The Pension Fund Regulatory and Development Authority (PFRDA) has announced the launch of the Association of NPS Intermediaries, a significant step aimed at strengthening the National Pension System (NPS) ecosystem.

This newly formed body brings together various stakeholders, including pension fund managers, banks and non-banks acting as points of presence, central record-keeping agencies, trustee banks, custodians, aggregators, annuity service providers, pension agents, and retirement advisors, to collaborate on expanding pension coverage and improving subscriber welfare.

Deepak Mohanty, Chairperson of PFRDA, emphasised that the association would unite stakeholders to ensure the benefits of NPS reach every corner of the country.

“Together, we can achieve the vision of providing secure and sustainable retirement options for all,” he stated.
The association is tasked with several critical objectives. It will represent the interests of all intermediaries in the NPS ecosystem and promote NPS as a reliable and flexible retirement product.

Additionally, it aims to focus on subscriber welfare by ensuring smooth and transparent processes, collaborate with regulators to enhance the NPS framework, and contribute to the broader development of India’s pension market.

Nagaraju Maddirala, Secretary of the Department of Financial Services, highlighted the association’s role in fostering dialogue, collaboration, and innovation within the ecosystem.

He noted that this platform would play a vital role in addressing challenges and unlocking opportunities to expand pension coverage in the country.

State Bank of India Managing Director, Rama Mohan Rao Amara, said, “Together with SBI Pension Funds, which is the largest pension fund manager, we strive to popularise NPS across corporate and retail sectors nationwide.”