National Pension Scheme to add 1.3 million new subscribers in FY24

The National Pension Scheme (NPS) is expected to add 13 lakh new subscribers in the current financial year, PFRDA chairman Deepak Mohanty said on Friday. The number of new subscribers under the NPS was over 10 lakh last year, he said.

“The onboarding by the corporate is large, but the take up by the employees is less,” Mohanty said in an interaction with the media. The subscription by corporate entities witnessed around 31 percent growth on a year on year basis.  

As of July 1 2023, the number of subscribers under various schemes under the National Pension system stood at 6.5 crore, showing an increase of around 20 percent on a year-on-year basis. Out of this, 1.3 crore subscribers were under the national pension scheme.

The total pension assets under management stood at Rs. 9.7 trillion, as on July 1 2023, which is around 30 percent growth on a year-on-year basis. “The corpus so far is growing significantly, we are just shy of Rs. 10 lakh crore (10 trillion),” Mohanty said. “The corpus is around 9.8 trillion including both APY [Atal Pension Yojana] and NPS.”

The chairman said that the low cost makes the National Pension Scheme attractive. He also highlighted that a systematic withdrawal plan will be rolled out in October. Under the plan, National Pension Scheme subscribers would be allowed to withdraw systematically 60% of their contributions post-retirement up to the age of 75 instead of the current system of one-time withdrawal.