Ministry of finance on December 21st 2024 notified regarding the launch of association of NPS Intermediaries (ANI)
The event brought together key stakeholders from the National Pension System (NPS) ecosystem, including financial institutions, pension fund managers, and policymakers, all aiming to promote a sustainable and comprehensive pension system in India.
A Collaborative Approach to Secure the Future
The Secretary of the Department of Financial Services (DFS), Ministry of Finance, delivered a virtual keynote address, congratulating ANI for its formation. He highlighted the changing demographics, rapid urbanization, and shifts in family structures, emphasizing the need for individuals to start planning for their pensions early. With this in mind, he called on ANI to advocate for greater pension awareness across the country. He also assured that any feedback from the association would be reviewed and acted upon with urgency.
Dr. Deepak Mohanty’s Address
Dr. Mohanty also spoke about ANI’s pivotal role in the evolution of the NPS ecosystem. He stressed that the formation of this association would unite various stakeholders, including Pension Fund Managers, Custodians, Aggregators, and Annuity Service Providers, to improve the system’s effectiveness and better serve the interests of subscribers.
Panel Discussion on Pension Society in 2047
The event also featured a panel discussion titled “Pension Society in Viksit Bharat@2047”, moderated by Prof. (Dr.) Manoj Anand, Whole-Time Member (Finance), PFRDA. Experts discussed the increasing longevity of the Indian population, the importance of financial literacy, and the need for long-term sustainable investment options that focus on Environmental, Social, and Governance (ESG) criteria.
Shri Pankaj Sharma, Joint Secretary at DFS, emphasized the government’s efforts to increase pension penetration and the need to sensitize the younger generation about saving for retirement. Dr. Ritu Anand, a thought leader in human resources, stressed the role of HR departments in introducing NPS, starting from the top management of corporate organizations.
A Vision for the Future
The Association of NPS Intermediaries (ANI) aims to unite all stakeholders in the NPS ecosystem to improve the overall effectiveness of the system, promote subscriber welfare, and collaborate with policymakers to enhance India’s pension framework. Its core objectives include:
- Promoting NPS as a flexible, reliable, and tax-efficient retirement product.
- Ensuring subscriber welfare through transparent processes.
- Collaborating with regulators and policymakers to improve the NPS framework and contribute to the growth of India’s pension market.
By fostering collaboration and facilitating feedback among stakeholders, ANI is set to lead efforts to increase pension coverage across India. As the country’s NPS system continues to grow, this association will play a vital role in shaping the future of retirement planning for millions of Indian citizens.
