Operational Guidelines on New Enrolment Incentive (NEI) under Multiple Scheme Framework (MSF)

**Executive Summary** This circular, dated January 7, 2026, outlines operational guidelines for the New Enrolment Incentive (NEI) under the Multiple Scheme Framework (MSF) for pension funds. It clarifies eligibility criteria for the incentive, defines “new enrolments”, and specifies the role of the Association of NPS Intermediaries (ANI) in its payment. ANI will also receive 0.0025% of Assets under Management (AUM) from April 1, 2026, for outreach and awareness initiatives. **Key Points / Main Content** * **New Enrolment Incentive (NEI) for Pension Funds:** * Pension Funds (PFs) are entitled to an additional 0.10% p.a. of AUM for schemes launched under MSF if 80% of subscribers are new to NPS. * The NEI shall be ascertained based on the review conducted by the Authority at the expiry of each period of 12 months from the date of the scheme approval. * The incentive is available for three years from scheme approval or until the scheme onboards fifty lakh subscribers, whichever is earlier. * **Definition of "New" Subscriber:** * A subscriber is considered "new" if registering for a PRAN (Permanent Retirement Account Number) for the first time under any CRA (Central Recordkeeping Agency) and selecting an MSF scheme of a PF. * **Subscriber Scenarios and NEI Eligibility:** * **Eligible:** A new subscriber registers for a PRAN for the first time under any CRA and selects an MSF scheme of a PF. * **Not Eligible:** The same subscriber subsequently registers a second PRAN under another CRA for availing MSF. * **First Scheme Only:** If a new subscriber selects more than one MSF scheme of the same PF, only the first scheme selected is eligible. * **Each Scheme Eligible:** A new subscriber selects MSF schemes of different PFs; each scheme is eligible. * **First Scheme Only:** A new subscriber selects multiple MSF schemes across multiple PFs; only the first scheme selected under each PF is eligible. * **Payment of NEI:** * The NEI is intended to incentivize outreach efforts to expand NPS coverage. * Eligible PFs will be paid NEI by the Association of NPS Intermediaries (ANI). * **ANI Funding:** * Effective April 1, 2026, ANI will receive 0.0025% of Assets under Management (AUM) for outreach, pension literacy, and awareness initiatives. * **ANI Responsibilities:** * ANI should establish appropriate systems and internal controls for the computation, periodic disbursement, accounting, and audit of NEI. * **Regulatory Basis:** * This circular is issued under PFRDA (Pension Fund) Regulations, 2015, specifically Regulation 9A(1)(l) and Schedule VI (I)(d). **Impact Analysis** **Pension Funds (CEOs of All Pension Funds):** * **Impact:** Can receive an additional 0.10% p.a. of AUM as NEI for new enrolments under MSF schemes, incentivizing the acquisition of new subscribers. * **Action Required:** Understand and implement the guidelines for determining "new" subscribers and eligibility for NEI; focus on scheme-specific efforts for enrolling new subscribers; ensure compliance with the regulations. **Association of NPS Intermediaries (CEO of ANI):** * **Impact:** Responsible for disbursing NEI to eligible PFs; receives 0.0025% of AUM for outreach and awareness initiatives. * **Action Required:** Establish systems for computing, disbursing, accounting, and auditing NEI payments; plan and implement outreach, pension literacy, and awareness initiatives. **National Pension System Trust (CEO of NPST):** * **Impact:** Indirectly impacted through the overall expansion of NPS coverage and improved financial literacy, contributing to the sustainability and reach of the NPS framework. * **Action Required:** Monitor the effectiveness of the NEI program and ANI's outreach efforts to ensure alignment with the goals of the NPS.

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