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NPS subscriber base up 27%; assets touch Rs 2.06 lakh cr

Author: IANS/Wednesday, October 11, 2017/Categories: Insurance

NPS subscriber base up 27%; assets touch Rs 2.06 lakh cr

New Delhi - The Pension Fund Regulatory and Development Authority (PFRDA) said that the subscriber base of National Pension System (NPS) has reached 1.78 crore by September 30 with the assets under management (AUM) reaching Rs 2.06 lakh crore.

"As on September 30, there were 1.78 crore subscribers and Rs 2.06 lakh crore of AUM under NPS. The growth in subscribers and the asset under management jump stood at 27 per cent and 47 per cent respectively," Badri S. Bhandari, Whole Time Member, PFRDA said here at the conference on NPS for Central Public Sector Enterprises (CPSEs).

The conference saw participation of more than 55 CPSEs.

The government has amended the Income Tax Act providing for tax free migration of superannuation funds to NPS. This provision will facilitate the CPSEs to implement NPS for their employees. 

Hemant G. Contractor, Chairman, PFRDA, said that individuals could now subscribe to NPS up to the age of 65 years and can defer the purchase of annuity to three more years post retirement and defer lump-sum withdrawal in phased manner over a period of 10 years.

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rajyashree guha

IANS

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