Association of NPS Intermediaries officially launched in Mumbai

On the occasion, the association's logo was also unveiled by the Chairperson of the Pension Fund Regulatory Development Authority (PFRDA), Dr Deepak Mohanty.

This landmark initiative brings together key stakeholders from the National Pension System (NPS) ecosystem to foster collaboration, strengthen subscriber welfare, and promote the continued growth of NPS as a critical retirement planning tool for the citizens of India.

The Secretary, Department of Financial Services (DFS), Ministry of Finance, virtually delivered the keynote address on the occasion.

"DFS Secretary congratulated the newly formed Association of NPS Intermediaries. It was emphasised that, with the changing demographics, rapid urbanisation and changes in family structure, early planning for the pension product by an individual is a necessity. In this regard, he urged advocacy by the newly formed association," the release said.

The association was assured that any feedback from them would be examined with utmost care and urgency, it said.

Speaking at the conference, PFRDA Chairperson Dr Deepak Mohanty, emphasised, "The launch of the Association of NPS Intermediaries is a significant milestone for the pension sector. I am confident it will further strengthen and redouble our efforts in creating awareness to expand pension coverage in India through collective efforts and feedback mechanism. The Association will lead the charge, with guidance from its members and regulators, to become a global benchmark for financial security."

Mohanty stated, National Pension System (NPS) has seen tremendous growth in recent years, establishing itself as a cornerstone for long-term retirement planning in India.

With assets under management (AUM) exceeding Rs 13.8 lakh crore, both Atal Pension Yojana (APY) and NPS, having a total subscriber base of 8 crores, has emerged as one of the most efficient, tax-advantageous, and low-cost retirement solutions available today. This remarkable growth underscores the increasing acceptance of pension schemes and the vital role it plays in securing the future of India's working population, he added.

Mohanty also said that the NPS industry is expanding rapidly, driven by growing awareness, government initiatives through PFRDA and NPS Trust and support from a robust network of intermediaries. The system's flexibility, transparency, and ability to cater to a wide range of investors--from salaried employees to self-employed individuals--have made it a preferred choice for retirement planning across the country. The steady rise in subscribers and growing assets reflect the confidence Indian citizens place in NPS as a trusted retirement product, said the PFRDA Chairperson.

Speaking about the important role to be played by the Association of NPS Intermediaries (ANI), Mohanty said, as the NPS ecosystem evolves, the formation of the Association of NPS Intermediaries marks a significant milestone. This association unites various stakeholders, including Pension Fund Managers.

The conference titled "Securing Tomorrow, With Pension" featured an insightful address by Siddhartha Mohanty, Chairperson of LIC of India, who focused on the pivotal role of increased pension assets in the development of the financial sector in India.

Rama Mohan Rao Amara, MD of State Bank of India, and Amitabh Chaudhry, MD and CEO of Axis Bank Ltd., shared their perspectives on the critical role financial institutions play in driving the adoption and growth of the NPS.

Animesh Mishra, Additional Central Provident Fund Commissioner, EPFO, also addressed the gathering, emphasizing the lack of advocacy about the need for sustainable pension and EPF alone will not be sufficient to reach the desired replacement rate.

The Association of NPS Intermediaries is a collective platform representing all stakeholders in the NPS ecosystem. It is committed to enhancing the effectiveness of the system, strengthening subscriber welfare, and collaborating with policymakers to shape the future of retirement planning in India. (ANI)