With the corporate sector and individuals showing greater interest in the national pension system (NPS), the NPS assets under management will likely rise 30% on year to Rs 7.5 lakh crore by end-FY22, the Pension Fund Regulatory and Development Authority (PFRDA) chairman Supratim Bandyopadhyay said on Friday.
"Total NPS corpus was at Rs 6.67 lakh crore as on September 25, 2021, up from Rs 5.78 lakh crore as on March 31. Our internal assessment is that by the year end, we will reach Rs 7.5 lakh crore,” Bandyopadhyay said.
Private individual enrolments (excluding Atal Pension Yojana) grew 35% on year to 18.28 lakh as on September 25, 2021, while corporate sector subscribers has shown 20% growth to 12.59 lakh during the period. The Central government employee subscribers grew 4.4% on year 22.24 lakh as on September 25, 2021, while state governments subscribers grew 10% to 53.79 lakh during the period. Total number of subscribers as of September 25, 2021, was 4.6 crore, up 24% from a year ago and 8.5% since March 31, 2021.
Bandyopadhyay said individual distributors would play a key role expansion of NPS among the masses. The regulator is also examining if the fees paid to distributors could be enhanced from the current rate of 0.25% of the contribution by a subscriber.
With longevity of life and working life going well beyond 60 years, the regulator has enhanced the entry age for NPS to 70 from 65 and exit age from 70 to 75 years, in the all citizen and corporate schemes.
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