NPS Sanchay: What Does This New Scheme Offer?

The Pension Fund Regulator and Development Authority (PFRDA) has introduced NPS Sanchay, a variant of the National Pension System (NPS) specifically for the informal sector workers. They constitute around 90 per cent of the total workforce in India, and the aim is to bring them under the pension security ambit by making the scheme simple to understand and boosting enrolment.  

This is a variant of the existing schemes under the NPS and the Multi Scheme Framework (MSF) framework. According to the circular dated May 6, 2026, “The default design of this scheme is intended to reduce complexities associated with the selection of investment options and determination of asset allocation, while also addressing constraints arising from limited advisory support at the last-mile level."

The core idea of the NPS Sanchay is to reduce the complexities that can deter people from registering under it. The variant features a default design to eliminate the confusion of selecting an investment option and deciding the asset allocation. For many people in the informal economy, understanding the scheme and navigating their portfolios can be difficult. The variant addresses this issue by making the scheme simple.

Who Is Eligible For NPS Sanchay?

Any Indian Citizen between 18 years and 85 years of age can open the account. An applicant can open the account through existing points of presence (PoPs), service providers, or online via PFRDA’s platform.

One needs to provide the mandatory Know Your Customer (KYC) requirement, other necessary documents, and the registration form to open the account.

Investment Pattern

The investment pattern in NPS Sanchay will be strictly aligned with the existing government sector schemes, including “UPS/NPS/APY Schemes—Central/State Government (default), Corporate CG, NPS Lite, Atal Pension Yojana (APY) and APY Fund Scheme, as prescribed under Circular No. PFRDA/Master Circular/2025/05/PF-03 dated 10.12.2025.”The set investment patterns remove the need to decide on the asset class, the percentage allocation, etc., and ensure the same level of institutional rigour for these investments as in the public sector pension.  

This variant will be made available to subscribers across all pension funds.

Minimum Contribution And Investment Options

The minimum contribution and the subsequent contributions in NPS Sanchay will be the same as those in the NPS Common Scheme. The subscribers will have an option to change the Pension Fund and asset allocation guidelines issued for All Citizens from time to time.

Charges And Regulations

While the interface is simplified, the regulations will remain robust. All the exit and partial withdrawals will be governed by the PFRDA Regulations of 2015. The charges will be the same as under the Common Schemes of the NPS, including NPS (All Citizen), NPS Vatsalya, and NPS Lite or as may be specified by PFRDA from time to time. Any change in the charges will apply to NPS Sanchay and will be applicable to all stakeholders.

MSF Schemes

The circular also clarifies that pension funds can launch a new scheme under the MSF. These new schemes will have to follow the same general rules and terms as existing ones, but they can have a unique investment pattern as per the guidelines.

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