Mumbai, 16th April 2021: The Pension Fund Regulatory and Development Authority (PFRDA) announced on Thursday that it has reached a record 424 lac subscribers under the National Pension System (NPS) and Atal Pension Yojana (APY) at the end of the Financial Year 2020-21. The total Assets Under Management (AUM) of NPS is Rs 5,78,025.40 crores.
Basis the record, the total pension assets under management has shown a Y-o-Y growth of 38%. As of March 2021, more than 11 lacs corporate employees and 16.47 lacs non-government subscribers have enrolled in NPS voluntarily.
The pandemic have not impacted the joining of subscribers in comparison to the years before COVID 19. A big reason may be the citizens have started realizing the uncertainty of life and the need for financial security and retirement planning.
In FY 2020-21, PFRDA has introduced various new policies to make the system seamless, from entry to exit in National Pension System. The policy initiatives include the subscribers onboarding, the exit process, the new methods of subscriber authentication such as OTP/ eSign based onboarding, Offline Aadhaar-based verification, third party onboarding after KYC verification, e-nomination, e-exit for NPS Subscribers, penny drop for bank account verification etc.
Shri Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), said: “Although last year was pretty challenging because of Covid-19 pandemic, but we are glad that we could achieve 24% growth in non-government subscribers base and overall AUM too grew by 38%. The scheme returns of nearly 10% generated by Pension Funds were praiseworthy. In totality, 6 lakh new non-government subscribers and 1100 new corporates joined NPS scheme this year, and look forward of adding another 1 million new subscribers during the current fiscal.”
