The National Pension System’s Multiple Scheme Framework (MSF) is being seen as a meaningful shift towards more choice-led retirement investing. A recent update has reported that the MSF book crossed ₹145 crore in AUM within four months of launch, along with strong early participation.
What is the Multiple Scheme Framework in NPS
The Multiple Scheme Framework in NPS (often shortened to NPS MSF) expands the scheme menu within NPS by allowing pension funds to offer differentiated, theme-based and strategy-led options.
In simple terms, the multiple scheme framework (MSF) is designed to give you more ways to align your NPS investments with your risk appetite, life stage, and long-term goals, without stepping outside the NPS ecosystem.
● It sits within the NPS architecture and is overseen by the regulator.
● It enables pension funds to launch multiple, distinct schemes instead of relying on a limited, standardised set.
● It is positioned as a more subscriber-centric structure, where “choice” is a core feature rather than an add-on.
The ₹145 Crore AUM Milestone In Four Months
The key headline is the reported pace of adoption: MSF has been stated to reach ₹145 crore in AUM as of February 1, 2026, after being launched on October 1, 2025.
Alongside the AUM number, the same update mentions that more than 1.50 lakh NPS accounts were opened under the MSF route in this early window.
● Launch timeline: October 1, 2025 (with operationalisation from the third week of October 2025)
● AUM snapshot date: February 1, 2026
● Account traction: More than 1.50 lakh accounts under MSF
Why PFRDA Introduced NPS MSF?
The regulator’s broad idea behind MSF is to widen retirement-oriented choices, using pension funds’ investing expertise to design more tailored solutions.
This matters because retirement planning is rarely “one size fits all”. A 28-year-old building wealth, a 40-year-old balancing responsibilities, and a 55-year-old prioritising stability don’t always need the same investment approach. MSF is positioned as a framework that recognises that.
A few reasons MSF is being framed as a notable step:
● It supports innovation-led scheme design within NPS.
● It aims to match different risk appetites and goal styles more cleanly.
● It signals a move towards a more choice-driven pension ecosystem.
What Changes For Subscribers Under the Multiple Scheme Framework
The most visible change is variety: the Multiple Scheme Framework (MSF) NPS structure allows pension funds to offer schemes built around different strategies.
As per the update, MSF schemes under NPS became operational starting in October 2025 from various pension funds.
The strategies under MSF include:
● Equity-focused
● Balanced and dynamic asset allocation styles
● Income-oriented strategies
● Risk-based retirement solutions
Multiple Scheme Framework (MSF) serves non-government subscribers such as self-employed professionals, entrepreneurs, corporate employees, and digital-economy workers, essentially anyone seeking a tailored investment path within NPS.
Key Rules To Know Before You Opt In
MSF adds flexibility, but it also comes with clear guardrails. These rules are important because they shape what you can (and cannot) do once you choose MSF.
Here are the key points highlighted:
● Some MSF schemes allow up to 100% equity allocation, but this is permitted only for new contributions under MSF.
● Existing NPS contributions remain in common schemes; new contributions can be directed to MSF schemes.
● If you later decide MSF is not suitable, you can move back to regular schemes.
If you’re evaluating multiple scheme choices purely because you saw “100% equity”, treat that as just one feature within a broader retirement framework. The core decision is still about suitability, risk tolerance, and time horizon.
Where NPS Registration Fits In
MSF is not a separate product outside NPS, so NPS registration remains your starting point. Once you are an NPS subscriber, MSF comes into the picture when you decide where your new contributions should go.
A clean way to think about it is this:
● NPS registration makes you an NPS subscriber.
● NPS MSF is a framework you can choose for new contributions, offering a wider, strategy-led set of schemes.
If you already have an NPS account, the MSF decision is still relevant, but only for new money, since the update states existing contributions cannot be shifted into MSF.
How To Think About NPS Benefits With MSF
MSF doesn’t change the basic purpose of NPS: it remains a long-term retirement vehicle. What it changes is the “choice layer” inside it, which can improve alignment between your approach and your goals.
When people search “NPS benefits” in the MSF context, they’re usually looking for three things:
● Better fit: A scheme that matches how you want to invest (growth-focused, balanced, income-led, or life-stage based).
● Greater clarity: A strategy-defined scheme can be easier to understand than a generic allocation, provided you read what it aims to do.
● More control: With more options available, you are less forced into a single default path.
At the same time, more choice also means more responsibility. A strategy can underperform expectations, market conditions can shift, and high-equity options can be volatile. So, treat MSF as a framework that improves choice, not as a shortcut to outcomes.
Conclusion
The early ₹145 crore AUM milestone and the reported account count suggest that the multiple scheme framework (MSF) is drawing attention quickly, largely because it expands choice within NPS without changing NPS’s retirement-first intent. If you’re considering multiple scheme frameworks in NPS, treat it as a decision about strategy fit and risk comfort for your new contributions, rather than a headline-driven switch.
Frequently Asked Questions
Q1: What is the Multiple Scheme Framework (MSF) in NPS?
The multiple scheme framework in NPS is a structure that allows pension funds to offer differentiated, theme-based and strategy-oriented pension schemes within NPS, aimed at giving subscribers a wider set of choices.
Q2: What does “NPS MSF crossed ₹145 Crore AUM” mean in practice?
It refers to the reported assets under management gathered under MSF schemes within a short period from launch, indicating early adoption and contributions routed into MSF options.
Q3: Can I shift my existing NPS corpus into the Multiple Scheme Framework (MSF)?
No, the update states that 100% equity allocation (where available) is allowed only for new contributions under MSF, and you cannot move your existing NPS contributions into MSF.
Q4: How many schemes are available under the Multiple Scheme Framework (MSF) NPS?
The update mentions 25 MSF schemes under NPS, with a set launched initially and the remaining operationalised subsequently by pension funds.
Q5: Is 100% equity available under the Multiple Scheme Framework PFRDA rules?
Some MSF schemes are described as allowing up to 100% equity allocation, but only for new MSF contributions. Whether that suits you depends on your risk tolerance and time horizon.
(The views, opinions, and claims in this article are solely those of the author’s and do not represent the editorial stance of The Assam Tribune)