Pension assets under management (AUM) grew a robust 27.43 per cent in FY22at ₹7.37-lakh crore (against ₹ 5.78-lakh crore in FY21), according to Finance Ministry data. However, this was short of the ₹7.50-lakh crore that pension regulator, PFRDA, had targetted for the fiscal.
It maybe recalled that PFRDA chairman Supratim Bandopadhyay had recently told BusinessLine that the target may get missed due to the ongoing volatility in debt and equity markets on account of the geopolitical tension arising from the Russia-Ukraine conflict. Hawkish statements of the US Federal Reserve had also added to the volatility in the markets.
The number of subscribers in various schemes under the National Pension System and Atal Pension Yojana, too, saw a robust increase of 22.58 per cent in FY22 at 5.2 crore (4.24 crore).
₹30-lakh crore target
PFRDA sees the pension AUM growing at 28-30 per cent in the current fiscal despite headwinds such as rising inflation and likely increase in interest rates in the system. Bandopadhyay had recently said the country is well on course towards achieving a pension AUM of ₹30-lakh crore in 2030.
For 2021-22, Central government employees’ National Pension System (NPS) corpus grew 20.24 per cent to ₹2.19-lakh crore (₹1.82-lakh crore). Meanwhile, State government employees’ NPS corpus increased 26.78 per cent to ₹3.69-lakh crore (₹2.91-lakh crore). There are 55.77 lakh NPS subscribers from State government and 22.84 lakh from Central government employees.
The corporate sector employees’ NPS kitty saw a 44.76 per cent growth during the period to ₹90,633 crore (₹62,609 crore). The number of subscribers here registered an increase of 24.80 per cent to 14.04 lakh (11.25 lakh).
Similarly, the all citizen sector’s pension AUM grew 45.66 per cent to ₹32,346 crore (₹22,206 crore). It was ₹12,913 crore at the end March 2020, the data showed.
Meanwhile, total corpus under the Atal Pension Yojana (APY) grew 33.37 per cent in 2021-22 to ₹20,922 crore (₹15,687 crore) and the number of APY subscribers grew 29.33 per cent to 3.63 crore (2.80 crore).