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The Indian National Pension Scheme (NPS): A Retirement System that got even better

Journal Article

Authors: Vijaya Kittu Manda and Yelagandula Pravalika

DOI: https://doi.org/10.5281/zenodo.7338786

Journal Name: GITAM Journal of Management (GJOM); ISSN: ISSN: 0972-740X

Publisher: GITAM Institute of Management, GITAM Deemed to be University, Visakhapatnam, India

Volume Number: 19 (4)

Publication Date: 2021

Pages: 18 - 30

Abstract: In the age of Governments no longer providing formal social security post-retirement, individuals now have an increased need to build their retirement corpus. The Pension Fund Regulatory Development Authority (PFRDA) regulates India's National Pension Scheme (NPS) – a formal contributory pension system introduced in early 2000. The NPS is well designed and has a robust framework. Over the years, active regulation made the product more robust. NPS now allows individual Indian citizens (and not just Government or private sector employees) to subscribe and build their retirement corpus. Several regulatory developments and changes occurred during 2020-2021, making the product much better and more valuable to its subscribers. The recent steps taken by the pension fund regulations are positive, and foster increased penetration, development, and better services to pension funds subscribers. This article gives an overview of the recent reforms and explains the implications for various stakeholders, including pension fund subscribers who benefit from the reforms.

Keywords: retirement planning, pension funds, market regulations, social security

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