New AUM Pension System at Rs.72,000 Crore: Economic Survey

Posted on 27th Feb 2015 by mohit kumar

Chennai, Feb 27 (IANS) The assets under management (AUM) of the new pension system (NPS) grew 49.6 percent between Apr 1-Dec 31, 2014, the Economic Survey for 2014-15 says.

The survey was tabled in the Parliament Friday by Finance Minister Arun Jaitley.

The NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

According to the economic survey, the AUM under the NPS witnessed an increase from Rs.48,136 crore as on 31, Mar 2014 to Rs.72,000 crore as on 31, Dec 2014.

Till 31 December 2014, a total of 79.71 lakh members have been enrolled under the NPS.

The period under review also saw the foreign direct investment (FDI) limit increased to 49 percent from 26 percent.

As per the PFRDA Act, the FDI limit for the insurance sector will automatically apply for the pension sector.

The central government by an ordinance last year hiked the FDI limit in the insurance sector to 49 percent from 26 percent.

According to the survey, barring two states, all other states have since come under the ambit of NPS.

The NPS which was initially introduced for the new recruits who had joined central government service (except armed forces at first stage) with effect from Jan 1 2004, has been subsequently extended to autonomous bodies, state governments, and the unorganised sector.

Other news