Homenew pension scheme

National Pension System crossed 101 lakh subscriber & Assests of Rs. 1 lakh crore

Assets under Management (AUM) of National Pension System (NPS) crosses Rs. 1 lac crore: PFRDA Press Release

PENSION FUND REGULATORY AND DEVELOPMENT  AUTHORITY


PRESS RELEASE

Assets under Management (AUM) of National Pension System (NPS) crosses Rs. 1 lac crore

NPS has been implemented for all Government Employees (except armed
forces) joining Central Govt. on or after 01 January 2004. Most of the
State/UT Governments have also notified the National Pension System
(NPS) for their new employees. NPS has been made available to every
Indian Citizen from 01st May 2009 on a voluntary basis.

Further, from 1st June 2015, the Atal Pension Yojana, has been launched
which has given the much required impetus to the social security schemes
Currently, NPS and APY together have more than One Crore subscribers
with total Asset Under Management (AUM) of Rs.1,00,275 crores. The
segment wise status of the NPS and APY as on 03.10.2015 is as under:

Segment No. of Subscribers Asset Under Management (Rs. Cr.)
Central Government 15,71,136 32,381
State Governments 27,74,459 49,974
NPS-Private Sector 5,24,143 7,943
NPS-Lite/Swavalamban 44,67,733 1,865
Atal Pension Yojana (APY) 7,94,467 112
Total 1,01,31,938 1,00,275
PFRDA has taken various steps at the policy as well as operational
level to make NPS more subscriber friendly. In addition to this
additional tax benefits made available exclusively to NPS has given a
fillip to the scheme. This is further expected to result into a
substantial increase in the subscriber base by end March 2016.
The following steps have been taken in the recent past for the convenience of the subscriber:

  •  The investment guidelines for NPS have been revised to expand the investment avenues for optimisation of the returns.
  •  Partial withdrawal upto 25% of subscriber’s own contribution for
    specific purposes like higher education of children, marriage of
    children, construction of house and specified illness have been allowed
    to the NPS subscribers after
    completion of 10 years in NPS.
  • NPS Private Sector subscribers can continue contributing beyond 60 years upto 70 years of age.
  • NPS Subscriber can defer the withdrawal of lumpsum amount upto the
    age of 70 years and also have the option to defer purchase of annuity
    upto 3 years from the date of superannuation or 60 years. The funds
    during this period remain invested in the system.
  • The Statement of Transactions (SOT) being sent by CRA to the
    existing subscribers has been modified to reflect the returns of the
    individual subscriber since the date of account opening and also the
    return generated during the last
    financial year.
  •  To facilitate and operationalize the deposit of additional
    contribution of Rs.50,000/- to avail of the additional tax benefit under
    Section 80 CCD(1B), Government Subscribers already covered under NPS
    have been provided the
    facility to deposit voluntary contributions in their Tier I account
    through any POPSP. Government employee covered under old pension scheme
    can also avail this tax benefit by opening individual Tier I account
    through any POP-SP and contributing to the same.
  •  Online reset of password and facility to change mobile no. and email Id have been provided to all the NPS subscribers.
SMS alerts on balances in the NPS account being sent to the subscribers
on quarterly basis, in addition to regular monthly alerts on
contribution and other changes in the PRAN.

APY scheme provides minimum Govt guaranteed monthly pension to
subscribers ranging from Rs 1000 to Rs 5000. Further, Govt. of India
also co-contributes 50% of the total contribution made by a subscriber
during a financial year subject to maximum of Rs 1,000/- per annum for a
period of five years, if eligible subscribers open the account by
31st December 2015. All Indian Citizens, in the age group of 18-40 years
are eligible to join the scheme through any bank branch. About 8 lakh
subscribers have joined APY till date.
Source: PFRDA
[http://pfrda.org.in/WriteReadData/Links/Approved%20Press%20Release%20Milestone%20of%201%20lac%20crores%208d3ccf28-4a6e-44e4-91ad-61e1edfa08d8.pdf]

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