 "Pension Fund")
The Pension Fund Regulatory and Development Authority (PFRDA) Chairman Deepak Mohanty on Friday said the total corpus under the National Pension System and Atal Pension Yojana has crossed Rs 11 lakh crore.
The milestone of Rs 11 lakh crore asset under management (AUM) was achieved on January 10, 2024, he told reporters here.
The AUM has increased from Rs 10 lakh crore to Rs 11 lakh crore in 4 months 18 days (August 24, 2023 to January 10, 2024), he said, adding the private sector AUM crossed Rs 2 lakh crore.
The authority in September revised the AUM target of Rs 12 lakh crore for the current fiscal.
The pension authority is working on a minimum assured pension plan, and it could become a reality in the next financial year if the guarantee issued is resolved.
"There are a lot of complications in determining the rate of return, what to set as the bar for return. Fund managers are also thinly capitalised. So, you have to keep a check on their liabilities also," Mohanty said.
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Asked about the Budget wishlist, he said the move to raise the assured return under the Atal pension plan continues to be on the 'wishlist'.
However, he declined to comment if the Interim Budget may take up the issue. Finance Minister Nirmala Sitharaman will present the Interim Budget for 2024-25 on February 1.
The pension fund regulatory body was considering raising the current return of Rs 1,000-5,000 to Rs 2,500-7,500.
The chairman of the pension authority also said that few states who have issued notification to pull out of the National Pension System continued to contribute to the plan irrespective of the on-paper withdrawal.
However, he did not wish to identify the states.
