New Delhi, Sept. 26 -- The National Pension System (NPS) is set for its biggest reset in years. Under new chairman Sivasubramanian Ramann, the pension regulator has cleared the way for fresh investment options and proposed easier withdrawal rules-moves that could reshape how millions of Indians save for retirement.

From 1 October, pension fund managers (PFMs) can launch customized schemes under a new multiple schemes framework (MSF). These will allow allocations of up to 100% in equities, breaking the current 75% cap. The schemes for non-government subscribers can be tailored by persona, gender, or profession. While variants with moderate and high risk will be available, managers can launch a low-risk variant at their discretion.

The Pe...