you split your retirement savings across more than one scheme at the same Central Recordkeeping Agency, including a new high-risk option that can go up to 100 percent equity.

Before MSF, a non-government NPS subscriber picked one pension fund and one investment choice, and switching meant moving the whole corpus. The Multiple Scheme Framework changes that.

Your PAN is used to identify and aggregate your holdings, so your different schemes still roll up to you as one person across the Central Recordkeeping Agency, or CRA.

• Younger non-government subscribers who want a sharper, higher-equity tilt for the long run through the high-risk option.
• Subscribers who want to diversify across more than one scheme without opening a separate account.
• People who dislike being locked in to a single pension fund and one investment style for decades.
• Hands-on planners who want to fine-tune risk as they get closer to retirement.

MSF, as notified, is for the non-government sector. If you are a central or state government employee under NPS, your investment pattern is governed separately, so check with your nodal office before assuming MSF applies to you.

There is no special law you need to invoke to use MSF. It is a product feature your pension fund and CRA roll out. A practical path:

1. Log in to your NPS account through your CRA portal using your PRAN.
2. Look for the Multiple Scheme Framework or scheme-selection option offered by pension funds that have launched MSF schemes.
3. Read the risk profile of each scheme, especially the high-risk option that can hold up to 100 percent equity.
4. Choose how to split your contributions across the schemes you want under your one PRAN.
5. Confirm the change and keep the acknowledgement. Track the new allocation in your next statement.

If a CRA or pension fund refuses to act on a valid request, or sits on it, you can ask for the reason in writing. Citizens often find it easier to frame a clean, dated written request first; our AI RTI drafter tool can help you put one together.

Per the framework, total charges are capped at 0.30 percent of assets under management per year. Qualifying pension funds may also draw an additional 0.10 percent of assets under management per year as a New Enrolment Incentive. Separately, from 1 April 2026, the Association of NPS Intermediaries is set to receive 0.0025 percent of assets under management for outreach work. Always confirm the live charge sheet on your CRA portal before you decide, since fees can be revised.

• Up to 100 percent equity cuts both ways. The high-risk option can grow faster but can also fall sharply in bad market years. It suits a long horizon, not money you need soon.
• More schemes means more to monitor. Holding several schemes under one PRAN gives flexibility, but you have to actually review them.
• Exit and withdrawal rules still apply. MSF changes how you invest, not the core NPS exit maths. See NPS exit rules and the 80 percent lump sum and annuity split before you plan your retirement payout.
• Availability varies. Not every pension fund may have launched MSF schemes at once, so the menu you see depends on your CRA and chosen fund.

For a steady drawdown after you retire, also look at the NPS Systematic Lump Sum Withdrawal option. If you are planning for a child, the separate NPS Vatsalya account for a minor child runs on its own rules.

Dr. Shrawan Kumar Pathak, a 34-year-old non-government NPS subscriber, used to keep his entire corpus in a single moderate scheme under one PRAN. After MSF went live on 1 October 2025, he logged into his CRA portal and split his contributions: a large share into the high-risk option with its higher equity tilt for long-term growth, and the rest in a steadier scheme, all under the same PRAN aggregated to his PAN. He noted the 0.30 percent charge cap, kept his acknowledgement, and set a reminder to review the mix every year and dial down risk as he nears retirement. His total out-of-pocket setup cost was zero rupees beyond normal NPS charges.

It is a PFRDA framework, effective 1 October 2025, that lets a non-government NPS subscriber hold and manage multiple NPS schemes under one PRAN at each CRA, instead of one scheme only.

Circular No. PFRDA/2025/09/REG-PF/01 dated 16 September 2025, issued under Section 20(2) of the PFRDA Act 2013.

As notified, MSF is for the non-government sector. Government employees should check their nodal office, since their NPS investment pattern is governed separately.

The framework allows a high-risk option with up to 100 percent equity offered by pension funds. It can grow faster but also fall sharply, so it suits a long horizon and a high risk appetite.

Your holdings are aggregated using your PAN, while your single PRAN remains your account anchor at the CRA.

Total charges are capped at 0.30 percent of assets under management per year, with a possible extra 0.10 percent New Enrolment Incentive for qualifying pension funds. Confirm the live charges on your CRA portal.

No. MSF changes how you invest, not the exit maths. Your lump sum, annuity, and partial withdrawal rules stay as they are. For partial withdrawals, see the NPS Tier 1 partial withdrawal rules.

• PFRDA Circular No. PFRDA/2025/09/REG-PF/01 dated 16 September 2025 on the Multiple Scheme Framework, https://www.pfrda.org.in
• NPS Trust, About the Multiple Scheme Framework, https://npstrust.org.in/about-msf

For more citizen guides and how to put official requests in writing, see The RTI Playbook.