Mumbai: With the changing demographics, rapid urbanisation and changes in family structure, early planning for pension by an individual is a necessity, senior government officials and industry leaders said on Saturday.
Nagaraju Maddirala, Secretary, Department of Financial Services (DFS), Ministry of Finance, also urged advocacy by the newly-formed Association of NPS Intermediaries (ANI) that was officially launched in the financial capital.
Dr Deepak Mohanty, Chairperson of Pension Fund Regulatory and Development Authority (PFRDA), said the launch of the association is a significant milestone for the pension sector.
“I am confident it will further strengthen and redouble our efforts in creating awareness to expand pension coverage in India through collective efforts and feedback mechanism. The Association will lead the charge, with guidance from its members and regulators, to become a global benchmark for financial security,” he told the gathering.
The initiative brought together key stakeholders from the National Pension System (NPS) ecosystem to foster collaboration, strengthen subscriber welfare, and promote the continued growth of NPS as a critical retirement planning tool for the citizens of India.
With assets under management (AUM) exceeding Rs 13.8 lakh crore, both Atal Pension Yojana (APY) and NPS, having a total subscriber base of 8 crore, has emerged as one of the most efficient, tax-advantageous, and low-cost retirement solutions available today.
“This remarkable growth underscores the increasing acceptance of pension schemes and the vital role it plays in securing the future of India’s working population, added Mohanty.
The primary objectives of the association are to promote NPS as a reliable, flexible and tax-efficient retirement product and focus on subscriber welfare by ensuring smooth and transparent processes within the system, among others.