New Delhi, Oct. 28 -- Built on a defined contribution model, the National Pension System (NPS) was designed to address India's growing need for retirement income. Since its rollout for non-government subscribers in 2009, the system has evolved steadily.

The latest reform-the Multi-Scheme Framework (MSF)-allows up to 100% equity allocation, compared to the earlier 75% cap. Under MSF, Pension Fund Managers (PFMs) can design multiple schemes across asset classes, offering more tailored investment options to build a retirement corpus.

Alongside this, the Pension Fund Regulatory and Development Authority (PFRDA) is working to improve pension payout choices, currently limited by a narrow set of annuity products.

In this interview with Mint's...