New Delhi, Aug. 31 -- The Pension Fund Regulatory and Development Authority (PFRDA) has directed pension funds to modify, restructure or reclassify existing Multiple Scheme Framework (MSF) schemes to align them with its new standardised framework for classification and presentation of NPS schemes.

Under the regulator's circular dated 28 August 2026, pension funds have been given 30 days to bring existing MSF schemes into a single prescribed category and rename them according to the new naming convention.

PFRDA said existing MSF schemes whose equity allocation mandate spans more than one MSF category must be modified, restructured or reclassified so that each conforms to a single prescribed category. Pension funds must submit the revised...