The Multiple Scheme Framework (MSF) introduced under the National Pension System (NPS) has gained early traction, with total assets under management (AUM) crossing Rs 145 crore within four months of launch. The initiative, introduced by the Pension Fund Regulatory and Development Authority (PFRDA) in October 2025, aims to give NPS subscribers more flexibility and choice in retirement investments.

Since its launch, the MSF has attracted participation from a growing number of investors. By early February 2026, over 1.5 lakh accounts had been opened under the framework, indicating rising interest in customized pension-investment options.

The MSF allows pension fund managers to offer multiple schemes with different investment strategies, enabling subscribers to select options based on their financial goals, risk tolerance, and retirement planning needs. This marks a shift from the earlier structure, where investors had more limited scheme choices.

So far, 25 schemes have been introduced by various pension fund managers, covering a range of investment approaches. The first set of schemes was launched on October 1, 2025, coinciding with NPS Diwas, and additional schemes were rolled out in the following months.

A key feature of the framework is greater investment flexibility, including options that allow higher equity exposure for long-term investors seeking potentially better returns.

With the MSF gaining momentum, regulators expect the framework to strengthen retirement planning participation and improve portfolio diversification within the NPS ecosystem.