Uniting Powers: The Formation of the Association of NPS Intermediaries

The Association of NPS Intermediaries has been launched to foster collaboration among stakeholders within the National Pension System. Aimed at promoting subscriber welfare, the association brings together entities like pension fund managers and banks to enhance the NPS framework, which manages over Rs 13.7 lakh crore in assets.

A new coalition has been formed to enhance the National Pension System (NPS) ecosystem, with banks and other stakeholders announcing the establishment of the Association of NPS Intermediaries. This group aims to boost collaboration and strengthen services for subscribers.

The association comprises a wide range of stakeholders, including pension fund managers, points of presence (both bank and non-bank), and a mix of agencies like central record-keeping bodies and annuity service providers. These participants aim to reaffirm the NPS as a low-cost, tax-efficient retirement solution.

With assets under management now exceeding Rs 13.7 lakh crore, the initiative underscores NPS's critical role in India's retirement planning. Leading figures from the Pension Fund Regulatory and Development Authority and the Department of Financial Services have praised the initiative for its potential to expand pension coverage across India.

(With inputs from agencies.)