An Association of NPS Intermediaries (ANI) has been formed to regulate the pension sector after the Association of Mutual Funds of India (AMFI). This comes at a time when the pension sector has a total of over 80 million subscribers, including 64 million in Atal Vishrama Yojana, out of which NPS has about 16 million subscribers and the pension scheme has a reserve of Rs 13.8 lakh. A crore. Accordingly, we expect the figure to be Rs 15 crore by the end of the year,” says Deepak Mohanty, Chairman, Pension Fund Regulatory and Development Authority (PFRDA).
ANI is a collective platform representing all stakeholders of the NPS ecosystem. It is committed to enhancing system effectiveness, strengthening subscriber welfare and collaborating with policymakers to shape the future of retirement planning in India. ANI stakeholders are venues (banks and non-banks), central record keeping agencies, custodian banks, custodians, aggregators, annuity service providers, pension agents, retirement advisors and other industry participants.
The main objectives of the association are:
- Promote NPS as a reliable, flexible and tax-efficient retirement product
- Focus on customer welfare by ensuring smooth and transparent processes in the system
- Collaborate with regulators and policy makers to improve the NPS framework and contribute to the development of India's pension market
Speaking to the media, Mohanty highlighted the expansion of the NPS industry, growing awareness for investors, government initiatives through PFRDA and NPS and the trust and support of a strong intermediary network.
He also said that NPS has emerged as the most tax-efficient post-retirement savings product today. To target a younger population, the regulatory body is collaborating with digital companies and making NPS transparent, with T+O settlement already very convenient for the infrastructure investor. Mohanty added that NPS also has phased withdrawal and gives continuity to your retirement savings and even NRIs can avail this.