The NPS Brokers Association was created to regulate the superannuation sector

After the Association of Mutual Funds of India (AMFI), the Association of NPS Intermediaries (ANI) was created to regulate the pension sector. This comes at a time when the total subscribers in the pension sector stand at over 80 million, including 64 million in the Atal Pension Yojana, of which around 16 million are NPS subscribers, and the total pension scheme stands at Rs 13.8 lakh. crore. Given this, we expect the number to touch Rs 15,000 crore by the end of the year,” says Deepak Mohanty, Chairman, Pension Fund Regulatory and Development Authority (PFRDA).

ANI is a collective platform representing all stakeholders in the NPS ecosystem. It is committed to enhancing system effectiveness, enhancing participant well-being, and collaborating with policymakers to shape the future of retirement planning in India. ANI stakeholders are points of presence (bank and non-bank), central recordkeeping agencies, custodian banks, trustees, aggregators, pension service providers, pension agents, pension consultants and other industry participants.

The basic objectives of the association are:

• Promote NPS as a reliable, flexible and tax-efficient retirement product
• Focus on the well-being of subscribers by ensuring smooth and transparent operations within the system
• Collaborate with regulators and policy makers to improve the NPS framework and contribute to the development of the retirement market in India

Speaking to the media, Mohanty emphasized the expansion of the NPS industry, driven by growing investor awareness, government initiatives through PFRDA and NPS, and trust and support from a strong network of intermediaries.

He also said that NPS has emerged as the most tax-efficient post-retirement savings product today. To target the youth segment, the regulator is also collaborating with digital companies and working on making NPS transparent, with the T+O settlement, the infrastructure is already very convenient for the investor. NPS also has a systematic withdrawal and provides continuity to your retirement savings and even NRIs can benefit from that, Mohanty added.