PFRDA pension funds grow 23% to Rs. 8.8 lakh crore in 1 year
Total assets under management (AUM) under the National Pension System (NPS) and Atal Pension Yojana increased by 23.4% to Rs 8.8 lakh crore as on March 4, 2023 from Rs 7.1 lakh crore a year ago.
According to data released by the Pension Fund Regulatory and Development Authority (PFRDA), the increase in assets was due to number of subscribers under the NPS rose to 624.8 lakh as on March 4, 2023 from 508.5 lakh in March 2022, showing a year-on-year increase of 22.9%.
In absolute terms, the highest contribution to the pension corpus during the year continued to come from state governments despite some of them announcing decision to exit the scheme. The AUM of state government pension rose 22.5% to Rs 4.4 lakh crore, an increase of 80,592 crore. This is half of the total increase in assets under management. The number of accounts under state government scheme rose 9.4% year on year to 60.7.
In percentage terms, the highest growth has been recorded by the All Citizen Model scheme where the AUM has grown 36.7% to Rs 41,302 crore. The number of accounts under this segment have grown 32% to 28.4 lakh crore. The slowest growth in AUM was under the central government scheme which grew 18.6% in the past 12 months largely because the number of employees grew only 4.8%.
