Asset under management to be around Rs 9 lakh cr in FY23: PFRDA

Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) on Friday stated the asset beneath administration is prone to be round Rs 9 lakh crore this monetary yr as a result of market volatility. “Earlier, we have been an AUM of over Rs 10 lakh crore, nonetheless, as a result of Russia-Ukraine warfare and different geopolitical eventualities the market was risky and we hope to be over Rs 9 lakh crore,” PFRDA Chairman Supratim Bandyopadhyay advised reporters.

There was a rise in contemporary funds to Rs 1.5 lakh crore as of December 2022 in comparison with Rs 1.3 lakh crore within the earlier fiscal.

As of December 2022, the variety of subscribers for the Nationwide Pension Scheme (NPS) and Atal Pension Yojana (APY) grew by 24.62 per cent to 606.07 lakh from 486.35 lakh in January 2022.

In keeping with PFRDA knowledge, the online invested contribution as on December 31, 2022, from the central authorities grew to Rs 1.65 lakh crore from Rs 1.37 lakh crore on January 1, 2022, states rose to Rs 3.24 lakh crore from Rs 2.52 lakh crore and company elevated to Rs 84,878.13 crore from Rs 61,067.43 crore.

When requested in regards to the launching of the Minimal Assured Return Scheme (MARS) beneath the National Pension System (NPS), Bandyopadhyay stated the product was introduced to the board and the construction is given to them.

“The board is contemplating it and hopefully within the subsequent 7-10 days, we can have the approval. As soon as we’ve the approval we are going to notify,” he added.

On the state authorities’s demand for the accrued corpus beneath NPS, he stated the regulation beneath PFRDA doesn’t enable it.
Three states — Rajasthan, Chhattisgarh and Jharkhand — have requested for the custody of the accrued corpus beneath the NPS.

These states have reverted to the non-contributory outlined profit outdated pension scheme (OPS) from April 2022, from reform-oriented contributory NPS.