Multiple Scheme Framework (MSF)

The Non-Government Sector (NGS) under the National Pension System (NPS) has steadily evolved into a strong and growing part of India's retirement planning landscape. It reflects how more people outside government jobs—such as corporate employees, professionals, self-employed individuals, and those working in the platform or digital economy—are showing trust in NPS as a reliable way to build financial security for their future.

Encouraged by the steady progress so far, there is now a focus on tapping into the much larger potential this sector holds. To support this, the Pension Fund Regulatory and Development Authority (PFRDA) has introduced a new initiative called the Multiple Scheme Framework (MSF). This move is aimed at strengthening the overall pension ecosystem in the country by offering NPS subscribers' greater freedom and more options when it comes to planning for retirement.

The MSF has been launched under the provisions of the PFAS Act, which allows subscribers to access more than one scheme within the NPS. The goal is to provide more flexibility and a wider range of choices, so that individuals can align their pension investments more closely with their personal financial goals. This approach also brings India's pension framework closer to global standards, making it more modern and responsive to the diverse needs of today's workforce.

Overall, this marks an important step forward in making the NPS more inclusive, adaptable, and appealing especially for those outside the traditional government sector.

Key features

Transparency:

With MSF, each scheme is managed and reported separately, making performance tracking much more straightforward. Subscriber can view scheme-specific disclosures, benchmarks, and Net Asset Values (NAVs), which improves transparency and decision-making.

Flexibility under the NPS Tier account:

Another important aspect of the framework is its applicability to Tier I and Tier II accounts (soon to be launched), enabling broader participation and choice across different types of NPS accounts. The ability to access multiple investment strategies under a single PFM, without the need to switch fund managers. This makes portfolio management simpler while still offering diverse options.

Tax benefits:

The NPS continues to offer attractive tax benefits under existing provisions, including deductions under sections 80CCD(1), 80CCD(1B), and 80CCD(2) for both individuals and employer contributions to the retirement plan. Overall, the MSF significantly increases the scope of customization in NPS, while continuing to offer tax benefits under Sections 80CCD(1), 80CCD(1B), and 80CCD(2) for individual and employer contributions. This evolution is aimed at making pension planning more aligned with an individual's goals and global best practices.

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