If your NPS account shows a scheme name with a letter in it — "Scheme E", say, or "Scheme C" — that letter is about to disappear. From 1 December 2026, the Pension Fund Regulatory and Development Authority (PFRDA) is changing how NPS schemes are named and displayed, to make one thing easier: comparing pension funds before you pick one.
Quick Answer: From 1 December 2026, PFRDA drops the A–E codes from NPS scheme names and forces PoP platforms to show every pension fund's schemes in your chosen category. Your money, fund and asset mix do not change. Use the new display to compare funds on returns, charges and asset mix — not on the name alone.

What exactly changes on 1 December 2026

PFRDA's circular dated 2 November 2026 amends its 28 August 2026 framework, and every intermediary — recordkeeping agencies, pension funds and Points of Presence (PoPs) — must implement the changes by 1 December 2026. Three things change.
First, the category codes A to E disappear from scheme names. The new format is simple: the pension fund's abbreviation, then "NPS", then a unique scheme name — for example, "XYZ NPS Retirement Scheme". Tier II schemes add "Tier II" at the end. If a pension fund offers more than one scheme in the same category, each must have a distinct name.
Second, the category and risk information does not vanish — it moves. Pension funds must still display the scheme's growth category and risk level alongside the name in all public-facing material: brochures, the NPS Scheme Essentials Document, ads, websites, apps and onboarding journeys.
Third, PoPs running their own platforms must now show you schemes from all pension funds in the category you select — until now, a PoP could show only a selected set. From 1 December, the full shelf is on display.

What the A–E codes meant

Under the Multiple Scheme Framework, the letter told you the equity band at a glance: Category A carried the highest equity exposure and Category E the lowest. It was a quick shorthand for risk. The trouble: two schemes from different funds could look alike in name while holding very different portfolios — and a subscriber comparing names was not really comparing investments.
The new system keeps the category information but takes it out of the name, so the comparison happens on the disclosed category, risk level, returns and charges — not on a letter.

What does not change

Nothing about your money changes. Your pension fund, units and asset allocation stay exactly as they are. Contribution rules, tax benefits and withdrawal rules are untouched — the extra ₹50,000 deduction under Section 80CCD(1B), employer NPS contributions and the standard 60/40 exit rule all stay as they are. If you are happy with your current fund, do nothing on 1 December.

The worked example: what ₹10,000 a month becomes

Priya is 30 and puts ₹10,000 a month into NPS for 25 years, until 60. The figures below are illustrations at assumed returns — not promises, and not what any fund guarantees.
At an assumed 10% a year, with monthly compounding, her ₹30 lakh of contributions grows to about ₹1.34 crore. At an assumed 12% a year, the same contributions reach about ₹1.90 crore. The gap — roughly ₹56 lakh — is why the fund and asset mix you pick matters more than the name on the scheme.
At exit, under the standard 60/40 rule, about 60% — ₹80.3 lakh at the 10% illustration — can be taken as a lump sum, and the remaining 40%, about ₹53.5 lakh, must buy an annuity. At an assumed 6% annuity rate, that pays about ₹26,758 a month for life. Annuity rates vary by insurer and age, so treat that figure as an illustration, not a quote.
At 5% inflation over 25 years, that ₹1.34 crore is worth about ₹39.5 lakh in today's money. That is why the asset mix — equity versus government securities and corporate debt — deserves more attention than the scheme name.

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How to compare pension funds now

Use this framework, weights stated and dated 5 November 2026. It is a way to compare, not a ranking — no fund is named best.
Long-term returns, 30%: compare 5-year-plus returns for the same asset class on the NPS Trust website — an equity-heavy scheme against another equity-heavy scheme, never against a government-securities scheme.
Fund-management charges, 20%: check the charge in the scheme document. Small differences compound over 25 years, so a fund that looks identical on returns can cost you lakhs more.
Asset-allocation fit for your age and risk, 30%: the E, C and G mix is the biggest driver of your outcome. A 30-year-old and a 55-year-old should not hold the same mix, and the new display makes that mix easier to see.
Service quality and platform ease, 20%: how easy it is to change your fund, switch asset classes and get a statement.

Three mistakes to avoid

First, picking on the name alone. A catchy scheme name tells you nothing about returns, charges or risk — read the category and risk level shown next to it.
Second, ignoring the asset mix. Two schemes in the same category can hold very different equity shares. The mix, not the label, decides your return.
Third, forgetting Tier II is different. Tier II is the voluntary, withdrawable account, with no tax benefit on contributions and no lock-in. The "Tier II" tag at the end of a scheme name is the part that matters most.

What to do before 1 December

Log in to your CRA account — NSDL or KFintech — and note your pension fund, asset-class mix and scheme category. When the new names appear, use the PoP platform's full-fund display to compare your fund's 5-year returns and charges against the others in your category. If yours still looks reasonable, do nothing. If not, a fund change is a few clicks away.
Will my existing NPS investment change on 1 December 2026?
What will NPS scheme names look like now?
Can I still choose any pension fund when opening NPS?
Does this change NPS tax benefits or withdrawal rules?

Ready to start?

1. Log in to your NPS account today and note your pension fund and asset mix. 2. Try your own numbers in the embedded NPS calculator on myfinancewisdom.com. 3. Follow @myfwindia on Instagram for the daily checklist version of this guide. 4. Get the myfw app on Google Play — 22+ calculators in your pocket.

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Educational content only — not financial advice. Consult a SEBI-registered investment adviser for personal guidance; investments are subject to market risk.
Sources: PFRDA circular dated 2 November 2026 amending the standardised framework of 28 August 2026; Business Standard, 4 November 2026; Economic Times, 4 November 2026; CNBC-TV18, 4 November 2026; Outlook Money, 5 November 2026.