Pension belongings underneath NPS rise 30% YoY in July 2021: PFRDA

NEW DELHI: Combined belongings underneath administration (AUM) of the National Pension System (NPS) and Atal Pension Yojana will increase to 29.88% year-on-year to the touch ₹6.27 trillion as of 31 June 2021. On the identical day in 2020, the mixed AUM of each schemes stood at ₹4.83 trillion.

The complete NPS subscriber base was at 4.42 crore in July 2021 from 3.57 crore throughout final 12 months, displaying 23.79% year-on-year progress. 

Number of subscribers in varied schemes underneath NPS and APY

View Full PictureNumber of subscribers in varied schemes

Also, Pension Fund Regulatory and Development Authority (PFRDA) press launch issued on 14 August mentioned, “As on 31st July 2021, total pension assets under management stood at ₹6,27,374 crore showing a y-o-y growth of 29.88%.”

Total Assets underneath Management underneath NPS and APY

View Full PictureTotal Assets underneath Management underneath NPS and APY

NPS was first launched for central authorities workers on 1 January 2004 and was consequently accepted by all State governments for his or her workers. Afterwards, NPS was prolonged to all residents of India (resident/non-resident/abroad) voluntarily and to non-public employers for its workers. NPS is important for presidency workers who joined service after 2004 and it was opened to the personal sector in 2009.

The Pension Fund Regulatory and Development Authority (PFRDA) has additionally allowed annuity service suppliers, that are life insurers corresponding to LIC, ICICI Prudential Life, and many others., to deal with give up requests from annuitants (who had been erstwhile NPS subscribers) and intermediaries together with Nodal officers of the Government Sector with out referring to PFRDA, Central Record Keeping Agency or National Pension System Trust.

You should know that NPS is among the low-cost funding merchandise. It permits publicity to fairness for as much as 75% of the corpus and is rationally tax environment friendly.

Besides, the Atal Pension Yojana is a periodic contribution-based pension product and gives a particular pension of ₹1,000-5,000 to subscribers.

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