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    Schemes

    Subscribers will get guaranteed returns under the pension scheme; Soon to be launched under NPS: PFRDA

    Archana SharmaBy Archana SharmaOctober 16, 2020Updated:October 16, 2020No Comments
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    Minimum Assured Returns: Pension fund regulator PFRDA is going to bring a pension scheme with guaranteed returns to subscribers in FY 2022. It will be brought under the National Pension System (NPS). The regulator may finalize the product by March. PFRDA chairman Supratim Bandopadhyay has informed about this. He said that there was a discussion last year about the product with minimum guaranteed returns. NPS is a market related product and it has given about 10 per cent return in the last 10 years.

    Not guaranteed returns yet

    Currently, schemes under NPS do not guarantee returns or profits, as they are market-determined. The average annual return for central government and state government employees in the last 11-12 years has been around 10 per cent. Returns have also been around 9-10 per cent during the last one year.

    Purpose to bring more people under pension

    Bandopadhyay said that it is our effort that a large number of people come under the ambit of pension, which is not there now. This is especially important for small businessmen and the unorganized sector. We are seeing if we can bring them under the ambit of NPS or Atal Pension Yojana (APY).

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    Such a product will come soon

    He said that the regulator will soon set up a committee. We will prepare the product in this financial year and put it before the board of directors. You can get to see such a product in the next 6 months. He said that all the guaranteed products in the insurance sector were gradually withdrawn, as it was felt that it is not practical for organizations to maintain them for long periods.

    Bandopadhyay said that offering guaranteed products is part of our law. As soon as you offer a guaranteed product, the capital adequacy requirement for fund managers increases. At the moment what we are doing, the product is on ‘mark to market’ basis. We are not taking any risk regarding investment.

    AUM rising under NPS

    The total asset under management (AUM) under the National Pension System (NPS) and Atal Pension Yojana (APY) has crossed Rs 5 lakh crore. According to the Pension Fund Regulator, on 10 October 2020, the total number of subscribers under the NPS and APY has crossed 3.76 lakh crore and the Asset Under Management (AUM) has risen to Rs 5,05,424 crore. The pension fund regulator said this in a virtual press conference. Growth in NPS subscribers has been phenomenal over the years with 70.40 lakh employees from the government sector and 24.24 lakh employees from the non-government sector.

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    Source: www.financialexpress.com

    #Subscribers #guaranteed #returns #pension #scheme #launched #NPS #PFRDA

    apy atal pension yojana guaranteed return pension scheme insurance product minimum assured return pension scheme national pension system nps nps subscribers pension product pension regulator Pension scheme pfrda
    Archana Sharma
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