13.16 lakh subscribers registered under National Pension System

Mumbai (Maharashtra): The Pension Fund Regulatory Development Authority revealed that as on March 6, more than 13.16 lakh subscribers are registered under the National Pension System from the private sector (all citizen and corporate).

The committee, in a conference held here on Friday, in association with FICCI, stated that 6.83 lakh employees of more than 4,365 registered corporates joined the NPS' Corporate Model, while more than 6.3 lakh subscribers joined the All Citizen Model.

The overall number of NPS and Atal Pension Yojana (APY) subscribers, the PFRDA said, have crossed 2.05 crore with overall asset under management (AUM) of more than 2.25 lakh crore.

The committee aims to significantly scale-up these segments during the ongoing months.

"In the changing demographic status of the country, the pension is one of the most important factors to be considered by everyone.

The NPS promoted by the government provides the platform to every segment of the society for savings for retirement.

Participants should to think of the NPS not only for tax benefits but also as a product which can yield market-related returns and secure regular income in the old age," said A. G. Das, Executive Director of PFRDA, while addressing the gathering.

More than 220 participants from around 140 corporates attended the workshop, along with Mumbai-based, pension funds and central recordkeeping agency.

The PFRDA officials clarified queries regarding joining of NPS, tax benefits, details, timelines, transfer of superannuation fund to NPS, annuity and so on.