NPS- National Pension System launches new schemes: Deepak Mohanty, Chairperson-PFRDA

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Chennai, June 14, 2024: Chairperson-PFRDA, Dr.Deepak Mohanty during the press meet outlined on the salient features and new schemes of NPS. Following are the points discussed during the meet.
Dr.Deepak Mohanty, Chairperson-PFRDA
Recent Milestones achieved by NPS / APY:
  • 12 Lakh Cr. AUM on 14th May 2024. 
  • AUM has increased from Rs 10 lac crore to Rs 12 lac crore in less than 9 months (24 August 2023 to 14th May 2024).
  • Private Sector AUM reached 2.36 Lakh Cr. as on 18th May 2024.
  • The number of subscribers under private sector has reached 56.1 Lakhs
  • Share of Private Sector Subscribers in NPS has increased from 21.6% in Mar-19 to 37.5% in Mar-24.
  • Share of Private Sector AUM in NPS has increased from 13.1% in Mar-19 to 20% in Mar-24.
  • In FY 2023-24, 9.4 lakh subscribers have on-boarded under NPS.
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Press meet Youtube Video link ЁЯСЗ
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Subscriber-centric initiatives undertaken:
  • DSP Pension Fund Managers Pvt Ltd has been registered as the 11th Pension fund; Certificate of commencement of business has been issued to the PF. 
  • Systematic lump-sum withdrawal.
  • Choice of multiple PFs for each Asset Class.
  • 100% investment in Equity is allowed under Tier-II.
  • NPS account under Corporate Sector Model would be auto continued at the age of 60 or superannuation age. 
  • Annuity purchase can be deferred up to the age of 75 years. 
  • NPS withdrawal form may be considered as Annuity proposal form for offering the immediate annuity product by ASPs.
  • Launch of Balanced Life Cycle (BLC) Fund as an additional investment avenue with enhanced equity exposure under an LC fund.
Initiatives for a favorable NPS ecosystem:
  • Industry body for pension advocacy like AMFI & Insurance Council comprising representatives of intermediaries in the NP architecture.
  • Risk profiling of Schemes – Asset Classes managed by Pension Funds
  • Rationalization of regulations/compliance reduction.
Pivotal role played by the Distribution channel –
  • Registered PoPs - PSBs, Pvt Banks, RRBs, SFBs, NBFCs, Fintech Co.
  • Spreads awareness about pensions, need for retirement planning and how NPS & APY ensures old age income security for citizens.
  • Provides last mile connectivity – acts as an interface between subscriber and NPS architecture – on-boarding, servicing and counselling.
  • Updates its clients on benefits of NPS/APY through routine communications and social media messaging.
  • Reaches out  to the big corporates for increase employee participation
  • Channelizes household savings into investment (pension planning) and enables creation of a pensioned society
Why subscribers are choosing NPS- 
  • In the unorganized sector, with no formal pension arrangements, individuals doing retirement planning on their own.
  • NPS provides a worthy alternative- It is a Regulated, professionally managed, Low cost, Transparent and Portable pension plan well suited for any individual planning to save and invest for his/ her old age income security.  
  • Provides flexibility of contributions and multiple choices of Pension Funds and asset allocation to accumulate a decent retirement corpus.
  • NPS has various tax incentives and has generated attractive and competitive returns by the PFs.
  • Tier I- Mandatory, non-withdrawable pension account and Tier II- Withdrawable & Short-term investment account.
PFRDA’s steps towards capacity building and outreach 
  • Broad basing the distribution network through- Points of Presence (PoP)- PSBs, Pvt Banks, RRBs, SFBs, NBFCs, Fintech Companies
  • Incentivizing the distribution partners 
  • PFRDA is part of National Centre for Financial Education (NCFE) 
  • PFRDA takes NPS/APY awareness initiatives through:
  • Tie-ups with trade bodies – FICCI, ICC, CII.
  • Awareness session to Corporates
  • Annuity Literacy Programme (ALP)
  • Engagement o Retirement Planners (RP)
  • Subscriber Awareness Programmes by CRAs.
  • Trainings on NPS/APY through empanelled Training Agency
  • Hosting of Pension Literacy Website – Pension Sanchay
  • Social Media Campaigns – Facebook, Twitter, LinkedIn, YouTube.
  • Advertisements through print/digital media, radio, TVC, etc.
  • Observing ‘NPS Diwas’ on 1st Oct which is designated by UN as the International Day of Older Persons.
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