Pension sector regulator, Pension Fund Regulatory and Development Authority (PFRDA) on Tuesday said that total pension assets under management increased by 35.76% and touched Rs 5.32 lakh crore in November, 2020 as against Rs 3.92 lakh crore last year. PFRDA manage the National Pension System & Atal Pension Yojana.
The pension authority noted that the number of subscribers in various schemes under the National Pension System (NPS) rose by 21.35% to 388.62 lakh by end-November 2020 from 320.24 lakh in November 2019.
Subscribers under Atal Pension Yojana (APY) increased by 30.92% and touched 249.69 lakh. Assets under management in APY also increased by 50.14% and touched Rs 14,221 crore as against Rs 9,472 crore in November, 2019.
Last month, PFRDA Chairman Supratim Bandyopadhyay had said that even during the pandemic, there has been a steady growth of subscribers and the contributions have been stable. He had further pointed out that the pension asset to GDP ratio was very low at around 10%, as compared to more than 100% in countries like Switzerland, Australia and the UK.
Bandyopadhyay had further noted that So far, nearly 8,200 corporations have registered with the NPS, while many CPSEs are also migrating to this system. PFRDA regulates, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.
