PFRDA reviews strategies for expansion and distribution of NPS

The pension sector regulator Friday reviewed strategies for expansion, comprehensive coverage and distribution of the national pension system or NPS through point of presence or PoPs.

In a statement, the Pension Fund Regulatory and Development Authority (PFRDA) said that in 2023-24 the total enrolments under NPS stood at 940,474.

Almost 63% of the enrolments in the voluntary segment (UoS-All Citizen) were sourced through the extensive efforts of PoPs, which include banks, NBFCs, stockbroking firms, fintech companies and pension funds, it said.


"During the year, 3,112 corporates got registered under the NPS corporate model, which has been the highest number so far," the statement said.

Under NPS private sector there are 5.512 million subscribers, of which 75% are males. Around 65% of the subscribers fall in the age group of 31-50 years. The data also indicated that private banks enrolled 227,218 subscribers in FY24 and assets under management or AUM for NPS corporate stood at ₹1,66,729 crore.

PFRDA chairman Deepak Mohanty appreciated the efforts of PoPs, the statement said, adding that during the strategy review meeting with the distribution channel, various approaches envisaged and carried out by the PoPs to ensure wide pension coverage were also discussed.