NPS 2026: PFRDA issues MSF guidelines for pension funds on subscriber data sharing

The circular follows up on the MSF introduction in September 2025, which allowed PFs to “design, operate, and manage multiple schemes under the National Pension System,” enabling them to operate under their own brand identity and improve outreach, innovation, and subscriber engagement.

Under the new guidelines, CRAs will share subscriber data with PFs “using a prescribed common template and at such periodicity as may be mutually agreed.” However, PFs will receive information only for subscribers enrolled in schemes they manage under MSF. Subscribers enrolled only under common schemes will not have their data shared.

The circular emphasises strict data usage, privacy, and security protocols. All subscriber data “shall be used solely for the intended purposes of scheme design, distribution, subscriber outreach, value-building, and servicing.”

PFs and CRAs must comply with the Digital Personal Data Protection Act, 2023 (DPDP Act), the Information Technology Act, 2000, and other applicable laws. Any unauthorised use or disclosure of data is “strictly prohibited” and may attract regulatory and legal action.

Regulatory safeguards include provisions from CRA and PF Regulations, 2015, requiring confidentiality and compliance with applicable privacy laws. CRAs must “maintain absolute confidentiality with respect to all records, data, and information received,” while PFs are mandated to ensure the same in handling subscriber information.

The circular also provides a detailed information sharing template, including fields like name, date of birth, marital status, income range, contact details, and Tier-II account activation. Each field is designed to enable “personalised communication and targeted subscriber engagement.”

PFRDA has advised all CRAs and PFs to align systems, processes, and protocols accordingly and maintain audit trails to ensure compliance.