Pension Alert! After 13 years, PFRDA crosses Rs 6 lakh crore under AUM in the last fiscal

Under the National Pension System (NPS) and Atal Pension Yojana (APY), the Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday announced that it has crossed Rs 6 lakh crore (Rs 6 trillion) of Assets Under Management (AUM)). Ministry of Finance said in a statement. 

This milestone was achieved almost after 13 years, while the AUM growth of last Rs 1 lakh crore has been achieved in mere seven months, the ministry said. 

The statement also reads, PFRDA 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.  The total subscriber base of PFRDA has increased to 4.28 crore. 

PFRDA Chairman Supratim Bandyopadhyay in his statement said, “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.” 

As of 21st May 2021, the total number of subscribers under NPS and Atal Pension Yojana crossed 4.28 crore, and the Asset under Management (AUM) has grown to Rs 603,667.02 crore. 

Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.  

NPS was initially notified for central government employees recruits from January 1, 2004, and subsequently was adopted by almost all state governments for its employees. NPS was extended to all Indian citizens on a voluntary basis and to corporates for its employees.