Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes.
The AUM crossed the milestone of Rs 6 lakh crore under the National Pension System (NPS) and Atal Pension Yojana (APY) after 13 years since the PFRDA came into being, an official statement said.
The AUM growth of last Rs 1 lakh crore has been achieved in just 7 months, it added.
It is to be noted that the total pension fund under the management had swelled to Rs 5 lakh crore in October 2020.
The pension sector regulator has witnessed remarkable growth in NPS subscribers over the years, with 74.10 lakh government employees in the scheme and 28.37 lakh individuals joining from the non-government sector, it said, adding the total subscriber base of PFRDA has increased to 4.28 crore.
“The achievement shows the faith subscribers have in NPS and PFRDA. A growing realisation during this pandemic is the priority accorded by individuals to retirement planning, for preserving their financial well being,” PFRDA Chairman Supratim Bandyopadhyay said.
As of May 21, 2021, the total number of subscribers under the NPS and Atal Pension Yojana has crossed 4.28 crore and the AUM has grown to Rs 603,667.02 crore.
NPS was initially notified for central government employees, recruits with effect from January 1, 2004, and subsequently adopted by almost all state governments for its employees.
Later, NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for their employees.