NPS Rule Change: Can You Now Pick Any Pension Fund?

PFRDA has updated NPS rules from December 1 — pension platforms must now display all available fund managers and schemes clearly, so subscribers can make informed choices rather than being funnelled into a default option.

Here's what happened: PFRDA has mandated that all NPS platforms display schemes from every registered pension fund manager by December 1, ending selective or limited listings.. Scheme naming conventions have been standardised so subscribers can compare equity, corporate bond, and government securities options across all fund houses on equal footing.. The changes apply to both the subscriber-facing onboarding flow and the account management interface where existing NPS holders switch allocations..

What you should do: Log into your NPS account after December 1 and check the updated fund manager comparison screen — look at 5-year annualised returns before your next allocation switch.. Use your one free annual fund manager switch wisely: compare performance of the equity (E), corporate bond (C), and government securities (G) schemes across all pension funds before deciding.. If you are newly joining NPS through an employer or bank portal after December 1, do not accept the pre-selected fund manager — scroll through all options and choose based on historical returns..

NPS allows one free fund manager change per financial year. Submit the switch request before March 31 to avoid carrying a poor-performing allocation into the new year.

For readers weighing their credit and loan options, our personal loan guide and CIBIL score resources put this update in context.