PFRDA head says aiming for 13 lakh non-govt NPS enrollments in FY24

Pension Fund Regulation and Development Authority (PFRDA) is looking forward to registering 13,000 new non-government individuals under the Nation Pension Scheme (NPS) in FY24, said Chairman Deepak Mohanty.

In fiscal ’23, both lines passed an important milestone in terms of customer uptake, with NPS adding over 10 new single subscribers and Atal Pension Yojana (APY) adding 1.1 million subscribers.

Under the APY, the pension regulator expects to add 1.3 crore subscribers in FY24, Mohani said in a media discussion on Friday.

He added that out of the total non-government subscriber base of 48 thousand so far, the number of individual subscribers reached 30.2 thousand as of July 1, and the number of corporate subscribers reached more than 17.8 thousand, leaving plenty of room for expansion. The number of subscribers in central government and state government was around 85 lakh.

The total assets under management, including NPS Lite, were Rs. 9.8 crore as of July 1, of which Rs. 1.7 crore or 17.8 per cent was in equity.

The focus is now on acquiring corporate subscribers, with PFRDA in discussions with several companies, and growing digital capabilities. Growth under the company segment was around 18 percent and under the all-citizens model it was 27 percent in FY23.

Mohanty said NPS remains an attractive product because of its low cost, employer portability and steady returns. 9.3 percent since inception.

The regulator seeks to enhance digital empowerment to ensure a smooth journey for people coming through various channels, including direct channels or intermediaries, Mohani said, adding that about a third of the new onboarding process is currently being conducted through eNPS.

PFRDA is working on guaranteed minimum returns products, and is also looking to allow access to funds through regular withdrawal plans (SWPs) – a feature expected to launch by October.