New Delhi, Oct. 13 -- India's retirement system is getting a bold rewrite. The National Pension System (NPS), once known for its simplicity and safety, will now let investors go all-in on equities, pick specialized funds and exit after just 15 years. The changes have been introduced under the new Multiple Schemes Framework (MSF) by the Pension Fund Regulatory and Development Authority (PFRDA)

Experts say the move marks a shift from a "one-size-fits-all" pension plan to a more personalized, market-linked structure-though one that may blur the line between a retirement product and a pure investment scheme.

Launched in 2004 for government employees, NPS replaced a defined benefit pension with a defined contribution model. In the earlier se...