Launch of NPS Intermediaries Association to Encourage Early Pension Planning among Indians
Click to start listening
Mumbai, Dec 21 (NationPress) With the evolving demographics, rapid urbanization, and shifts in family structure, it is increasingly critical for individuals to engage in early pension planning, as highlighted by senior government officials and industry leaders on Saturday.
Nagaraju Maddirala, Secretary of the Department of Financial Services (DFS) at the Ministry of Finance, called for advocacy by the newly established Association of NPS Intermediaries (ANI), which was officially inaugurated in the financial capital.
Dr Deepak Mohanty, Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA), remarked that the formation of this association marks a significant achievement for the pension sector.
“I am confident it will further bolster our initiatives in raising awareness to enhance pension coverage across India through collaborative efforts and a feedback mechanism. The Association will spearhead these efforts, guided by its members and regulatory bodies, to set a global standard for financial security,” he stated at the event.
This initiative united essential stakeholders from the National Pension System (NPS) ecosystem to encourage collaboration, enhance subscriber welfare, and promote the ongoing development of NPS as a vital retirement planning tool for the people of India.
With assets under management (AUM) surpassing Rs 13.8 lakh crore, both the Atal Pension Yojana (APY) and NPS, boasting a combined subscriber base of 8 crore, have become some of the most efficient, tax-advantaged, and cost-effective retirement solutions available today.
“This remarkable growth reflects the increasing acceptance of pension schemes and the essential role they play in securing the future of India's workforce,” Mohanty added.
The primary aims of the association include promoting NPS as a dependable, flexible, and tax-efficient retirement product and focusing on subscriber welfare by ensuring smooth and transparent processes within the system, among other objectives.
