Annual Report (2024-25)

AANNNNUUAALL RREEPPOORRTT:: 22002244--2255 This Report is in conformity with the format of the Annual Report prescribed in the Pension Fund Regulatory and Development Authority (Reports, Returns and Statements) Rules, 2015 Note: In case of any conflict between the Hindi version and the English version, the English Version will prevail. 3ANNUAL REPORT: 2024-25 4ANNUAL REPORT: 2024-25 52ANNUAL REPORT: 2024-25 2ANNUAL REPORT: 2024-25 TABLE OF CONTENTS Table Details Page No. Statement of Goals and Objectives 12 Objective 12 Vision 12 Chairman's Message 13 Members of the Board 14 Senior Management of the Authority 15 Abbreviations 16 PART - I Policies and Programmes 1.1. Indian Demography and Old Age Income Security 19 1.2. Global Economic Scenario 19 1.3. Domestic Economy 21 1.4. Review of Global Pension Markets 23 1.5. Indian Pension Landscape 25 PART - II The extent of exposure in the National Pension System and other pension schemes covered under the Act, in different categories of investments including Government securities, debt securities and equities 2.1. NPS Government and Private Sector Overview 28 2.2. Private Sector 28 2.3. Atal Pension Yojana 30 2.4. Exposure in different categories of investments 34 PART - III Functions of the Authority in respect of matters specified in Section 14 3.1. Details regarding registration of intermediaries and suspension, cancellation, etc., 42 of such registration and regulation of activities of the intermediaries associated with the National Pension System or the pension schemes 3.2. Points of Presence 42 3.3. Central Recordkeeping Agency 44 3.4. Pension Funds 44 3.5. Trustee Bank 45 3.6. Custodian 46 3.7. National Pension System Trust 47 3.8. Annuity Service Provider 48 3.9. Retirement Adviser 49 3.10. Details of regulated assets 49 3ANNUAL REPORT: 2024-25 Table Details Page No. 3.11. Fees and other charges levied or collected by the Authority 49 3.12. Details of information sought for, inspections undertaken, inquiries conducted 51 and investigations undertaken including audit of intermediaries and other entities or organisations connected with pension funds 3.13. Subscribers (category wise) covered under the National Pension System and other 54 pension schemes under the Act 3.14. Details of approval of schemes, the terms and conditions thereof including norms 55 for the management of corpus of the pension funds and investment guidelines under such schemes 3.15. Scheme wise Assets under Management 57 3.16. Information about performance of pension funds and performance benchmarks 59 3.17. Exit of Subscribers from the National Pension System 65 3.18. Mechanism for redressal of grievances of subscribers and activities undertaken for 69 redressal of such grievances 3.19. Details of professional organisations connected with the pension system 72 3.20. Details of collection of data by the Authority and the intermediaries including 73 undertaking and commissioning of studies, research and projects 3.21. Steps undertaken for educating subscribers and the general public on issues 73 relating to pension, retirement savings and related issues and details of training of intermediaries 3.22. Details of the activities undertaken for the protection of interests of subscribers 76 under the National Pension System and of other Pension schemes under the Act 3.23. Other functions carried out by the Authority in the area of Pensions 77 PART - IV Institutional Mechanisms and Regulatory Reforms 4.1. Pension Advisory Committee 78 4.2. Performance of various committees set up under sub-section (2) of Section 49 78 4.3. Regulations made or amended 79 4.4. Review of subsidiary directions for ease of business pursuant to Union Budget Speech 80 F.Y. 2023-24 4.5. Circulars/Master Circulars issued 81 PART - V Organizational Matters of the Pension Fund Regulatory and Development Authority 5.1. PFRDA Board 86 5.2. Human Resources Department 86 5.3. Rajbhasha Department 89 5.4. Internal Audit Department 91 5.5. Vigilance Department 91 5.6. Information Technology Department 91 5.7. Right to Information Department 92 5.8. Parliamentary Questions Department 92 4ANNUAL REPORT: 2024-25 Table Details Page No. 5.9. Accounts of PFRDA 92 PART - VI Any Critical Area Affecting the Interest of Subscribers 6.1. Absence of enabling regulations for Govt. sector preclude the government nodal 93 officers 6.2. Minimum Assured Returns Scheme (Statutory Obligations that the Authority has not 93 complied with) 6.3. Cyber Threats 93 PART - VII Developmental Functions and Outreach 7.1. NPS – Government Sector 94 7.2. Atal Pension Yojana 98 7.3. NPS – Private Sector 101 7.4. Media and Communication 105 List of Annexure 108 Annexure I SAR and Accounts of PFRDA 5ANNUAL REPORT: 2024-25 LIST OF TABLES Table No. Table Details Page No. PART - II Table 2.1 Number of Subscribers 29 Table 2.2 Distribution Channel wise additions in Private Sector 29 Table 2.3 Gender Profile of Private Sector 30 Table 2.4 Gender-wise additions in Private Sector 30 Table 2.5 Age Profile of Private Sector 30 Table 2.6 Age-wise additions in Private Sector 30 Table 2.7 The APY-SP category wise details of the number of gross enrolments 30 under APY Table 2.8 State wise details of the number of gross enrolments under APY 31 Table 2.9 Gender wise APY Enrolments 32 Table 2.10 Pension Amount wise APY Enrolments 32 Table 2.11 Age wise APY Enrolments 33 Table 2.12 APY scheme Performance in terms of Investment returns 34 Table 2.13 Exposure in Scheme CG 34 Table 2.14 Pension Fund wise exposure in Scheme CG 34 Table 2.15 Exposure in Scheme SG 35 Table 2.16 Pension Fund wise exposure in Scheme SG 35 Table 2.17 Exposure in Corporate CG 36 Table 2.18 Pension Fund wise exposure in Corporate CG 36 Table 2.19 Exposure in NPS Tier-II Composite 36 Table 2.20 Pension Fund wise exposure in NPS Tier-II Composite 37 Table 2.21 Exposure in NPS Lite 37 Table 2.22 Pension Fund wise exposure in NPS Lite 38 Table 2.23 Exposure in APY 38 Table 2.24 Pension Fund wise exposure in APY 39 Table 2.25 Exposure in APY Fund Scheme 39 Table 2.26 Pension Fund wise exposure in APY Fund Scheme 40 Table 2.27 Exposure in TTS 40 Table 2.28 Pension Fund wise exposure in TTS 40 Table 2.29 Exposure in different categories of investments 41 Part - III Table 3.1 Number of intermediaries as on March 31, 2025 42 Table 3.2 Total POP-SPs as on March 31, 2025 43 Table 3.3 Change in the Name of the Pension Funds 45 Table 3.4 Major activities pertaining to NPS Trust Board 47 6ANNUAL REPORT: 2024-25 Table No. Table Details Page No. Table 3.5 Composition of NPS Trust Board as on March 31, 2025 47 Table 3.6 NISM Series-XVII: Retirement Adviser Certification 49 Table 3.7 Charges levied by CRAs 50 Table 3.8 Investment Management Fee charged by the Pension Funds 50 Table 3.9 Service charges levied by Points of Presence for NPS / NPS Vatsalya Scheme 50 Table 3.10 Charges of Retirement Advisors for NPS / NPS Vatsalya Scheme 51 Table 3.11 Fees received during F.Y. 2024-25 51 Table 3.12 Inspections conducted during the F.Y. 2024-25 52 Table 3.13 Investigations conducted by the Authority 53 Table 3.14 Adjudication by the Authority 53 Table 3.15 NPS & APY growth in Subscribers base as on March 31, 2025 54 Table 3.16 NPS & APY growth in Contribution as on March 31, 2025 54 Table 3.17 NPS & APY growth in AUM as on March 31, 2025 55 Table 3.18 Schemes of pension funds 55 Table 3.19 Allocation of incremental funds for F.Y. 2024-25 for CG Scheme 55 Table 3.20 Allocation of incremental funds for F.Y. 2024-25 for NPS Lite 56 Table 3.21 Choice of Investment and Pension Fund 56 Table 3.22 Details of Asset under Management 58 Table 3.23 Pension Fund wise and scheme-wise AUM as on March 31, 2025 58 Table 3.24 Pension Fund wise vis-a-vis scheme-wise AUM as on March 31, 2025 59 Table 3.25 The position of the AUM with the Pension Fund Managers 60 Table 3.26 Returns since inception under various schemes as on March 31, 2025 60 Table 3.27 Pension Fund wise returns for E Tier-I as on March 31, 2025, for 1, 3, 5, 7 & 10 61 years Table 3.28 Pension Fund wise returns for C Tier-I as on March 31, 2025, for 1, 3, 5, 7 & 10 61 years Table 3.29 Pension Fund wise returns for G Tier-I as on March 31, 2025, for 1, 3, 5, 7 & 10 62 years Table 3.30 Pension Fund wise returns for A Tier-I as on March 31, 2025, for 1, 3, 5, 7 & 10 62 years Table 3.31 Pension Fund wise returns for E Tier-II as on March 31, 2025, for 1, 3, 5, 7 & 62 10 years Table 3.32 Pension Fund wise returns for C Tier-II as on March 31, 2025, for 1, 3, 5, 7 & 63 10 years Table 3.33 Pension Fund wise returns for G Tier-II as on March 31, 2025, for 1, 3, 5, 7 & 63 10 years Table 3.34 Pension Fund wise returns for Scheme CG as on March 31, 2025, for 1, 3, 5, 7 63 & 10 years Table 3.35 Pension Fund wise returns for Scheme SG as on March 31, 2025, for 1, 3, 5, 7 64 & 10 years 7ANNUAL REPORT: 2024-25 Table No. Table Details Page No. Table 3.36 Pension Fund wise returns for Corporate CG as on March 31, 2025, for 1, 3, 5, 64 7 & 10 years Table 3.37 Pension Fund wise returns for NPS Lite as on March 31, 2025, for 1, 3, 5, 7 & 64 10 years Table 3.38 Pension Fund wise returns for APY as on March 31, 2025, for 1, 3, 5, 7 & 10 64 years Table 3.39 Pension Fund wise returns for TTS as on March 31, 2025, for 1, 3, 5, 7 & 10 65 years Table 3.40 Number of partial withdrawals (25% of contribution of subscriber) reported 65 and settled Table 3.41 Reason for Partial Withdrawals 66 Table 3.42 Exit at the age of superannuation or 60 years 67 Table 3.43 Exit before the age of superannuation or 60 years 67 Table 3.44 Exit due to death 67 Table 3.45 Annuities issued by each ASP 68 Table 3.46 Top 5 annuity products subscribed during F.Y. 2024-25 69 Table 3.47 Number of grievances under CGMS 70 Table 3.48 Classification of grievances received during F.Y. 2024-25 70 Table 3.49 Agewise pendency of grievances 71 Table 3.50 Grievances Registered in DARPG Portal and Referred to PFRDA 71 Table 3.51 Number of grievances received at Ombudsman, PFRDA 72 Table 3.52 Composition of Research Advisory Committee 73 Table 3.53 Details of the training conducted during the F.Y. 2024-25 75 Table 3.54 Composition of the SEPF Committee as on March 31, 2025 76 PART - IV Table 4.1 Composition of PAC as on March 31, 2025 78 Table 4.2 Composition of TAC as on March 31, 2025 79 Table 4.3 Regulations made during F.Y. 2024-25 79 Table 4.4 Composition of RAC 80 Table 4.5 Department-wise status of circulars 81 Table 4.6 Major Master Circulars issued by the Authority during F.Y. 2024-25 82 Table 4.7 Major Circulars issued by the Authority during F.Y. 2024-25 83 PART - V Table 5.1 Composition of the PFRDA Board as on March 31, 2025 86 Table 5.2 Details of Meetings of the Authority 86 Table 5.3 Details of Meetings held during F.Y. 2024-25 and attended by each member 86 of the Authority Table 5.4 Grade-wise Staff Strength 87 Table 5.5 Category-wise Staff Strength 87 8ANNUAL REPORT: 2024-25 Table No. Table Details Page No. Table 5.6 Age-wise Distribution of Staff 87 Table 5.7 Group and Grade wise representation of the reserved category employees 88 Table 5.8 Details of meetings held during F.Y. 2024-25 for SC/ST/PWD/EWS and OBC 88 Cell Table 5.9 Composition of Prevention of Sexual Harassment at Workplace as on March 88 31, 2025 Table 5.10 Meetings in F.Y. 2024-25 88 Table 5.11 Expert lectures and workshops organized 90 Table 5.12 Details of RTI applications and First Appeal to PFRDA Appellate Authority 92 Table 5.13 Session-wise number of PQs received 92 PART - VII Table 7.1 Conferences held during F.Y. 2024-25 94 Table 7.2 Review Meetings held during F.Y. 2024-25 94 Table 7.3 Details of State Governments with whom review meetings were held 94 Table 7.4 Details of State Autonomous Bodies of respective states with whom review 94 meetings were held Table 7.5 Government Sector (CG, SG, CAB and SAB) as on March 31, 2025 95 Table 7.6 Status of adoption of OPGM by CG, CAB Nodal offices as on March 31, 2025 96 Table 7.7 Status of adoption of STS by SG nodal offices as on March 31, 2025 96 Table 7.8 Status of adoption of STS by SAB nodal offices as on March 31, 2025 96 Table 7.9 Status of adoption of OPGM by SG nodal offices as on March 31, 2025 97 Table 7.10 Status of adoption of OPGM by SAB Nodal offices as on March 31, 2025 97 Table 7.11 Status of Registration of CABs & SABs and Enrolment of Subscribers (as on 98 March 31, 2025) Table 7.12 Newly registered CABs & SABs year-on-year progress 98 Table 7.13 SLBC - State Level Program and LDM Level Program 98 Table 7.14 Weekly (Tuesdays) Training Program during F.Y. 2024-25 as on March 31, 2025 99 Table 7.15 Online APY Awareness Programs by training agency F.Y. 2024-25 as on March 100 31, 2025 Table 7.16 List of Public Sector Banks who have achieved their annual targets 100 Table 7.17 List of RRBs who have achieved their annual targets 101 Table 7.18 Private Banks achieved annual target 101 Table 7.19 Small Finance Bank achieved annual target 101 Table 7.20 Cooperative Banks achieved annual target 101 Table 7.21 Asset class wise distribution at different ages for BLC 105 Table 7.22 Year on year social media engagements 107 9ANNUAL REPORT: 2024-25 LIST OF CHARTS Chart No. Chart Details Page No. PART - II Chart 2.1 Number of Subscribers 29 Chart 2.2 Additions in Private Sector 29 Chart 2.3 Additions in Private Sector – Statewise 29 Chart 2.4 Month-on-Month Additions in Private Sector 29 Chart 2.5 Cumulative APY Gross Enrolments 31 Chart 2.6 Month-on-month APY Enrolments 32 Chart 2.7 Trend Analysis of Gender wise APY Enrolments 32 Chart 2.8 Trend Analysis of Pension wise APY Enrolments 33 Chart 2.9 Trend Analysis of Age wise APY Enrolments 33 PART - III Chart 3.1 State-wise Number of PoP-SPs 44 10ANNUAL REPORT: 2024-25 LIST OF IMAGES Image No. Image Details Page No. PART - IV Image 4.1 Process Flow of Regulation Making 80 PART - VII Image 7.1 APY Outreach program in Bhopal 99 Image 7.2 APY Outreach program in Nagpur 99 Image 7.3 National Annual felicitation program 99 Image 7.4 East Zone felicitation program 99 Image 7.5, 7.6, 7.7 and 7.8 Interactive Session on NPS for Corporate 102 Image 7.9 & 7.10 NPS Diwas 103 Image 7.11 & 7.12 Launch of NPS Vatsalya 104 11ANNUAL REPORT: 2024-25 STATEMENT OF GOALS AND OBJECTIVES Under Rule 7 and 9 of Pension Fund Regulatory and Development Authority (Reports, Returns and Statements) Rules, 2015 OBJECTIVE The broad objectives of the PFRDA are contained in the Preamble to the PFRDA Act, 2013 as under: “To provide for the establishment of an Authority to promote old age income security by establishing, developing and regulating pension funds, to protect the interest of subscribers to schemes of pension funds and matters connected therewith and incidental thereto.” VISION To be a model regulator for the promotion and development of an organized pension system to serve the old age income needs of people on a sustainable basis. 12ANNUAL REPORT: 2024-25 CHAIRMAN’S MESSAGE India stands at the cusp of a demographic and economic landmark. wherein it is projected to cross the working-age population of more than one billion by 2030 which will surpass every other economy. This unparalleled demographic dividend combined with the vision of Viksit Bharat @ 2047, is the fulcrum for the road ahead and leads to the goal of becoming a developed nation. At the same time, India is witnessing a pivotal demographic shift with the total fertility rate declining to 2.0, below the replacement rate of 2.1, thus signalling a gradual ageing of the population and a consequent rise in the old-age dependency ratio by 2050. Thus, the need for universal pensions is paramount which provides coverage and adequacy without putting excessive burden on the exchequer. The planning for pensions ought to be done when the demographic dividend is peaking for India, which is now, thereby ensuring that contributions by the working populace are invested appropriately with requisite guardrails delivering a stable pension system for their old age. Hence, the broad roadmap and objectives for PFRDA are clear. The Authority remains committed to promoting pension inclusion, sustainability and protecting subscriber interests through its outreach programs, transparency and policy innovation. During the year, PFRDA undertook several initiatives most notable of them being the launch of NPS Vatsalya scheme on September 18, 2024, by the Hon’ble Finance Minister. It allows guardians to create pension accounts for children, enabling early financial inclusion and fostering a long-term savings culture from a young age, promoting inclusivity and intergenerational financial security. The Government triggered Unified Pension Scheme regulations broke new grounds through a methodology that blends market returns and certainty of future payouts. Moreover, to ensure transparency and participative governance, the Authority notified the regulations on the Mechanism for Making and Review of Regulations, which institutionalizes public consultation, stakeholder feedback and cost-benefit analysis in the framing and review of regulations. PFRDA’s subscriber centric approach is reflected in the decadal growth in the number of subscribers from 0.8 crores to 8.4 crores and the AUM steadily building up from `0.08 trillion to `14 trillion as on March 31, 2025. The subscriber base rapidly grew amongst the vulnerable sections as the bold scheme of APY witnessed a strong uptake with enrolment standing at 7.6 crores. During the year, PFRDA rolled out benefits to the subscribers such as the launch of a new life cycle fund wherein the subscribers have a higher equity exposure until the age of 45, providing another investment choice and asset- class diversification based on age and risk profile. In line with rapidly evolving technological progress, several digital initiatives were introduced by the Authority such as implementing same day investments to ensure that the subscriber is able to maximize the value of their contributions, introduction of NPS contributions through BBPS and increasing competition amongst CRAs in the APY scheme. Moreover, to ringfence the NPS architecture against any digital malfeasance, a comprehensive guideline on information & cybersecurity policy was issued by the Authority for all the regulated entities. Looking ahead, with the advent of technological progress and peaking of the demographic dividend, PFRDA’s vision is to expand its coverage to larger sections of the working population and encourage pension planning though awareness and financial literacy. Contribution to one’s retirement corpus requires appropriate fiscal incentives, simple customer journey on digital tools and behavioural nudges. Only through early and consistent savings can we build a secure foundation for old age income security without creating undue fiscal pressure. The Authority remains steadfast in its pursuit of a holistic pensioned society and Viksit Bharat. SIVASUBRAMANIAN RAMANN 13ANNUAL REPORT: 2024-25 MEMBERS OF THE BOARD (As of March 31, 2025) DR. DEEPAK MOHANTY Chairperson DR. MANOJ ANAND MS. MAMTA SHANKAR Whole Time Member-(Finance) Whole Time Member-(Economics) MS. PARAMA SEN SHRI PANKAJ SHARMA Additional Secretary Joint Secretary Department of Expenditure, Department of Financial Services, Ministry of Finance Ministry of Finance SHRI MANOJ KUMAR DWIVEDI SHRI RAJAT KUMAR Additional Secretary Joint Secretary Department of Personnel & Training Department of Personnel & Training From September 18, 2024 till date From June 18, 2024 – August 21, 2024 14ANNUAL REPORT: 2024-25 SENIOR MANAGEMENT OF THE AUTHORITY (As of March 31, 2025) EXECUTIVE DIRECTOR (ED) Shri Ananta Gopal Das* Ms. Mamta Rohit Shri Ashok Kumar Soni Shri Venkateswarlu Peri Ms. Sumeet Kaur Kapoor Shri Rahul Ravindran Shri Akhilesh Kumar CHIEF GENERAL MANAGER (CGM) Shri Ashish Kumar Shri K. Mohan Gandhi Shri Mono Mohon Gogoi Phukon Shri Pravesh Kumar Shri Vikas Kumar Singh Shri Sumit Kumar Shri P. Arumugarangarajan Shri Ashish Kumar Bharati GENERAL MANAGER (GM) Shri Sachin Joneja Ms. Gurminder Kaur Dr. Purnima Sharma Ms. Manju Bhalla Dr. Alpana Vats Shri K. R. Daulath Ali Khan Shri Rajesh Mohan CHIEF VIGILANCE OFFICER (CVO) Shri Sushil Kumar OMBUDSMAN Shri Narender Kumar Bhola ANNUAL REPORT TEAM Shri K. R. Daulath Ali Khan, General Manager Shri Surajkumar Maganbhai Seesara, Assistant General Manager Shri Sidhant Mohapatra, Manager *Superannuated on September 30, 2024 15ANNUAL REPORT: 2024-25 ABBREVIATIONS Asset Class A as def ined under Investment Development Research Group A DRG Guidelines Directorate of Treasuries and DTA Advanced Economies Accounts AE Alternative Investment Fund District Treasury Office AIF DTO Anti Money Laundering Asset Class E as defined under Investment AML E Guidelines Atal Pension Yojana APY Emerging Market and Developing EMDE APY-Service Provider APY-SP Economies Annuity Service Provider ASP Employee Provident Fund EPF Assets under Management AUM Employees' Provident Fund Organisation EPFO Bombay Stock Exchange BSE Employees' Pension Scheme EPS Balanced Life Cycle BLC Error Rectification Module ERM Asset Class C as defined under Investment C Environmental, Social and Governance ESG Guidelines Early Warning Group EWG Central Autonomous Bodies CAB Fully Accessible Route FAR Current Account Deficit CAD Frequently asked Question FAQ Compounded Annual Growth Rate CAGR Financial Action Task Force FATF Corporate Branch Office CBO Foreign Institutional Investors FII Credit Default Swaps CDS Financial Technology Fin-Tech Chief Executive Officer CEO Foreign Portfolio Investors FPI Combating the Financing of Terrorism CFT Financial Stability and Development FSDC Central Government CG Council Central Grievance Management System CGMS Financial Year F.Y. Corporate Head Office CHO Asset Class G as defined under Investment G Guidelines Content Management System CMS Gross Domestic Product Certificate of Registration GDP COR Government e-Marketplace Consumer Price Index GeM CPI Guidelines for Indian Government Central Public Information Officer GIGW CPIO Websites Central Public Sector Enterprises CPSE Government security G-Sec Central Recordkeeping Agency CRA First Half of the year H1 Calendar Year C.Y. Second Half of the year H2 Defined Benefit DB Human Resources Department HRD Defined Contribution DC Internal Complaints Committee ICC Drawing and Disbursing Office DDO Investment Management Fee IMF Department of Financial Services DFS International Network on Financial INFE Department of Public Enterprises Education DPE 16ANNUAL REPORT: 2024-25 Indian Rupee National Securities Depository Limited INR NSDL International Organisation of Pension National Stock Exchange IOPS NSE Supervisors Organization for Economic Cooperation OECD Internet Personal Identification Number and Development IPIN Initial Public Offering Open Market Operations IPO OMO International Research Conference on Online PRAN Generation Module IRCP OPGM Pension One Time Password OTP Inter Regulatory Forum IRF Pension Advisory Committee PAC Inter Regulatory Technical Group IRTG Permanent Account Number PAN Insurance Regulatory and Development IRDAI Pay and Accounts Office Authority of India PAO Pension Fund Know Your Customer PF KYC Pension Fund Manager Life Cycle PFM LC Pension Fund Regulatory and Lead District Manager PFRDA LDM Development Authority Ministry of Electronics and Information MeitY Public Provident Fund Technology PPF Purchasing Manager’s Index Micro Finance Institution PMI MFI Point of Presence Management PoP MGMT Point of Presence-Sub Entity Management Information System PoP-SE MIS Point of Presence-Service Provider Million British Thermal Units PoP-SP MMBTU Parliamentary Questions Monetary Policy Committee PQ MPC Principal Accounting Office Morgan Stanley Capital International PrAO MSCI Permanent Retirement Account Number Metric Ton PRAN MT Public Sector Bank National Bank for Agriculture and Rural PSB NABARD Development Public Sector Undertaking PSU Net Asset Value NAV Respective Quarter of the Year Qx (Quarter 1/2/3/4) Non-Banking Financial Company NBFC Quick Response code Non-Banking Financial Institution QR code NBFI Retirement Advisor National Centre for Financial Education RA NCFE Reserve Bank of India National Institute of Bank Management RBI NIBM Regulated Entities National Institute of Securities Market RE NISM Reserve Bank of India National Family Health Survey RBI NFHS Retirement Planner NPS Lite Account office RP NLAO Regional Rural Bank National Pension System RRB NPS Right to Information NPS Contribution Accounting Network RTI NPSCAN State Autonomous Body National Pension System Trust SAB NPST Standard and Poor’s National Rural Livelihood Mission S&P NRLM Subscriber Contribution File National Social Assistance Programme SCF NSAP 17ANNUAL REPORT: 2024-25 Securities and Exchange Board of India SEBI Subscriber Education and Protection Fund SEPF State Government SG State Level Banker’s Committee SLBC Statement of Transactions SOT State Rural Livelihood Mission SRLM Server to Server STS Training Advisory Committee TAC Trustee Bank TB Telephonic Personal Identification number TPIN Technical Group on Financial Inclusion and TGFIFL Financial Literacy Troy Ounce TOZ Tier II Tax Saver TTS Television Commercial TVC User Interface / User Experience UI/UX Unified Pension Scheme UPS Unified Payment Interface UPI Unorganised Sector UOS United States of America US/U.S. United States’s Dollar USD Union Territory UT Union Territory Level Banker’s Committee UTLBC Web Content Accessibility Guidelines WCAG Vigilance Awareness Week VAW World Economic Outlook WEO Wholesale Price Index WPI Whole Time Member WTM 18ANNUAL REPORT: 2024-25 PART - I 19ANNUAL REPORT: 2024-25 20ANNUAL REPORT: 2024-25 PART - I Policies and Programmes will play a pivotal role. As the proportion of 1.1. Indian Demography and Old Age Income dependent elderly rises, the need for a robust, Security sustainable and inclusive pension framework India is currently undergoing a demographic becomes imperative, which itself is a function of transformation of historic proportions. While the markets and global economic growth and stability. nation has long benefitted from a predominantly Pension coverage in India even though rapidly young population, recent projections indicate a increasing owing to various measures such as the shift towards an ageing population. The share of Atal Pension Yojana, however, remains limited, individuals aged 60 years and above is expected especially within the informal sector. Current to increase from 8.4% in 2011 to 14.9% in 2036, public and occupational pension systems, such which translates to a rise in absolute terms from as the NPS and EPF, have made considerable 101.5 million to 227.4 million elderly citizens.1 This progress in expanding coverage. Yet, a significant demographic trend signals the urgent need for a proportion of the elderly population remains comprehensive and inclusive policy response to outside the ambit of any structured retirement address the socioeconomic implications of ageing. income system. At the same time, India’s fertility rate has declined to below the replacement level of 2.1, reaching 1.2. Global Economic Scenario 2.0 as per NFHS-5 data, showcasing the efforts The global economic landscape in C.Y. 2025 taken towards family planning. The demographic was marked by a convergence of subdued transition, while a testament to improved health growth, heightened uncertainty, geopolitical and family welfare services, implies a narrowing of fragmentation, Trade policy uncertainty and the base of the population pyramid and a gradual volatile financial markets. The global GDP growth decline in the proportion of the working-age is projected to decline to 2.8% in C.Y. 2025 from population in the coming decades. According to 3.3% in C.Y. 2024, before recovering modestly to projections, while the working-age population 3.0% in C.Y. 2026. This represents a 0.5 percentage will peak at around 988.5 million by 2036, the point downward revision compared to previous dependency ratio is expected to remain around forecasts, with both AEs and EMDEs facing 54%, increasingly driven by the elderly. significant headwinds.3 It has been highlighted that India’s population is AEs are expected to grow at 1.4% in C.Y. 2025, projected to peak at 1.67 billion by the mid-2060s, while EMDEs are projected to grow by 3.7%, after which it will begin to decline. This offers a reflecting a broader slowdown. Inflation continues critical policy window over the next few decades to challenge policymakers. While headline inflation as the proportion of working-age population has gradually eased, core inflation particularly in the remains higher, in order to consolidate the pension services sector remain elevated. The International system, improve financial literacy and incentivize Monetary Fund noted that global consumer prices long-term and old age savings behaviour.2 Such are projected to rise by 4.3% in C.Y. 2025, with AEs a pension ecosystem must be built on the pillars experiencing 2.5% inflation and EMDEs witnessing of accessibility, adequacy, sustainability and 5.5% on average. efficiency. It needs to leverage technology, regulatory innovation and behavioural insights Rising food and energy prices, aggravated by to ensure that all citizens regardless of income, climate-related supply shocks and geopolitical occupation, or geography have access to secure, conflict, have kept a sustained pressures on prices robust and adequate pension systems. to keep them high. The economic ramif ications of this shift are The International Monetary Fund’s geopolitical profound. A growing elderly population will exert risk index has reached its highest level in the increased pressure on public finances, healthcare last few decades and major risk events have systems, social protection mechanisms and led to a cumulative stock market decline of up geriatric assistance. Hence, the pension systems to 9% across affected economies. EMDEs with 1Source: - Report of the Technical Group on Population Projections for India and States (2011–2036), MoHFW 2Source: - India’s Population Growth and Policy Implications, UNFPA, December 2023 • 3Source: - World Economic Outlook, April 2025 19ANNUAL REPORT: 2024-25 limited fiscal space and low reserve buffers are across energy, agriculture and metals. The World particularly vulnerable, as sovereign CDS spreads Bank Commodity Price Index made a slight and bond yields spike in response to external recovery in Q1 C.Y. 2025 from the lows in late 2024 shocks.4 Furthermore, the financial vulnerabilities but still below the pre-pandemic highs. have been flagged wherein asset valuations Energy markets remain subdued due to weak remain stretched in certain equity and corporate global demand and improving supply chains. The bond segments. Moreover, capital outflows from average crude oil price declined in C.Y. 2024, EMDEs are accelerating amid weakening growth reflecting weaker-than-expected industrial prospects and narrowing interest differentials. activity in major economies such as China and The International Monetary Fund’s Growth-at-Risk Europe, alongside strategic releases from model suggests a significant increase in downside inventories. In contrast, natural gas prices risks to global financial stability. especially in Europe are expected to surge owing Public debt levels have risen with many countries, to unseasonably cold winters and disruptions in especially in the Eurozone area and the United Russian gas flows through Ukraine. Agricultural States, expected to continue expansionary fiscal commodities presented a mixed picture. The policies, with the United States debt projected overall agriculture price index is forecasted to to rise from 121% to 130% of GDP by 2030 and be broadly unchanged in C.Y 2025. However, Eurozone debt increasing to 93% of GDP. High the World Bank’s agricultural commodity price debt combined with rising real interest rates may index rose by 1 percent overall in Q1 C.Y. 2025 constrains policy responses to future shocks. amid disease outbreaks and adverse weather and supply-side constraints, however, grains 1.2.1. Global Inflation and oilseeds such as wheat, maize and soybeans The global inflation outlook for C.Y. 2025 remains showed signs of stabilization due to bumper complex, marked by the interplay of supply-side harvests and easing fertilizer prices. shocks, shifting demand patterns and persistent This easing is expected to support agricultural core price pressures. The global consumer price supply which is forecasted for C.Y. 2025 and C.Y. inflation is projected at 4.3% in C.Y. 2025, down 2026 with a fall in the index from 114.0 to 110.3 from 5.7% in C.Y. 2024, yet still above many central respectively. Industrial metals, led by copper bank’s targets. Inflation trajectories diverge and aluminium, posted moderate gains as global across economies with AEs expected to average infrastructure and energy transition projects 2.5%, while EMDEs facing higher rates, at around progressed buoyed by rising demand from EVs 5.5%, driven by food and energy price volatility and renewable energy sectors, particularly in and weaker exchange rates. Southeast Asia and the United States. Precious The disinflation process that began in late 2023 metals acted as safe-haven assets amid rising has stalled in several economies. While headline geopolitical risk and currency volatility. This was inflation has moderated due to lower energy driven by investor hedging in response to financial prices, core inflation, particularly in services, instability, trade fragmentation and potential remains elevated and sticky. A resurgence in inflationary flare-ups in EMDEs.6 goods inflation, mostly in core manufacturing inputs, has been observed since late 2024 due to 1.2.3. Global Bond, Debt and Equity Markets re-escalating trade tensions and tariff-induced The C.Y. 2025 has unfolded amid heightened supply disruptions.5 turbulence in global capital markets, as investors grapple with economic uncertainty, tighter 1.2.2. Global Commodity Prices financial conditions and rising geopolitical risk. In F.Y. 2024-25, the global commodity markets The performance of bond, debt and equity have been navigating through a fragile and complex markets reflects the interplay of monetary policy landscape shaped by cooling global growth, shifts, inflation expectations, corporate earnings persistent geopolitical disruptions and extreme outlooks and f iscal vulnerabilities. The market weather conditions. After two years of heightened sentiment remains fragile, with global financial volatility, commodity prices have entered a phase conditions deteriorating in Q1 2025 amid increased of relative moderation with divergent trends volatility and risk aversion. 4Source: - Global Financial Stability Report, April 2025 • 5Source: - World Economic Outlook, April 2025 20 • 6Source: - Commodity Markets Outlook, April 2025ANNUAL REPORT: 2024-25 Global sovereign bond markets have witnessed 1.3. Domestic Economy elevated volatility in C.Y. 2025. Long-term The Indian economy demonstrated resilience and government bond yields rose sharply in the early stability in F.Y. 2025, even as global growth remained months of C.Y. 2025, particularly in the United subdued and trade dynamics continued to face States, where 10-year Treasury yields touched disruptions. With robust domestic fundamentals a high of 4.5% in March 2025. While policy rates and countercyclical policy support, India maintained have peaked or are easing in some AEs, investors its position as the fastest-growing major continue to demand a higher risk premium, economy in the world. The real GDP is estimated reflecting increased uncertainty about inflation to have grown by 7.6% in F.Y. 2025, driven by and debt trajectories. In the Eurozone, bond broad-based expansion across consumption, yield differentials widened as core countries like investment and exports. Germany benefited from safe-haven flows, while high-debt economies such as Italy and France A key driver of growth was the sustained recovery faced investor scrutiny due to increased defence in private final consumption expenditure, which and infrastructure spending. EMDEs remain accounted for over 58% of GDP. Consumption particularly vulnerable as real interest rates have was buoyed by increased rural demand following reached their highest levels in over a decade, and a favourable monsoon, improved rabi output and refinancing pressures are intensifying as over $250 rising real incomes in urban India. Additionally, the billion in sovereign debt matures in C.Y. 2025–26. government’s capital expenditure push especially on infrastructure projects such as highways, The corporate debt landscape has similarly railways and renewable energy has spurred remained strained. Spreads on high-yield corporate investment activity, crowding in private sector bonds have widened globally, reflecting increased participation. The Gross Fixed Capital Formation investor caution amid weakening growth forecasts to GDP ratio remained above 33%, showcasing a and uncertainty over corporate earnings. Many positive investment momentum. firms face refinancing challenges, particularly those with below-investment-grade ratings and India’s macroeconomic framework in F.Y. 2025 high leverage. The International Monetary Fund underscores the gains from structural reforms, noted that a sizable share of maturing corporate targeted expenditure and improved supply-side debt carries coupons significantly below current efficiencies. These macroeconomic underpinnings market yields, raising refinancing costs and credit have not only sustained economic momentum but risk. also enhanced the confidence of investors and households, thereby creating an enabling backdrop Global equity markets have seen significant for long-term pension planning and retirement swings in C.Y. 2025. Following a strong rally in security. Building on its broad-based recovery, late 2024, equity indices experienced a sharp India’s macroeconomic framework in F.Y. 2025 correction in Q1 C.Y. 2025 due to renewed trade reflected resilience against global headwinds frictions, weak earnings guidance and monetary and a commitment to fiscal and monetary policy uncertainty. The S&P 500 declined by prudence. Fiscal policy remained focused on nearly 8% from January highs, while European and growth-supportive public investment while Asian markets followed similar patterns. Sectoral adhering to the medium-term consolidation divergence is notable, wherein technology and roadmap. The Union Budget F.Y. 2025–26 renewable energy stocks have shown resilience but projected a fiscal deficit of 4.4% of GDP for sectors such as real estate, banking and consumer the Centre, with the combined deficit (Centre discretionary have underperformed due to and States) estimated at 7.1%, indicating higher financing costs and weakening demand. In continued commitment to fiscal discipline. EMDEs, equity markets were particularly affected Capital expenditure allocation remained elevated, by currency depreciation and capital outflows, directed toward infrastructure, green energy and despite relatively strong fundamentals in some logistics, thereby creating long-term productive regions. Looking ahead, global capital markets are assets and multiplier effects across sectors.7 expected to remain sensitive to macroeconomic data, policy signals and geopolitical developments. The manufacturing and services sectors exhibited strong recovery. The IIP grew steadily, with 7Source: - Economic Survey 2024-25 21ANNUAL REPORT: 2024-25 capacity utilisation in core industries improving infrastructure, housing and MSMEs, reflecting due to easing input costs and better logistics. both demand-side resilience and confidence in The services sector, led by financial services, real financial system stability. estate, logistics and tourism, continued to expand, Equity markets experienced corrections during benefiting from digital penetration and rising the second half of the fiscal year, primarily due consumer discretionary spending. to global risk aversion, profit booking after Agriculture which has traditionally been a four consecutive years of strong performance stabilising force, also witnessed growth despite and concerns around elevated valuations. climate volatility. The implementation of smart Nonetheless, domestic investor participation irrigation practices, expanding use of Agri-tech remained strong, especially from retail and and enhanced procurement under MSP schemes institutional segments, indicating confidence in helped secure farm incomes and improve rural long-term market fundamentals. The primary liquidity.8 capital market remained active despite global uncertainty. The inflation trajectory, which had remained a concern in early F.Y. 2024, showed marked Debt markets showed relative stability, aided by improvement in F.Y. 2025. Headline CPI inflation improving liquidity and declining bond yields. The eased significantly to 4.0% (average), with food yield on 10-year government securities declined inflation declining from peaks of over 8% in late steadily, reaching a three-year low in early 2025. 2024 to 3.3% by March 2025. This moderation, This was driven by moderating inflation, a shift combined with strong currency management in RBI’s policy stance and strong demand for via open market operations and easing global Indian debt, particularly after India’s inclusion in commodity prices, created space for the policy the Bloomberg Emerging Market Local Currency rate easing in the monetary policy cycle. Index and J.P. Morgan’s Government Bond Index- Emerging Markets, which attracted robust foreign On the external front, robust services exports portfolio inflows in debt instruments under the and record-high remittances cushioned the trade FAR. deficit. The Current Account Deficit is expected to remain well below 2% of GDP, supported In fact, net FAR inflows between January and March by sustained capital flows and healthy forex 2025 touched `38,476 crore, even as foreign reserves.9 Financial sector stability was further investors pulled out from equities due to global reinforced by improved asset quality, recapitalized adjustments. This diversification in capital inflows banks and strong credit growth. Digital public helped cushion the impact of external shocks on infrastructure particularly UPI and Aadhaar-linked overall market liquidity. initiatives continued to deepen financial inclusion Liquidity conditions improved notably in Q4 F.Y. and enhance delivery efficiency. 2025, wherein RBI implemented open market Furthermore, India’s economic performance is a operations and forex swaps worth over `4.73 lakh composite of diverse state-level dynamics, with crore cumulatively. The banking system remained significant variation in growth rates, sectoral healthy, with capital adequacy ratios at 16.7% and contributions, per capita incomes and structural gross NPA ratios at a 12-year low of 2.6%. Despite shifts and hence may require a segmental approach moderation in net interest margins, return on for increase in the pension uptake. assets and equity hit decade-highs, reflecting robust operational efficiency. NBFCs also reported 1.3.1. Indian Financial Markets stability across key parameters. India’s monetary management in F.Y. 2025 was Looking ahead, the financial market outlook is marked by a calibrated and responsive approach, expected to remain influenced by geopolitical aimed at sustaining macroeconomic stability while developments, global monetary policy cycles and facilitating growth. Monetary transmission also commodity price movements. However, the depth improved, with Weighted Average Lending Rates of India’s domestic markets, expanding retail adjusting downward across sectors. participation, digital infrastructure and calibrated Credit growth remained healthy, particularly in regulatory oversight provide a strong foundation 8Source: - Economic Survey 2025-26 • 9Source: - RBI Monetary Policy Report April 2025 22ANNUAL REPORT: 2024-25 for sustained resilience and capital formation. 2025, owing to of domestic macroeconomic resilience and global capital flow volatility. While 1.3.2. G-Sec Market secondary markets experienced corrections due India’s G-Sec market exhibited resilience in F.Y. to global headwinds, including monetary policy 2025, aided by improving inflation expectations, uncertainty, geopolitical tensions and elevated declining yields and strong demand from both valuations prompting FPI withdrawals, the primary domestic and foreign investors. The G-Sec market continued its upward trajectory. Sectoral market particularly benefited from the flattening performance remained mixed, while IT and Pharma of the yield curve and declining term premiums.10 showed relative stability, sectors such as Realty India’s inclusion in the Bloomberg Emerging and Capital Goods witnessed steep corrections Market Local Currency Index in January 2025 was amid global rate volatility and risk-off sentiment. another highlight as this attracted substantial Despite FPI outflows from equities, domestic foreign interest in Indian sovereign debt. This retail and institutional investors remained strong infusion boosted demand for longer-tenor bonds market anchors, with consistent SIP flows and and helped anchor the yield curve downward.11 sustained mutual fund participation. This reflects Investor confidence was further strengthened by growing confidence in India’s long-term growth declining government borrowing costs and clear story and digital onboarding platform’s deepening fiscal consolidation signals in the Union Budget retail access. Looking ahead, while global volatility 2025–26. The stable inflation and credible debt may persist, India’s equity market fundamentals management strategy ensured the G-Sec market are expected to stay robust, driven by corporate continued to serve as a benchmark for pricing risk- earnings, macro stability and digital financial free instruments, while also playing a central role in inclusion.12 monetary transmission. 1.4. Review of Global Pension Markets 1.3.3. Corporate Bond Market The global pension landscape witnessed a rebound The Indian corporate bond market witnessed in C.Y. 2023, with assets earmarked for retirement a robust expansion in F.Y. 2025, supported by in OECD countries witnessing a rise. This growth, favourable interest rate movements, a stable fuelled by improved investment performance macroeconomic backdrop and strong institutional and positive net contributions, marks a return participation. During February 2025, total to the long-term upward trend despite the dip resources raised through debt instruments surged experienced in C.Y. 2022 due to rising interest to `83,623 crore, registering a 22% increase rates and declining equity valuations. over January 2025. However, the declining yields and the RBI’s easing stance created an enabling Notably, while C.Y. 2023 showed positive environment for corporates to refinance existing momentum, pension assets in the OECD remained debt and raise long-term capital at lower costs. 5% below their C.Y. 2021 levels in nominal terms. Sovereign bond yield compression trickled down The United States and several large European to the corporate bond curve, improving spreads markets had not fully recovered their C.Y. 2022 and investor returns, particularly for higher-rated losses. In contrast, smaller and emerging pension issuances. systems, especially in non-OECD jurisdictions like Armenia, Ghana and Malawi, showed stronger Demand was buoyed by mutual funds, pension relative growth as they benefited from newer funds and insurance companies seeking duration mandatory schemes and rising contributions. and yield in a declining rate environment. The regulatory push towards mandated investments DC plans continue to gain prominence, as the by pension funds in AA and above-rated long-term global shift away from DB plans instruments, coupled with ongoing reforms to prevails. Despite improvements in funding ratios enhance transparency and reporting standards, of DB plans in countries like the UK and US, many also contributed to a more vibrant secondary employers are leveraging these gains to offload market. legacy liabilities. Asset growth in C.Y. 2023 outpaced liabilities, leading to higher funding 1.3.4. Equity Market ratios, yet not reversing the structural trend India’s equity markets remained dynamic in F.Y. toward DC dominance. 10Source: - RBI Monthly Bulletin March 2025 • 11Source: - DEA Monthly Economic Review February 2025 • 12Source: - SEBI March 2025 Bulletin 23ANNUAL REPORT: 2024-25 Investment performance was a key driver of prior year’s losses. The shortfall was predominantly asset recovery in C.Y. 2023. Pension funds earned driven by major pension markets such as the United nominal returns averaging 10%, largely supported States, the Netherlands and the UK, where assets by equity market gains wherein the MSCI World had not fully regained pre-2022 levels. In contrast, Index rose by 20% in C.Y. 2023. However, real many smaller OECD countries managed to exceed returns varied widely due to inflationary pressures, their C.Y. 2021 asset levels due to relatively smaller especially in non-OECD markets. The shift in investment losses and sustained contribution bond yields and challenges in the real estate inflows. DC plans continued to grow in importance, sector further differentiated returns across with an ongoing shift away from DB models. The asset classes and geographies. Pension systems funding ratios of DB plans improved in several heavily invested in equities, such as in the Baltics jurisdictions, especially the UK and United States, yet and Australia, outperformed more conservative employers used this as an opportunity to wind down portfolios. Another emerging trend is the adoption liabilities and transition toward risk-transfer models. of lifecycle investment strategies and ESG Pension funds in OECD countries remained key integration in portfolio construction.13 institutional investors in global capital markets. From a policy perspective, the multi-employer Their portfolios showed a diversified mix, with pension arrangements and financial incentives increased exposure to equities which benefitted are being used to expand coverage, especially to from the 20% gain in the MSCI World Index, small enterprises and self-employed individuals. alongside traditional holdings in bonds and However, the complexity of tax rules and inadequate growing interests in alternative assets such as indexing of contribution limits still hinder optimal infrastructure and real estate. However, some participation. Equity exposure is positively real estate investments underperformed due correlated with higher retirement income but also to structural shifts like remote work and high introduces volatility particularly near retirement. financing costs. Policymakers have been advised to avoid overly conservative default investment strategies and 1.4.2. Pension Fund Assets in Non-OECD instead promote lifecycle investment frameworks Countries tailored to national contexts.14 Pension fund assets in non-OECD countries demonstrated robust growth in C.Y. 2023, outpacing In Asia, pension reforms in countries such as India, many OECD counterparts in percentage terms. China and Malaysia are pushing towards broader This surge was especially pronounced in emerging coverage and enhanced governance. However, economies such as Armenia, Georgia, Ghana and challenges remain in aligning formal savings with Malawi, where recent pension reforms introduced the needs of aging populations, ensuring adequacy mandatory or quasi-mandatory asset-backed and expanding participation among informal systems. Despite the relatively smaller asset base, sector workers.15 the growth momentum reflects the success of policy-led inclusion and early-stage fund 1.4.1. Pension Fund Assets in OECD Countries accumulation.17 As of end-2023, pension fund assets in OECD countries stood at USD 63.1 trillion, reflecting a Many non-OECD countries benefitted from 10% nominal year-on-year increase. This growth favourable demographic profiles, with young follows a significant contraction in C.Y. 2022, working populations contributing regularly driven by rising interest rates and declining equity to new pension schemes. Positive cashflows valuations. The C.Y. 2023 rebound was largely (Contributions exceeding withdrawals) were a attributed to improved investment performance significant driver of asset growth. Additionally, which were buoyed by strong equity markets and some jurisdictions reported increased employer positive net contributions, signalling a return to compliance, automation of payroll deductions and the long-term upward trajectory of pension asset expansion of pension coverage to informal sector accumulation.16 workers through voluntary channels. Despite the recovery, assets remained 5% below However, investment performance was mixed. their C.Y. 2021 levels, highlighting the depth of the While the nominal returns averaged around 10%, 13Source: - Pension Markets in Focus, 2024 • 14Source: - OECD Pensions Outlook, 2024 • 15Source: - OECD Pensions at a Glance 24 Asia, 2024 • 16Source: - Pension Markets in Focus, 2024 • 17Source: - Pension Markets in Focus, 2024ANNUAL REPORT: 2024-25 high inflation in several regions diluted real returns 1.5. Indian Pension Landscape and thus, bringing them down to an average of India’s pension system is characterized by a 1.5.1. just 1.5%, compared to 4.8% in OECD countries. multi-pillar framework, reflecting the diversity of Currency volatility also played a significant role schemes and coverage across different sectors such as in the instance of Chile, which saw foreign of society. The pension landscape is designed to investment gains magnified by a depreciating provide social security to individuals through both peso, meanwhile Colombia’s peso appreciation government-sponsored programs and private offset some foreign investment returns. sector initiatives. The structure of India’s pension Despite positive cashflows and demographic system is categorized into several pillars, each dividends, non-OECD pension systems face serving a distinct purpose, targeting different challenges. socio-demographic segments and offering differing levels of benefits. The asset allocation in non-OECD pension funds remained more conservative than their OECD Pillar 0: NSAP and State-Sponsored Schemes peers. A significant portion of assets remained The NSAP and state-sponsored pension concentrated in domestic bonds and money schemes form the foundation of social protection market instruments, although some jurisdictions for India’s poorest and most vulnerable have begun to cautiously expand into equities populations. These are non-contributory, and international assets. Investment returns vary means-tested schemes designed to provide a due to high inflation, limited diversification and basic level of financial support to those who are regulatory conservatism. Pension portfolios in elderly, disabled or widowed and live below the many Asian countries are skewed toward low- poverty line. Similarly, various state governments risk domestic government bonds, with limited run their own versions of old-age pensions and exposure to equities and alternative assets, widow pensions. thereby constraining returns. Currency volatility and weak financial market depth further restrict Pillar 1: Defined Benefit Schemes for Government international diversification. Employees Pillar 1 includes the Defined Benefit pension Nonetheless, reforms to improve governance, schemes wherein pension amounts are increase risk-based supervision and introduce predetermined based on an employee’s last default investment options are underway. drawn salary and years of service. However, these Regional initiatives to expand digital coverage, schemes are non-contributory, meaning the integrate informal workers and boost financial government bears the financial responsibility of literacy also support long-term pension asset funding the pension liabilities. These schemes are growth Institutional capacity and regulatory on a decline. frameworks varied widely across non-OECD regions. While countries like India and Chile Pillar 2: Contributory Pension Schemes for the demonstrated advanced oversight systems, Formal Sector others faced challenges in ensuring transparency, This pillar is composed of mandatory contributory fund governance and consistent performance pension schemes falling under EPFO, NPS for reporting. central, state government employees and Pension fund assets in non-OECD countries, employees of autonomous bodies and various particularly across Asia, have witnessed steady sector-specific schemes like the Coal Mines growth, driven by structural reforms, demographic Provident Fund and Seamen’s Provident Fund. Under shifts and policy efforts to broaden retirement these schemes, both the employer and employee coverage. Many Asian economies have embraced contribute a percentage of salary toward the multi-pillar pension systems with a growing pension fund, where contributions are invested in reliance on funded, asset-backed schemes, market-linked instruments and accumulate especially in countries such as China, India, over the years, offering employees a retirement Malaysia and Thailand. While asset volumes remain corpus based on the value of their investments. modest compared to OECD benchmarks, their Furthermore, the Unified Pension Scheme, as growth trajectory is robust. an option for a defined benefit inflation linked 25ANNUAL REPORT: 2024-25 payout under NPS, was issued by the Department 2004 marked a landmark moment in India’s 1.5.3. of Financial Services vide Notification dated pension landscape with the launch of the New January 24, 2025, for existing central government Pension Scheme, eventually renamed to the employees as on April 01, 2025, past retirees National Pension System. This marked a transition upto March 31, 2025, and new recruits on or after from unsustainable, fiscally burdensome defined April 01, 2025. benefit pension system to a defined contribution model for all new entrants to central government Pillar 3: Voluntary Pension Schemes and service (except armed forces). Over time, this Insurance Products model has been adopted by almost all State The fourth pillar expands on voluntary pension Governments (except West Bengal and Tamil savings, covering both formal and informal sector Nadu) and extended voluntarily to employees of workers. This pillar includes schemes like the Central and State Autonomous Bodies, private NPS All Citizen which is available to all citizens sector entities and self-employed individuals (including non-residents) from 18- 70 years, NPS through the NPS All Citizen. for Corporate employees, NPS Vatsalya which is The PFRDA Act, 2013 lays the foundation for designed specifically for all Indian minor citizens till the regulatory oversight of India’s pension the age of 18 years, APY which targets unorganized architecture for NPS, APY and any other pension sector workers, Pradhan Mantri Shram Yogi scheme not regulated by any other enactment. Maan-Dhan Yojana for informal sector labourers, It entrusts the Pension Fund Regulatory and NPS for Traders and Self-employed persons, Development Authority with the responsibility Pradhan Mantri Kisaan Maan Dhan Yojana along of promoting old age income security through with superannuation plans focused on pensions/ development and regulation of pension funds old age income security and the PPF which offers and safeguarding subscriber interests. PFRDA individuals a safe, long-term savings tool with tax endeavours to achieve the following broad benefits. objectives/outcomes: - Pillar 4: Family and Other Individual Assets The Authority has (i). Increasing Coverage:- The final pillar, family and individual assets, implemented a wide range of outreach initiatives, represents non-pension wealth that individuals including media campaigns, training programs and families accumulate over their lifetimes. These for officials of banks, post offices and PoPs, assets may include real estate, gold or personal appointment of Retirement Advisers and the savings, which are often relied upon for financial rollout of digital interfaces such as e-NPS for support during retirement. simplified onboarding. These initiatives, coupled with schemes such as APY, have led to steady India’s population is projected to continue 1.5.2. growth in subscriber numbers, especially among growing for the next three decades, peaking around younger and female demographics. the mid-2060s at just under 1.7 billion. By 2050, the share of the old age population will constitute over Security of the pension corpus (ii). Security:- 21% of the total population. By 2046, it is likely that is vital. PFRDA has built a robust and prudent the elderly population will exceed the population regulatory framework ensuring stringent of children in the country with the country moving eligibility criteria, fit-and-proper norms, corporate away from the demographic dividend. The median governance protocols and penalties for non age of India’s population is 28.2 years. However, compliance. These safeguard the interests population demographics will vary from state to of subscribers and uphold trust in the system state, with some states like Kerala and Punjab Moreover, the Authority continues to strengthen having an aging population, while others like Bihar IT supervisory mechanisms and cyber security and Uttar Pradesh having a young population. In frameworks across the ecosystem. 2021, life expectancy at birth for females in India was 69 years compared to 65.8 for men. More than (iii). Efficiency:- PFRDA ensures system efficiency 40% of the elderly in India are in the poorest wealth by streamlining processes across registration, quintile, with about 18.7% of them living without contribution management and fund transfers an income, highlighting the need for inclusive and through digitisation and automation via CRAs adequate pension systems. and Trustee Banks. It promotes seamless 26ANNUAL REPORT: 2024-25 integration of services through online platforms from pension slabs ranging from `1,000, `2,000, like e-NPS, enabling real-time transactions `3,000, `4,000 and `5,000 per month, based and grievance redressal. Furthermore, financial on their contribution levels. In 2024, PFRDA efficiency is reinforced through careful review of launched NPS Vatsalya, under the vision of Viksit investment guidelines, enabling optimal portfolio Bharat@2047. The scheme is designed to enable diversification with a focus on risk-adjusted parents or legal guardians to open and manage returns. individual pension accounts for minors (below 18 years of age), ensuring early financial inclusion and While NPS is a defined (iv). Adequacy:- long-term income security. This scheme reflects contribution scheme, PFRDA actively works PFRDA’s commitment to a socially inclusive towards facilitating adequate accumulation pension framework and offers a dignified financial of retirement corpus through tax advocacy, future to every Indian child. The total number of product flexibility and improvements in the fund subscribers under NPS Vatsalya stands at 1.08 management practices. Increasing contribution Lakhs as on March 31, 2025. levels and raising pension literacy remain central to enhancing adequacy outcomes for which training programmes are being regularly conducted across the country. The NPS is designed for (v). Sustainability:- long-term sustainability. It has been designed to shift the fiscal burden away from the government while promoting individual savings and investment habits. The built-in portability and low-cost structure make it viable for a wide range of users. The defined contribution model ensures intergenerational equity and financial viability of the pension system in the face of rising longevity. PFRDA has operationalized this vision with 1.5.4. agility, creating a resilient pension ecosystem designed to serve citizens across socio-economic segments. The testament to this is the fact that the total number of subscribers under the NPS architecture is 8.4 Crores with a total Asset under Management of `14.43 Trillion. To make pension savings universal and voluntary, PFRDA launched major initiatives that lowered entry barriers and improved accessibility. Over the decade, the number of registered corporates and private individuals using NPS has risen to stand at 2.28 Crores as on March 31, 2025. To extend coverage to informal sector 1.5.5. workers, the NPS Lite/Swavalamban scheme was introduced in 2010 and though discontinued from April 01, 2015, the initiative laid the foundation for APY. On June 01, 2015, the Atal Pension Yojana was launched with the objective of securing old age income for unorganized sector workers through a government-guaranteed minimum assured pension. As of October 01, 2022, only non-income-tax payers are eligible to enrol in APY. The scheme allows subscribers to choose 27ANNUAL REPORT: 2024-25 28ANNUAL REPORT: 2024-25 PART - II 29ANNUAL REPORT: 2024-25 3300ANNUAL REPORT: 2024-25 PART - II The extent of exposure in the National Pension System and other pension schemes covered under the Act, in different categories of investments including Government securities, debt securities and equities launched NPS Lite-Swavalamban Scheme in the 2.1. NPS Government and Private Sector year 2010 to cater to the weaker and economically Overview disadvantaged sections of the society with their Under NPS, employees of the Central limited investment potential. Registration under Government, State Governments, individuals NPS Lite-Swavalamban Scheme was stopped from the private sector, employees of private w.e.f April 01, 2015, except for enrollment of institutions/organizations, and individuals from Gramin Dak Sevaks under NPS-Lite. The existing the unorganized sector are eligible to subscribe subscriber in the age group of 18 to 40 years under Under NPS, a unique PRAN is created for each said scheme is eligible to migrate to APY. individual subscriber. A subscriber can periodically contribute to their Permanent Retirement The Government of India (ii).Atal Pension Yojana: Account during the accumulation phase, and launched APY in May 2015 for all Indian citizens upon retirement, use the accumulated corpus in the age group from 18-40 years, specially to purchase an annuity and lumpsum withdrawal targeting underprivileged sections of society in during the deaccumulation phase. NPS offers the unorganized sector. It provides a guaranteed subscribers several flexibilities and choices minimum monthly pension of `1000 to `5000 such as the freedom to choose Pension Funds, depending upon the contributions, which in turn investment schemes, including the portability of depend on the age of entry of the subscriber, on the NPS account across jobs and locations. attaining the age of 60 years The scheme has three major benefits, a guaranteed minimum pension for Subscribers under NPS Architecture is categorized the life of the subscriber after attaining the age of under three sectors as under: 60 years, the same pension to the spouse in case The NPS was made of subscriber’s death, and return of the corpus to 2.1.1. Government Sector: mandatory for new recruits (except Armed Forces) the nominee of the subscriber after the death of joining Central Government services on or after both the subscriber and the spouse. W.e.f October January 01, 2004. NPS was further made applicable 01, 2022, only non-income tax payees can enroll to the employees of the CABs w.e.f. January 01, under APY. 2004. Also, NPS has been adopted by all State Governments (except West Bengal and Tamil 2.2. Private Sector Nadu) for their employees. As against the uniform NPS under the Private Sector includes NPS date of adoption for all the Central Government – Corporate, NPS – All Citizen, and NPS – employees, each State Government has adopted Vatsalya. NPS offers tailored models to cater to the same for its employees on different dates, diverse segments of society, ensuring inclusive in accordance with the notifications issued by retirement planning. NPS – Corporate enables respective State Governments. employers to provide structured pension benefits to their employees, combining long-term financial 2.1.2. Private Sector security with tax advantages for both employers NPS was extended to all citizens and employees. NPS – All Citizen extends (i). All Citizen: of India on a voluntary basis under the All Citizen voluntary pension coverage to all Indian citizens w.e.f May 01, 2009. aged 18 to 70, including self-employed individuals and those in the unorganized sector. It offers The corporates can extend (ii). Corporate: flexible contributions and a choice of investment the NPS to provide the retirement benefit to options, empowering individuals to build a secure their underlying employees by utilizing the NPS retirement corpus. The recently launched NPS Architecture – Vatsalya focuses on supporting children by allowing parents or legal guardians to contribute 2.1.3. Unorganized sector towards a dedicated pension account, ensuring PFRDA (i). NPS-Lite -Swavalamban Scheme: 17258ANNUAL REPORT: 2024-25 financial protection and dignity in the long term. The development in Private sector is presented in and Table 2.1 to Table 2.6 Chart 2.1 to Chart 2.4. Table 2.1: Number of Subscribers Number of Subscribers in F.Y. (in Lakhs) YoY Growth (%) Sector 2020-21 2021-22 2022-23 2023-24 2024-25 All Citizen 16.47 22.92 29.57 35.64 42.65 19.67 Vatsalya - - - - 1.08 NA Corporate 11.25 14.05 16.82 19.48 22.75 16.79 Total 27.72 36.97 46.39 55.12 66.48 20.61 Chart 2.1: Number of Subscribers (in Lakhs) Chart 2.3: Additions in Private Sector – Statewise Chart 2.2: Additions in Private Sector Chart 2.4: Month-on-Month Additions in Private Sector (in Thousands) Table 2.2: Distribution Channel wise additions in Private Sector Additions in Private subscribers during F.Y. (in Lakhs) Distribution Channel YoY Growth (%) 2022-23 2023-24 2024-25 Public Sector Banks 2.63 2.64 3.10 17.42 Private Sector Banks 1.82 2.33 3.11 33.48 Regional Rural Banks 0.00 0.01 0.07 600.00 Pension Funds 0.53 0.82 1.35 64.63 Fintech 0.23 0.19 0.11 -42.11 Others (NBFC, Stock Brokers etc) 1.65 1.24 1.72 38.71 Direct 3.14 2.17 2.57 18.43 Total 10.00 9.40 12.03 27.77 12796ANNUAL REPORT: 2024-25 Table 2.3: Gender Profile of Private Sector 2.3. Atal Pension Yojana The Government of India introduced a voluntary, Number of Subscribers Gender (in Lakhs) in F.Y. YoY periodic contribution-based pension scheme Growth (%) F.Y. 2023-24 F.Y. 2024-25 called the Atal Pension Yojana, with effect from Male 41.2 49.2 19.42 June 01, 2015, pursuant to the announcement in Female 13.9 17.3 24.46 the budget for 2015-16 for creating a universal Other 0.02 0.02 0.00 social security system for any citizen except, who especially the Total 55.1 66.5 20.69 is or has been an income-tax payer, poor, the under-privileged and the workers in the Table 2.4: Gender-wise additions in Private unorganised sector. Sector APY is open for all Indian Citizens in the age Additions during F.Y. (in Lakhs) Gender group of 18-40 years. Under the APY, a minimum 2021-22 2022-23 2023-24 2024-25 guaranteed pension of `1,000/- or `2,000/- or Male 7.2 7.3 6.8 8.4 `3,000/- or `4,000/- or `5,000/- per month will Female 2.5 2.8 2.6 3.6 start once the subscriber attains the age of 60 Other 0.0 0.0 0.0 0.0 years, depending on the pension amount opted for Total 9.7 10.1 9.4 12.0 and contributions made by him. Table 2.5: Age Profile of Private Sector 2.3.1. Progress under APY Number of Subscribers YoY APY has achieved tremendous success in term of Age (in Lakhs) in F.Y. Growth enrolments in the F.Y. 2024-25. The remarkable F.Y. 2023-24 F.Y. 2024-25 (%) achievement includes crossing a significant 0-17 - 1.1 NA milestone of 7.60 crore total gross enrolments as 18-25 2.7 3.4 25.93 26-39 31.2 36.3 16.35 of March 31, 2025, and more than 1.17 crore new 40-60 20.0 24.0 20.00 enrolments in F.Y. 2024-25 alone. 60+ 1.3 1.6 23.08 This success is largely attributable to the active Total 55.2 66.4 20.69 and collaborative participation of APY-SPs across all categories i.e., Public Sector Banks, Private Table 2.6: Age-wise additions in Private Sector Sector Banks, Regional Rural Banks, Small Finance Additions in Private Subscribers during F.Y. (in Banks, Payment Banks, and Cooperative Banks & Age Lakhs) Department of Post. Details with respect to the 2021-22 2022-23 2023-24 2024-25 year-on-year performance in terms of subscriber 0-17 - - - 1.1 18-25 0.8 1.0 1.2 1.8 registration and its analysis is depicted in the 26-39 5.6 6.2 5.7 6.4 tables below: 40-60 3.1 2.7 2.4 2.7 60+ 0.1 0.1 0.1 0.1 Total 9.6 10.0 9.4 12.1 Table 2.7: The APY-SP category wise details of the number of gross enrolments under APY (in Lakhs) As on March 31 Category of Banks 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Public Sector Banks 16.58 29.86 64.44 105.35 154.18 209.19 278.49 365.09 453.32 531.78 Regional Rural Banks 4.76 11.15 19.87 31.71 43.30 57.11 75.28 99.55 127.41 155.25 Private Banks 2.53 5.58 9.830 13.29 18.20 23.19 29.21 34.35 39.80 49.44 Payment Bank - - - 0.48 3.44 8.19 12.88 15.04 15.38 15.47 DOP 0.75 1.90 2.45 2.70 3.02 3.32 3.62 3.84 3.97 4.08 Small Finance Bank - - - 0.09 0.15 0.35 0.86 1.65 2.41 3.52 Co-op Banks 0.22 0.33 0.46 0.54 0.70 0.80 0.93 1.07 1.23 1.37 Total 24.84 48.82 97.05 154.16 222.99 302.15 401.27 520.59 643.52 760.9 17370ANNUAL REPORT: 2024-25 Chart 2.5: Cumulative APY Gross Enrolments (in Lakhs) Table 2.8: State wise details of the number of gross enrolments under APY Number of gross Number of gross S. S. State Name enrolments under APY State Name enrolments under APY No. No. (in Lakhs)* (in Lakhs)* 1. Uttar Pradesh 122.39 23. Goa 2.02 2. Bihar 73.10 24. Nagaland 1.50 3. Maharashtra 61.33 25. Meghalaya 1.32 4. West Bengal 58.59 26. Manipur 1.29 5. Tamil Nadu 50.50 27. Arunachal Pradesh 0.99 6. Madhya Pradesh 45.48 28. Mizoram 0.52 7. Rajasthan 41.12 29. UTs/Others 18.56 8. Andhra Pradesh 39.67 Total 760.90 9. Karnataka 39.35 *Based on subscriber’s state code 10. Odisha 28.11 APY enrolment growth has been observed across 11. Gujarat 27.34 the country. Among the State-wise distribution, 12. Jharkhand 23.99 above mentioned top 12 States account for more than 80% of total APY enrolments. 13. Punjab 21.54 14. Telangana 19.63 15. Assam 18.06 16. Haryana 16.08 17. Chhattisgarh 15.65 18. Kerala 13.59 19. Uttarakhand 7.86 20. Himachal Pradesh 5.52 21. Tripura 3.06 22. Sikkim 2.74 13718ANNUAL REPORT: 2024-25 Chart 2.6: Month-on-month APY Enrolments (in Lakhs) Table 2.9: Gender wise APY Enrolments Gross Enrolments Enrolments in S. No. Gender Percentage Percentage (as on Mar 31, 2025) F.Y. 2024-25 1. Female 3,63,90,288 47.83 64,13,931 54.64 2. Male 3,96,77,129 52.14 53,19,785 45.32 3. Transgender 23,064 0.03 4,611 0.04 Total 7,60,90,481 - 1,17,38,327 - Chart 2.7: Trend Analysis of Gender wise APY Enrolments Note: Participation of female in overall enrolment has gone up from 46.58 % in F.Y. 2023-24 to 47.83% in F.Y. 2024-25. Table 2.10: Pension Amount wise APY Enrolments ` S. No. Pension Amount (in ) PRAN Count (As on Mar 31, 2025) Percentage 1. 1,000 6,55,46,376 86.14 2. 2,000 24,01,825 3.16 3. 3,000 11,31,428 1.49 4. 4,000 4,26,830 0.56 5. 5,000 65,84,022 8.65 - Total 7,60,90,481 17392ANNUAL REPORT: 2024-25 Chart 2.8: Trend Analysis of Pension wise APY Enrolments Table 2.11: Age wise APY Enrolments PRAN Count S. No. Age Range Percentage (As on March 31, 2025) 1. Between 18 to 20 Years 1,35,28,467 17.78 2. Between 21 to 25 Years 2,10,33,515 27.64 3. Between 26 to 30 Years 1,84,93,597 24.30 4. Between 31 to 35 Years 1,46,02,251 19.19 5. Above 35 Years 84,32,651 11.08 Total 7,60,90,481 - Chart 2.9: Trend Analysis of Age wise APY Enrolments 13830ANNUAL REPORT: 2024-25 Table 2.12: APY scheme Performance in terms of Investment returns APY scheme is managed by three public sector Pension Funds namely LIC, SBI and UTI. The asset under management of this scheme from F.Y. 2017-18 to F.Y. 2024-25 is as per below table: As on March 31 2018 2019 2020 2021 2022 2023 2024 2025 AUM of APY scheme 3,817 6,860 10,526 15,687 20,922 26,700 35,647.69 44,780.49 (in ` Crores)18 APY scheme has generated CAGR returns of 9.11% since inception till March 31, 2025. 2.4. Exposure in different categories of investments 2.4.1. Extent of exposure in different categories of investments under each scheme (i). Scheme CG It is the default scheme option available only to employees of Central Government including CABs. Scheme CG is managed by three Pension Funds i.e., SBI Pension Funds Private Limited, LIC Pension Fund Limited, UTI Pension Fund Limited, and the contributions received from subscribers are distributed among these pension funds based on their performance during the previous financial year. The extent of exposure under Scheme CG in different categories of investments have been decided through the investment guidelines issued by the Authority and the same is mentioned in . The Table 2.13 table also includes information on total AUM under Scheme CG as on March 31, 2025, along with AUM under each investment categories. Table 2.13: Exposure in Scheme CG Exposure Limits ` Particulars AUM ( in Crores) % of total AUM (In %) Government Securities & related investments Upto 65 2,00,576.01 59.23 Debt Instruments & related investments Upto 45 79,267.54 23.41 Short term debt instruments & related investments Upto 10 9,719.95 2.87 Equity & related investments Upto 15 48,480.89 14.32 Asset backed, trust structured & Miscellaneous Upto 5 618.90 0.18 investments - Total - 3,38,663.29 The extent of exposure in different categories of investments for each pension funds as on March 31, 2025, is presented in Table 2.14. Table 2.14: Pension Fund wise exposure in Scheme CG SBI Pension Funds UTI Pension Fund LIC Pension Fund Limited Private Limited Limited Particulars ` AUM % of total AUM % of total AUM ( in % of ` ` ( in Crores) AUM ( in Crores) AUM Crores) total AUM Government Securities & related 67,200.43 57.54 66,641.98 59.75 66,733.60 60.47 investments Debt Instruments & related 28,730.81 24.60 25,665.99 23.01 24,870.74 22.54 investments Short term debt instruments & 3,223.46 2.76 3,406.23 3.05 3,090.26 2.80 related investments Equity & related investments 17,051.28 14.60 15,790.04 14.16 15,639.57 14.17 Asset backed, trust structured & 574.54 0.49 24.93 0.02 19.43 0.02 Miscellaneous investments Total AUM 1,16,780.52 100.00 1,11,529.16 100.00 1,10,353.60 100.00 18The AUM of the APY Fund Scheme rose from ` 884.16 crores as on March 31, 2024, and stands at ` 1,242.22 crores as on March 31, 2025. 18314ANNUAL REPORT: 2024-25 (ii). Scheme SG It is the default scheme option available only to employees of State Governments including SABs. Scheme SG is managed by three Pension Funds i.e., SBI Pension Funds Private Limited, LIC Pension Fund Limited, UTI Pension Fund Limited, and the contributions received from subscribers are distributed among these pension funds based on their performance during the previous financial year. The extent of exposure under Scheme SG in different categories of investments have been decided through the investment guidelines issued by the Authority and the same is mentioned in . The table also Table 2.15 includes information on total AUM under Scheme SG as on March 31, 2025, along with AUM under each investment categories. Table 2.15: Exposure in Scheme SG Exposure Limits ` Particulars AUM ( in Crores) % of total AUM (In %) Government Securities & related investments Upto 65 4,09,760.64 59.36 Debt Instruments & related investments Upto 45 1,61,993.67 23.47 Short term debt instruments & related investments Upto 10 21,056.59 3.05 Equity & related investments Upto 15 96,320.35 13.95 Asset backed, trust structured & Miscellaneous Upto 5 1,117.86 0.16 investments Total - 6,90,249.12 100.00 The extent of exposure in different categories of investments for each pension funds as on March 31, 2025, is presented in . Table 2.16 Table 2.16: Pension Fund wise exposure in Scheme SG SBI Pension Funds UTI Pension Fund LIC Pension Fund Limited Private Limited Limited Particulars ` AUM % of total AUM % of total AUM ( in % of total ` ` ( in Crores) AUM ( in Crores) AUM Crores) AUM Government Securities & related 1,35,842.87 57.92 1,39,083.32 60.10 1,34,834.45 60.12 investments Debt Instruments & related in- 57,437.60 24.49 53,787.00 23.24 50,769.07 22.64 vestments Short term debt instruments & 6,174.24 2.63 7,431.99 3.21 7,450.36 3.32 related investments Equity & related investments 34,032.70 14.51 31,081.96 13.43 31,205.69 13.91 Asset backed, trust structured & 1,050.39 0.45 39.72 0.02 27.75 0.01 Miscellaneous investments Total AUM 2,34,537.80 100.00 2,31,423.99 100.00 2,24,287.32 100.00 (iii). Corporate CG It is the scheme option available only to employees of PSBs. Corporate CG is managed by two Pension Funds i.e., SBI Pension Funds Private Limited, and LIC Pension Fund Limited. The contributions received from subscribers are invested by these pension funds. The extent of exposure under Corporate CG in different categories of investments have been decided through the investment guidelines issued by the Authority and the same is mentioned in . The Table 2.17 table also includes informationon total AUM under Corporate CG as on March 31, 2025, alongwith AUM under each investment categories. 13852ANNUAL REPORT: 2024-25 Table 2.17: Exposure in Corporate CG Exposure Limits ` Particulars AUM ( in Crores) % of total AUM (In %) Government Securities & related investments Upto 65 54,519.80 56.71 Debt Instruments & related investments Upto 45 23,963.34 24.92 Short term debt instruments & related investments Upto 10 3,373.19 3.51 Equity & related investments Upto 15 14,031.32 14.59 Asset backed, trust structured & Miscellaneous Upto 5 255.76 0.27 investments Total - 96,143.40 100.00 The extent of exposure in different categories of investments for each pension funds as on March 31, 2025, is presented in Table 2.18. Table 2.18: Pension Fund wise exposure in Corporate CG SBI Pension Funds Private Limited LIC Pension Fund Limited Particulars AUM AUM ` % of total AUM ` % of total AUM ( in Crores) ( in Crores) Government Securities & related 51,660.39 56.56 2,859.41 59.55 investments Debt Instruments & related investments 22,865.23 25.03 1,098.10 22.87 Short term debt instruments & related 3,210.80 3.52 162.39 3.38 investments Equity & related investments 13,349.93 14.62 681.38 14.19 Asset backed, trust structured & 255.30 0.28 0.47 0.01 Miscellaneous investments Total AUM 91,341.65 100.00 4,801.75 100.00 (iv). NPS Tier-II Composite It is the scheme option available only to employees of Central and State Governments. NPS Tier-II Composite is managed by three Pension Funds i.e., SBI Pension Funds Private Limited, LIC Pension Fund Limited, UTI Pension Fund Limited, and the contributions received from subscribers are distributed among these pension funds based on their performance during the previous financial year. The extent of exposure under NPS Tier-II Composite in different categories of investments have been decided through the investment guidelines issued by the Authority and the same is mentioned in Table . The table also includes information on total AUM under NPS Tier-II Composite as on March 31, 2.19 2025, along with AUM under each investment categories. Table 2.19: Exposure in NPS Tier-II Composite Exposure Limits ` Particulars AUM ( in Crores) % of total AUM (In %) Government Securities & related investments Upto 65 1.27 52.04 Debt Instruments & related investments Upto 45 0.22 9.11 Short term debt instruments & related Upto 10 0.64 26.13 investments Equity & related investments Upto 15 0.31 12.73 Asset backed, trust structured & Upto 5 0.00 0.00 Miscellaneous investments Total - 2.43 100.00 18336ANNUAL REPORT: 2024-25 The extent of exposure in different categories of investments for each pension funds as on March 31, 2025, is presented in Table 2.20. Table 2.20: Pension Fund wise exposure in NPS Tier-II Composite SBI Pension Funds LIC Pension Fund UTI Pension Fund Private Limited Limited Limited Particulars AUM % of AUM ` % of ` ` % of total AUM ( in ( in total ( in total AUM Crores) Crores) AUM Crores) AUM Government Securities & related 0.41 50.15 0.41 49.20 0.45 56.96 investments Debt Instruments & related investments 0.00 0.00 0.22 26.59 0.00 0.00 Short term debt instruments & related 0.30 36.82 0.10 11.71 0.24 30.38 investments Equity & related investments 0.11 13.03 0.10 12.49 0.10 12.66 Asset backed, trust structured & 0.00 0.00 0.00 0.00 0.00 0.00 Miscellaneous investments Total AUM 0.81 100.00 0.83 100.00 0.79 100.00 (v). NPS Lite NPS Lite is managed by three Pension Funds i.e., SBI Pension Funds Private Limited, LIC Pension Fund Limited, UTI Pension Fund Limited, and the contributions received from subscribers are distributed among these pension funds and also to single pension fund as opted. Further, a single PoP-NPS Lite (erstwhile Aggregator) has opted for Kotak Mahindra Pension Fund Limited to manage its fund under the NPS Lite. The extent of exposure under NPS Lite in different categories of investments have been decided through the investment guidelines issued by the Authority and the same is mentioned in The table Table 2.21. also includes information on total AUM under NPS Lite as on March 31, 2025, along with AUM under each investment categories. Table 2.21: Exposure in NPS Lite Exposure Limits ` Particulars AUM ( in Crores) % of total AUM (In %) Government Securities & related investments Upto 65 3,494.85 57.42 Debt Instruments & related investments Upto 45 1,516.00 24.91 Short term debt instruments & related Upto 10 201.57 3.31 investments Equity & related investments Upto 15 873.69 14.35 Asset backed, trust structured & Miscellaneous Upto 5 0.29 0.00 investments Total - 6,086.39 100.00 The extent of exposure in different categories of investments for each pension funds as on March 31, 2025, is presented in Table 2.22. 13874ANNUAL REPORT: 2024-25 Table 2.22: Pension Fund wise exposure in NPS Lite Kotak Mahindra SBI Pension Funds LIC Pension Fund UTI Pension Fund Pension Fund Private Limited Limited Limited Limited Particulars AUM % of AUM % of AUM % of AUM % of ` ` ` ` ( in total ( in total ( in total ( in total Crores) AUM Crores) AUM Crores) AUM Crores) AUM Government Securities 1,323.35 53.94 1,056.15 59.12 1,058.98 60.47 56.37 59.10 & related investments Debt Instruments & 684.86 27.91 406.22 22.74 403.05 23.01 21.87 22.93 related investments Short term debt instruments & 92.84 3.78 60.54 3.39 44.85 2.56 3.35 3.51 related investments Equity & related 352.34 14.36 263.44 14.75 244.19 13.94 13.71 14.38 investments Asset backed, trust structured & 0.03 0.00 0.00 0.00 0.18 0.01 0.07 0.08 Miscellaneous investments Total AUM 2,453.42 100.00 1,786.35 100.00 1,751.25 100.00 95.37 100.00 (vi). APY APY is managed by three Pension Funds i.e., SBI Pension Funds Private Limited, LIC Pension Fund Limited, UTI Pension Fund Limited, and the contributions received from subscribers are distributed among these pension funds based on their performance during the previous financial year. The extent of exposure under APY in different categories of investments have been decided through the investment guidelines issued by the Authority and the same is mentioned in . The table Table 2.23 also includes information on total AUM under APY as on March 31, 2025, along with AUM under each investment categories. Table 2.23: Exposure in APY Exposure Limits ` Particulars AUM ( in Crores) % of total AUM (In %) Government Securities & related investments Upto 65 26,039.24 58.15 Debt Instruments & related investments Upto 45 11,021.83 24.61 Short term debt instruments & related investments Upto 10 1,351.62 3.02 Equity & related investments Upto 15 6,318.81 14.11 Asset backed, trust structured & Miscellaneous Upto 5 49.76 0.11 investments Total - 44,781.26 100.00 The extent of exposure in different categories of investments for each pension funds as on March 31, 2025, is presented in Table 2.24. 18358ANNUAL REPORT: 2024-25 Table 2.24: Pension Fund wise exposure in APY SBI Pension Funds LIC Pension Fund UTI Pension Fund Private Limited Limited Limited Particulars AUM % of AUM AUM ` ` % of total ` % of total ( in total ( in ( in AUM AUM Crores) AUM Crores) Crores) Government Securities & related 8,233.50 54.48 9,088.95 59.94 8,716.79 60.09 investments Debt Instruments & related investments 4,225.86 27.96 3,445.19 22.72 3,350.78 23.10 Short term debt instruments & related 399.28 2.64 524.30 3.46 428.04 2.95 investments Equity & related investments 2,206.17 14.60 2,103.31 13.87 2,009.34 13.85 Asset backed, trust structured & 48.69 0.32 0.47 0.00 0.60 0.00 Miscellaneous investments Total AUM 15,113.49 100.00 15,162.21 100.00 14,505.55 100.00 (vii). APY Fund Scheme APY Fund Scheme is managed by three Pension Funds i.e., SBI Pension Funds Private Limited, LIC Pension Fund Limited, UTI Pension Fund Limited, and the investments are distributed among these pension funds based on their performance during the previous financial year. The extent of exposure under APY Fund Scheme in different categories of investments have been decided through the investment guidelines issued by the Authority and the same is mentioned in . The Table 2.25 table also includes information on total AUM under APY Fund Scheme as on March 31, 2025, along with AUM under each investment categories. Table 2.25: Exposure in APY Fund Scheme Exposure Limits ` Particulars AUM ( in Crores) % of total AUM (In %) Government Securities & related investments Upto 65 739.61 59.54 Debt Instruments & related investments Upto 45 265.81 21.40 Short term debt instruments & related investments Upto 10 72.11 5.80 Equity & related investments Upto 15 164.69 13.26 Asset backed, trust structured & Miscellaneous Upto 5 0.00 0.00 investments Total - 1,242.23 100.00 The extent of exposure in different categories of investments for each pension funds as on March 31, 2025, is presented in Table 2.26. 13896ANNUAL REPORT: 2024-25 Table 2.26: Pension Fund wise exposure in APY Fund Scheme SBI Pension Funds LIC Pension Fund UTI Pension Fund Private Limited Limited Limited Particulars AUM AUM ` ` % of total ` % of to- AUM ( in % of total ( in ( in AUM tal AUM Crores) AUM Crores) Crores) Government Securities & related 258.66 61.92 251.75 57.56 229.20 59.21 investments Debt Instruments & related investments 86.67 20.75 97.65 22.33 81.49 21.05 Short term debt instruments & related 14.47 3.46 34.58 7.91 23.06 5.96 investments Equity & related investments 57.92 13.87 53.42 12.21 53.36 13.78 Asset backed, trust structured & 0.00 0.00 0.00 0.00 0.00 0.00 Miscellaneous investments Total AUM 417.72 100.00 437.40 100.00 387.11 100.00 (viii). TTS It is the scheme option specifically available to Central Government subscribers with tax saving benefits. TTS is available with all Pension Funds registered with authority. The contributions received from subscribers are invested by these pension funds. For each investment category, subscriber has the option of selection of different Pension Funds. The extent of exposure under TTS in different categories of investments have been decided through the investment guidelines issued by the Authority and the same is mentioned in . The table Table 2.27 also includes information on total AUM under TTS as on March 31, 2025, alongwith AUM under each investment categories. Table 2.27: Exposure in TTS Exposure Limits ` Particulars AUM ( in Crores) % of total AUM (In %) Debt Upto 90 14.59 73.27 Equity 10 – 25 3.41 17.11 Cash/Money Market/Liquid mutual funds Upto 20 1.92 9.63 Total - 19.91 100.00 The extent of exposure in different categories of investments for each pension funds as on March 31, 2025, is presented in Table 2.28. Table 2.28: Pension Fund wise exposure in TTS Cash/Money Market/ Total Name of Pension Fund Particulars Debt Equity Liquid mutual funds AUM AUM (` in Crores) 4.17 0.86 0.32 5.35 SBI Pension Funds Private Limited % of total AUM 78 16 6 100 AUM (` in Crores) 1.46 0.50 0.29 2.25 LIC Pension Fund Limited % of total AUM 65 22 13 100 AUM (` in Crores) 0.89 0.24 0.22 1.35 UTI Pension Fund Limited % of total AUM 66 18 16 100 18470ANNUAL REPORT: 2024-25 Cash/Money Market/ Total Name of Pension Fund Particulars Debt Equity Liquid mutual funds AUM AUM (` in Crores) 4.70 0.81 0.47 5.98 HDFC Pension Fund Management Limited % of total AUM 79 14 8 100 ICICI Prudential Pension Funds AUM (` in Crores) 1.59 0.29 0.18 2.06 Management Company Limited % of total AUM 77 14 9 100 AUM (` in Crores) 0.51 0.20 0.04 0.75 Kotak Mahindra Pension Fund Limited % of total AUM 68 26 6 100 Aditya Birla Sun Life Pension Fund AUM (` in Crores) 0.75 0.23 0.07 1.04 Management Limited % of total AUM 72 22 6 100 Tata Pension Fund Management Private AUM (` in Crores) 0.47 0.26 0.06 0.79 Limited % of total AUM 59 34 7 100 Max Life Pension Fund Management AUM (` in Crores) 0.05 0.01 0.02 0.08 Limited % of total AUM 63 18 19 100 AUM (` in Crores) - - 0.22 0.22 Axis Pension Fund Management Limited % of total AUM 0 0 100 100 DSP Pension Fund Managers Private AUM (` in Crores) - - 0.03 0.03 Limited % of total AUM 0 0 100 100 2.4.2. Exposure in different categories of investments under NPS architecture The represents the comparison of exposure in different categories of investments for last Table 2.29 two financial years. The increase in terms of percentage has been observed in all investment categories except Corporate Bond and Cash & Net Current Assets. Table 2.29: Exposure in different categories of investments As on March 31, 2024 As on March 31, 2025 Category of Investments Amount % of Amount % of ` ` ( in Crores) Investment ( in Crores) Investment G-Sec 6,36,189.12 54.21 7,88,310.91 54.56 Corporate Bond 2,78,690.02 23.75 3,31,849.57 22.97 Equity 2,21,856.39 18.90 2,75,309.08 19.06 Asset Backed, Trust Structured and 1,194.76 0.10 2,371.25 0.16 Miscellaneous Investments Money Market 12,464.77 1.06 19,338.90 1.34 Cash & Net Current Assets 23,140.83 1.97 27,573.59 1.91 Total 11,73,535.89 100.00 14,44,753.29 100.00 14818ANNUAL REPORT: 2024-25 PART - III 189ANNUAL REPORT: 2024-25 190ANNUAL REPORT: 2024-25 PART - III Functions of the Authority in respect of matters specified in Section 14 granted by the Authority as per the provisions 3.1. Details regarding registration of of this Act and the respective regulations. The intermediaries and suspension, cancellation, etc., Authority has notified various intermediary of such registration and regulation of activities of regulations for this purpose. The details regarding the intermediaries associated with the National registration of intermediaries and suspension, Pension System or the pension schemes cancellation, etc., of such registration is presented Section 27 of the PFRDA Act, 2013 provides 3.1.1. in for registration of intermediaries in accordance Table 3.1. with the conditions of the certificate of registration Table 3.1: Number of intermediaries as on March 31, 2025 Registered as Registered Suspended Cancelled Registered as Type of on March 31, during F.Y. during F.Y. during F.Y. on March 31, Intermediary 2024 2024-25 2024-25 2024-25 2025 Annuity Service 15 Nil Nil Nil 15 Providers* Central Recordkeeping 3 Nil Nil Nil 3 Agencies Custodian 1 Nil Nil Nil 1 National Pension System 1 Nil Nil Nil 1 Trust Pension Funds 11 Nil Nil Nil 11 Points of Presence 363 16** Nil Nil 367 Retirement Advisers 49 33*** Nil Nil 61 Trustee Bank 1 Nil Nil Nil 1 * Annuity Service Providers are empanelled by the Authority. ** Entities already registered for APY have been given registration for NPS. So, the number of entities as on March 31, 2025, may not be reflective of the same as have been registered during F.Y. 2024-25. *** During the F.Y. 2024-25, some RAs have not renewed their registration and therefore, the number of entities as on March 31, 2025, may not be reflective of the same as have been registered during F.Y. 2024-25. thereunder, as may be applicable, from time to 3.2. Points of Presence time. Furthermore, under the NPS architecture “Point of Presence” is an intermediary 3.2.1. subscribers/Corporates (having an employee- registered with the Authority under sub-section (3) employer relationship) can choose their PoP. The of section 27 and capable of electronic connectivity list of PoPs is made available on the website of the with the central recordkeeping agency for the Authority which is revised periodically. purpose of receiving and transmitting funds and instructions and pay out of funds. As per section As per the Pension Fund Regulatory and 20 of PFRDA Act 2013, collection and transmission Development Authority (Point of Presence) of contributions and instructions shall be through (Amendment) Regulations, 2023 notified on January points of presence to the central recordkeeping 10, 2024, an applicant may seek registration as a agency. Hence, PoPs interact with the subscriber point of presence in respect of any one or more of while onboarding him/her as an NPS subscriber the following pension schemes: and perform the functions related to registration, (a). National Pension System; KYC verification, receiving contributions and instructions from subscribers, and transmission of (b). Atal Pension Yojana; or the same including compliance with Prevention of (c). any other scheme regulated or administered Money Laundering Act, 2002 and the rules framed by Authority 19412ANNUAL REPORT: 2024-25 3.2.2. Roles and functions (vii). Maintenance and transfer of documents to The main functions of Point of Presence are as central recordkeeping agency: under,- (a). Maintain and transfer forms along with stipulated documents and KYC records to the (i). Interacting with potential subscribers: central recordkeeping agency, in the mode and (a). address queries regarding pension schemes manner determined by the Authority; covered under the Act; and (viii). Submission of compliance reports and (b). provide and display information in accordance certificates: with the provisions of the pension schemes; (a). submit compliance reports and certificates as laid down under circulars, guidelines, directions (ii).Registration of subscribers: and instructions issued by the Authority. (a). receive subscriber registration request along with KYC records; 3.2.3. Number of PoP – SPs (b). conduct customer due diligence procedure; Branches of PoPs registered in CRA system is and known as Points of Presence – Service Providers. Statewise details of PoP-SPs are presented in (c). process the request in central recordkeeping and . Table 3.2 Chart 3.1 agency system or in the mode and manner directed by the Authority; Table 3.2: Total POP-SPs as on March 31, 2025 Total POP-SPs (iii). Processing of contribution: S. Non- State Name Bank as on March (a). open and maintain a collection account for No. Bank 31, 2025 each pension scheme; Andaman 1. & Nicobar 110 24 134 (b). receive contribution from subscriber or their Islands employer; Andhra 2. 9864 5507 15371 Pradesh (c). upload contribution details and generate Arunachal subscriber contribution file from central 3. 235 191 426 Pradesh recordkeeping agency; and 4. Assam 3030 305 3335 (d). remit contribution to the NPS Trust account 5. Bihar 7880 1933 9813 maintained with the Trustee Bank; 6. Chandigarh 450 41 491 7. Chhattisgarh 3233 1842 5075 (iv). Servicing of subscriber requests: Dadra and (a). receive, process and approve requests or Nagar Haveli 8. 111 12 123 and Daman instructions; and Diu 10. Goa 825 47 872 (v). Redressal of subscriber grievance: 11. Gujarat 10636 4121 14757 (a). receive and redress grievances in accordance 12. Haryana 6088 1382 7470 with Regulations; Himachal 13. 2590 637 3227 Pradesh (vi). Processing of exits and withdrawals Jammu & requests: 14. 1986 227 2213 Kashmir (a). Receive the request for withdrawal and exit 15. Jharkhand 3383 972 4355 from pension schemes along with stipulated 16. Karnataka 12473 4280 16753 documents and KYC records; 17. Kerala 9166 1738 10904 (b). Conduct subscriber or nominee(s) or legal heir 18. Lakshadweep 14 0 14 due diligence procedure; 19. Ladakh 31 0 31 Madhya (c). Process and approve the exit and withdrawals 20. 8565 5041 13606 Pradesh requests in central recordkeeping agency; 14932ANNUAL REPORT: 2024-25 Development Authority (Central Recordkeeping Total POP-SPs S. Non- Agency) Regulations, 2015 and amendments State Name Bank as on March No. Bank thereof. 31, 2025 21. Maharashtra 17346 9297 26643 Presently, the following three entities have been 22. Manipur 225 59 284 registered as Central Recordkeeping Agencies 23. Meghalaya 399 162 561 under NPS Architecture: 24. Mizoram 226 41 267 25. Nagaland 235 42 277 (a). Protean eGov Technologies Limited 26. Delhi 3958 1857 5815 (b). KFin Technologies Limited 27. Odisha 6120 963 7083 28. Puducherry 293 37 330 (c). Computer Age Management Services Limited 29. Punjab 7907 1790 9697 30. Rajasthan 9333 2189 11522 3.3.2. Roles and functions The main functions of Central Recordkeeping 31. Sikkim 144 5 149 Agency are as under, - 32. Tamil Nadu 14719 2657 17376 33. Telangana 6287 840 7127 (a). Central Recordkeeping Agency performs 34. Tripura 581 108 689 functions related to recordkeeping, accounting, 35. Uttar Pradesh 18570 6558 25128 administration and customer service for 36. Uttarakhand 2767 260 3027 subscribers to the schemes of PFRDA. 37. West Bengal 9566 1470 11036 (b). CRA acts as the operational interface between the PFRDA and other NPS stakeholders. Chart 3.1: State-wise Number of PoP-SPs (c). CRA is responsible for issuance of unique PRANs to each NPS subscriber, providing customer support and resolution to subscriber’s queries and grievances. CRA offers online functionalities for subscribers to update their details, such as mobile number, email ID, and address. (d). CRA maintains a repository of data of all the issued PRANs and records all transactions related to each PRAN, including contributions, withdrawals, and other updates. It also provides periodic, consolidated statements to subscribers detailing their account transactions. (e). CRA provides web-based access, periodic MIS and dashboard to the Authority and other stakeholders in the NPS architecture. 3.3. Central Recordkeeping Agency 3.4. Pension Funds Central Recordkeeping Agency is required 3.3.1. Pension fund means an intermediary which to establish a system ( 3.4.1. defined under section 21 has been granted a certificate of registration of the Pension Fund Regulatory and Development under sub - section (3) of section 27 of the PFRDA ) that delivers compliance with Authority Act, 2013 Act, 2013 by the Authority as a pension fund for standards for internal organization and operational receiving contributions, accumulating them and conduct, to protect the interests of subscribers making payments to the subscriber in the manner under the framework of the NPS. It also acts as as may be specified by regulations. Pension Fund an operational interface between PFRDA and Regulatory and Development Authority (Pension other NPS intermediaries such as PFs, ASPs, Fund) Regulations, 2015 were notified on May 14, TB, Nodal offices, PoPs, etc. The detailed roles 2015 and have been amended from time to time. and responsibilities of CRA is prescribed under Pension Funds are entrusted with the professional Regulation 18 of the Pension Fund Regulatory and 19434ANNUAL REPORT: 2024-25 management of pension schemes on behalf of Remuneration Committees. the NPS Trust, in accordance with the objectives (c). While fulfilling its roles and responsibilities, it of the schemes regulated and administered by shall maintain detailed records, submit periodic PFRDA and regulatory framework prescribed by compliance reports, and facilitate audits and PFRDA. As on March 31, 2025, 11 Pension Funds inspections by the Authority and the NPS Trust. are registered with PFRDA. (d). Pension Funds shall employ trained and ethical Pursuant to the notification of Pension Fund 3.4.2. professionals and remain accountable for their Regulatory and Development Authority (Pension actions. Fund) (Amendment) Regulations, 2023 notified on February 09, 2024, Regulation 8(2)(a) states that – (e). In order to ensure transparency and protect subscriber interests, Pension Funds are mandated “(2) The sponsor of a pension fund, upon being to make public disclosures in formats prescribed permitted by the Authority, shall: by PFRDA. (a) incorporate a pension fund as a company under (f). Pension Funds shall take pro-active steps the Companies Act, 2013 and shall have the name to prevent conflict of interest and ensure ‘Pension Fund’ incorporated in its name clause. confidentiality of subscriber data and pension fund operations. Provided that pension fund(s) already registered with Authority shall comply with the provisions of this (g). Operating in an unbundled architecture clause within a period of twelve months from the date requires Pension Funds to collaborate with of notification of these amendment to regulations;” intermediaries and maintain technology platforms Accordingly, the Pension Funds which have to fulfil functional obligations. changed their name in compliance with the above (h). Pension Funds shall implement internal controls regulation are mentioned in . Table 3.3 and a fraud prevention policy, with provisions to indemnify subscribers for losses due to fraud or Table 3.3: Change in the Name of the Pension negligence. Funds (i). As an independent legal entity, Pension Fund Earlier Name New Name shall adhere to disclosure norms under the Aditya Birla Sun Life Aditya Birla Sun Life Pension Management Pension Fund Management Companies Act, 2013 and maintain separate Limited Limited infrastructure, where applicable. HDFC Pension HDFC Pension Fund (j). The pension fund shall pay fees, charges, levies Management Company Management Limited and security deposit as may be determined by the Limited Authority. Tata Pension Fund Tata Pension Management Management Private (k). Upon notification by the Authority of the Private Limited Limited scheme under section (20)(2)(d)(b) of the Act, UTI Retirement Solutions pension fund shall offer such schemes within the UTI Pension Fund Limited Limited timeline specified by the Authority. 3.4.3. Roles and functions 3.5. Trustee Bank The main functions of Pension fund are as under, - As per the provisions of Pension Fund 3.5.1. Regulatory and Development Authority (Trustee (a). Pension Funds are vested with the Bank) Regulations, 2015 and amendments responsibility of prudent, skilful, and non thereof, Trustee Bank is selected and registered speculative management of subscriber based on the selection process released by the contributions while maintaining high standards of Authority. The Trustee Bank maintains accounts diligence and integrity. on behalf of the NPS subscribers and in the name (b). Pension Fund shall ensure adoption of of the NPS Trust who is the registered owner of best practices through dedicated Investment, NPS funds, however, individual NPS subscribers Risk Management, Audit, and Nomination & remain beneficial owners of these funds. Trustee 14954ANNUAL REPORT: 2024-25 Bank facilitates fund transfers across various submit regular reports. entities of the CRA(s) system viz. Nodal Offices, (e). The Trustee Bank provides web-based Points of Presence, Aggregators, Pension Funds, access to the NPS Trust, the Authority and other Annuity Service Providers and subscribers, etc., intermediaries and adapts to future changes and to carry out their functions through a technology- functional obligations. based platform and fulfils roles and responsibilities prescribed under the provisions of the Pension 3.6. Custodian Fund Regulatory and Development Authority Act, Custodian of Securities is an entity which 2013, Pension Fund Regulatory and Development 3.6.1. has been granted a certificate of registration Authority (Trustee Bank) Regulations, 2015, and under sub-section (3) of section 27 of the PFRDA amendments thereof, terms and conditions of Act, 2013 by the Authority as a custodian of registration, circulars, and guidelines, etc. issued securities for the purpose of providing custodial by the Authority from time to time. and depository participant services for the pension Axis Bank Limited was selected as Trustee schemes regulated by the Authority. Pension 3.5.2. Bank through Request for Proposal for Selection of Fund Regulatory and Development Authority Trustee Bank 2020 as per Regulation 9 of Pension (Custodian of Securities) Regulations, 2015 were Fund Regulatory and Development Authority notified on May 14, 2015, and amended from time (Trustee Bank) Regulations, 2015, and amendment to time. As of March 31, 2025, Deutsche Bank AG thereof. Axis Bank Limited has been registered as is registered as custodian. Trustee Bank by the Authority vide registration number TB001 on January 08, 2021, and 3.6.2. Roles and functions registration is valid for five years from the date of The main functions of custodian are, - grant of Certificate of Registration and extension (a). Exercising due diligence and professional skill granted thereto, unless suspended or cancelled by while acting in the best interest of subscribers the Authority as per Regulation 13 of Pension Fund and safeguarding all securities entrusted to its Regulatory and Development Authority (Trustee custody. Bank) Regulations, 2015. (b). Ensuring that all transactions in pension 3.5.3. Roles and functions scheme accounts are carried out strictly based on The main functions of Trustee Bank are as under, - instructions from the Pension Fund or NPS Trust and are authorized and verifiable. (a). The Trustee Bank manages the day-to-day banking operations of funds under schemes (c). Reconciliation of securities in scheme accounts regulated/administered by the Authority, with depository and Constituent’s Subsidiary ensuring secure and timely receipt, transfer, and General Ledger holdings on a daily basis. disbursement of funds. (d). Maintaining complete accountability for (b). The Trustee Bank receives NPS contributions movement of securities and providing a full audit from Nodal Offices / intermediaries across India. trail to the Authority or NPS Trust upon request. It verifies the amount of payment made by Nodal (e). Keeping detailed and retrievable records of Offices / intermediaries against the Subscriber securities held, to facilitate duplication or tracing Contribution File uploaded by them on the CRA in case of loss. system. (f). Ensuring all securities are adequately insured (c). The Trustee Bank transfers NPS funds to and safeguarded against theft or natural hazards Pension Funds for investment, adhering to time- through robust internal control systems. bound procedures. It also transfers funds for various settlements, including withdrawals and (g). Maintaining strict separation of NPS securities payments, based on instructions from the CRA. from its own assets and other client accounts, including dedicated custody accounts. (d). The Trustee Bank maintains books and records about the fund flow and information flow (h). Prohibited from setting off, pledging or between Trustee Bank, CRA, subscribers and PFs encumbering NPS securities without explicit prior and ensure compliance with the guidelines and 19456ANNUAL REPORT: 2024-25 approval from the Authority or NPS Trust. During F.Y. 2024-25, major activities 3.7.2. pertaining to NPS Trust Board is presented in (i). Submitting periodic reports and statements to relevant stakeholders and adhering to Table 3.4. applicable regulatory, operational, and cyber Table 3.4: Major activities pertaining to NPS security policies. Trust Board (j). Implementing strong internal controls, S. No. Subject conducting quarterly internal audits and Appointment of Dr. Pramod Kumar, Director, maintaining mechanisms for ongoing monitoring 1. Department of Pension and Pensioner’s Welfare and evaluation of its systems. as Trustee w.e.f. July 23, 2024 Appointment of Ms. Sunita Gupta as Trustee 2. (k). Developing and implementing a fraud w.e.f. July 25, 2024 prevention and mitigation policy, with provisions Office of Trustee demitted by Shri. Y. Venkata Rao 3. for indemnifying subscribers in case of established on account of resignation fraud or negligence. Designation of Ms. Chitra Jayasimha as 4. Chairperson to the Board of Trustees of NPS Trust (l). Maintaining IT infrastructure and systems Office of Trustee demitted by Shri. J.K. capable of adapting to regulatory or technological Sharma, Director, Pension, Provident Fund & changes and coordinating with other 5. Insurance of Govt. of Madhya Pradesh on intermediaries. account of completion of tenure on February 09, 2025 (m). Ensuring timely realization of all entitlements Office of Trustee demitted by Dr. P.C. (e.g., dividends, interest) on securities held on Jaffer, IAS, Secretary to Government behalf of the NPS Trust. 6. (Expenditure) and Finance Department of Govt. of Karnataka on a count of completion of tenure (n). Adhering to the Authority’s prescribed voting on February 16, 2025 and cybersecurity policies to ensure transparency and asset protection. The current composition of the NPS Trust 3.7.3. Board is mentioned in Table 3.5. 3.7. National Pension System Trust The National Pension System Trust was Table 3.5: Composition of NPS Trust 3.7.1. established by PFRDA in accordance with the Board as on March 31, 2025 provisions of the Indian Trusts Act, 1882 on S. No. Name Position February 27, 2008 with the execution of the NPS 1. Ms. Chitra Jayasimha Chairperson Trust Deed. The assets under NPS are held in the 2. Shri Masil Jeya Mohan Trustee name of NPS Trust and pension funds purchase the securities on behalf of the NPS Trust. However, 3. Prasenjit Mukherjee Trustee subscribers remain the beneficial owner of the 4. Shri Debasish Mallick Trustee securities, assets and funds under NPS. Pension 5. Dr. Santosh Kumar Mohanty Trustee Fund Regulatory and Development Authority 6. Ms. Sunita Gupta Trustee (National Pension System Trust) Regulations, 2015 were notified on March 12, 2015 and amended 7. Dr. Pramod Kumar* Trustee from time to time. The NPS Trust is administered *Nominated by DoP&PW, Ministry of Personnel, Public Grievance and by a Board of Trustees, consisting of a minimum of Pension, Government of India. five trustees and not more than eleven trustees. The members of the Board of NPS Trust are 3.7.4. Key role and functions of the Board of appointed by PFRDA. One of the Trustees from Trustees of NPS Trust includes the following: the Board is designated by PFRDA as Chairperson (a). The Board of Trustees is responsible for of the Board. PFRDA appoints a suitable person as evaluating the operational, service-level, and CEO of the Trust who shall be responsible for day- investment activities of pension funds, trustee to-day administration and management of the banks, custodians and of CRAs, in relation to Trust subject to the superintendence, control and subscriber exits and withdrawals. direction of the Board of NPS Trust. (b). The Board of Trustees holds all assets in trust, 14976ANNUAL REPORT: 2024-25 for the benefit of subscribers, while ensuring (a). Aditya Birla Sun Life Insurance Company Limited prudent asset management and compliance with (b). Axis Max Life Insurance Limited regulatory frameworks (c). Bajaj Allianz Life Insurance Company Limited (c). It approves audited scheme financials, internal and compliance reports submitted by (d). Canara HSBC Life Insurance Company Limited intermediaries and presents them to PFRDA with (e). Edelweiss Life Insurance Company Limited its recommendations. It submits quarterly reports, certificates of compliance, exception reports and (f). HDFC Life Insurance Company Limited declarations regarding conflict of interest and governance standards. (g). ICICI Prudential Life Insurance Company Limited (d). It executes operational agreements with intermediaries, oversees service delivery, (h). IndiaFirst Life Insurance Company Limited flags deficiencies, ensures rectification and (i). Kotak Mahindra Life Insurance Company Limited communicates compliance requirements. It also supervises income collection, tax claims and (j). Life Insurance Corporation of India ensures segregation of accounts by intermediaries. (k). PNB MetLife India Insurance Company Limited (e). It ensures due diligence, transparency, (l). SBI Life Insurance Company Limited and compliance with the Trust Deed, PFRDA regulations, and operational guidelines. It is tasked (m). Shriram Life Insurance Company Limited with preventing conflicts of interest, upholding stewardship and voting policies, and adhering to (n). Star Union Dai-ichi Life Insurance Company cybersecurity norms. Limited (f). It oversees grievance redressal, ensures (o). Tata AIA Life Insurance Company Limited the timely dissemination of accurate and comprehensible information to subscribers, and 3.8.3. Roles and functions promotes awareness of NPS. The main functions of an empanelled annuity service provider are,- (g). Trustees operate under the protections afforded by the Indian Trusts Act, 1882, and (a). to provide different kinds of immediate are liable only in cases of wilful misconduct or annuities to the subscribers at the time of exit negligence. Acts performed in good faith with due from the National Pension System. diligence are not held personally accountable. (b). to provide minimum immediate annuity variants options as required by the Authority and 3.8. Annuity Service Provider to be able to provide any new variant as required by Pension Fund Regulatory and Development 3.8.1. the Authority from time to time in the interest of Authority (Exits and Withdrawals under the subscribers in conformity with the Insurance Act, National Pension System) Regulations, 2015, and 1938 (4 of 1938) and the Insurance Regulatory and amendment thereof, provide detailed contours of Development Authority Act, 1999 (41 of 1999), various provisions of exits and withdrawals under and the rules, regulations and guidelines made NPS for all the eligible subscribers. Further, it has thereunder. also laid down the process of empanelment of ASP with the detailed roles and responsibilities (c). to provide monthly or any other periodical of ASP. Life Insurance Companies registered and annuity payment to the subscriber for the annuity regulated by IRDAI are eligible to act as empanelled contract purchased by the subscriber under NPS. ASP with the PFRDA to provide different kinds of (d). the annuity service provider shall be immediate annuities to the subscribers at the time responsible for handling the grievances and issues of exit from National Pension System. related to or arising out of the entering into the Following entities were empanelled as annuity contract with the subscribers under NPS. 3.8.2. Annuity Service Provider as on March 31, 2025: 19478ANNUAL REPORT: 2024-25 3.9. Retirement Adviser 3.10. Details of regulated assets Retirement Adviser is an intermediary As per the section 2(p) of the PFRDA Act, 3.9.1. registered with PFRDA under Pension Fund 2013, “regulated assets” means the assets and Regulatory and Development Authority properties, both tangible and intangible, owned, (Retirement Adviser) Regulations, 2016, whether leased or developed by and other rights belonging an individual or a non-individual entity, who, for to, the central recordkeeping agency. Further, a fee or consideration, is involved in the activity section 31(3) of the PFRDA Act, 2013, provides, - of offering retirement advice. This advice specifically pertains to the NPS, or any other “All the assets and properties owned, leased or pension scheme covered under the relevant developed by the central recordkeeping agency, regulation. This advice could encompass shall constitute regulated assets and upon expiry various aspects of pension schemes, including of certificate of registration or earlier revocation investment strategies, contribution planning, thereof, the Authority shall be entitled to appropriate and other relevant factors. and take over the regulated assets, either by itself or through an administrator or a person nominated by it 3.9.2. Roles and functions in this behalf: The main functions of a Retirement Adviser Provided that the central recordkeeping agency provider are,- shall be entitled to be compensated the fair value, to (a). Creating awareness of NPS and other pension be ascertained by the Authority, of such regulated schemes regulated by Authority. assets as may be determined by regulations: (b). To facilitate on-boarding of the prospective Provided further that where the earlier revocation subscriber of NPS or other pension scheme of the certificate of registration is based on violation regulated by Authority. of the conditions in the certificate of registration or the provisions of this Act or regulations, unless (c). To advise prospects on the necessity of old otherwise determined by the Authority, the central age income security, retirement planning, level of recordkeeping agency shall not be entitled to claim contributions they can make. any compensation in respect of such regulated (d). To help prospects and other subscribers in assets.” planning for retirement savings. 3.11. Fees and other charges levied or collected (e). A Retirement Adviser shall partner with by the Authority corporates and Government departments to run 3.11.1. Charges levied by intermediaries awareness programmes on retirement planning for their employees. (i). Central Recordkeeping Agencies Authority, vide Circular No. PFRDA/2020/22/ 3.9.3. Retirement Adviser Certification REG-CRA/3 dated June 15, 2020, had prescribed The Retirement Advisers are certified by NISM a Guidelines for Price Discovery Mechanism for through Series XVII examination. The quarter-wise the charges to be levied by Central Recordkeeping details of the same are mentioned in Agencies for the services rendered by them to Table 3.6. the subscribers, as an integral part of Selection Table 3.6: NISM Series-XVII: Retirement Adviser of Central Recordkeeping Agencies initiated Certification in 2020 under the provisions of Pension Fund Regulatory and Development Authority (Central Month Enrolled Appeared Passed Pass % Apr to Jun Recordkeeping Agency) Regulations, 2015, and 144 93 63 68 2024 amendments thereof. Jul to Sep 183 138 81 59 2024 The present charges levied by CRAs against their services are also available on PFRDA’s website and Oct to 207 180 125 69 Dec 2024 the same are presented in Table 3.7. Jan to Mar 405 340 256 75 2025 Total 939 751 525 70 14998ANNUAL REPORT: 2024-25 Table 3.7: Charges levied by CRAs Computer Age Protean eGov KFin Technologies Limited Management Services Technologies Limited Service Charge Limited S. No. head NPS Regular / NPS Regular / NPS Regular / NPS Lite/ NPS Lite/ NPS Lite/ NPS Vatsalya ` NPS Vatsalya ` NPS Vatsalya ` ` APY (in ) ` APY (in ) ` APY (in ) Scheme (in ) Scheme (in ) Scheme (in ) PRA opening 1. 40.00 15.00 39.36 15.00 40.00 15 charges PRA Annual 2. maintenance 69.00 20.00 57.63 14.40 65.00 16.25 charges Transaction 3. 3.75 NIL 3.36 NIL 3.50 NIL charges 0.000000001770% per annum for Electronic segment & Physical segment (ii). Custodian: 0.003% of the AUM p.a. (iii). National Pension System Trust: With effect from April 01, 2021, Investment Management Fee mentioned in (iv). Pension Funds: Table is charged by the Pension Funds. 3.8 Table 3.8: Investment Management Fee charged by the Pension Funds Slabs of AUM managed by the Pension Fund Maximum Investment Management Fee (In %) Upto ` 10,000 Crores 0.09* Above ` 10,00 – ` 50,000 Crores 0.06 Above ` 50,000 – ` 1,50,000 Crores 0.05 Above ` 1,50,000 Crores 0.03 *UTI Pension Fund Limited charges a fee of 0.07% under this slab. The Investment Management Fee to be charged by the Pension Fund on the slab structure would be on the aggregate AUM of the Pension Fund under all schemes managed by the Pension Fund. With effect from January 31, 2025, service charges mentioned in are (v). Points of Presence: Table 3.9 levied by Points of Presence. Table 3.9: Service charges levied by Points of Presence for NPS / NPS Vatsalya Scheme Service Charges Method of Deduction (i). Initial Subscriber Registration Upto maximum `400/- To be collected upfront (ii). Initial Contribution Upto 0.50% of the contribution, subject to maximum `25000/- (iii). All Subsequent Contribution (iv). All Non-Financial Transaction Upto maximum `30/- (v). Persistency* `50/- p.a. for annual contribution Through `1000/ to `2999/- cancellation of units `75/- p.a. for annual contribution `3000/ to `6000/- `100/- p.a. for annual contribution above `6000/- (Only for NPS All Citizen) (vi). e-NPS Upto 0.20% of the contribution, subject to maximum To be collected (for subsequent `10,000/- upfront contribution) (Only for NPS All Citizen and Tier - II Accounts) 19590ANNUAL REPORT: 2024-25 Service Charges Method of Deduction (vii). Trail commission for Upto 0.20% of the contribution subject to maximum Through unit D-Remit Contributions ` 10,000/- deduction on (Only for NPS All Citizen and Tier - II Accounts) periodical basis (viii). Processing of Exit/ Upto 0.125% of Corpus subject to maximum `500/- To be collected Withdrawal upfront *1. Persistency charges are payable to such PoPs to which the subscriber is associated for more than six months in a financial year. ` ` 2. Minimum contribution per transaction is 500/- and minimum annual contribution is 1000/- 3. GST or other taxes as applicable, shall be additional. Charges of Retirement average balance of the consolidated balances of all (vi). Retirement Advisers: Advisers have been revised w.e.f. November 27, the NPS Trust account maintained by it. 2024, and the same are presented in Table 3.10. 3.11.3. Fees received during F.Y. 2024-25 Table 3.10: Charges of Retirement Advisers for Table 3.11: Fees received during F.Y. 2024-25 NPS / NPS Vatsalya Scheme ` Intermediary Fee receipt ( in Lakhs) For Individual and Trustee Bank – Axis Bank 5,248.16 Particulars Non-Individual RAs Limited Onboarding Upto ` 400/- per account (one time) Pension Funds 19,255.69 Charges CRA - Protean eGov 1,402.33 Advisory 0.02% of AUM subject to a Technologies Limited Charges minimum of ` 250/- and a maximum of ` 2,000/- per CRA - KFin Technologies 54.16 subscriber per annum, for the partic- Limited ular financial year in which advice has CRA - Computer Age 4.38 been given to the subscribers. Management Services Limited (vii). Trustee Bank: Nil Custodian - Deutsche Bank 522.40 3.11.2. Annual Fees paid by intermediaries Retirement Adviser/PoP/ 12.24 The central Aggregator/ASP/EMD/RFP (i). Central Recordkeeping Agencies: recordkeeping agency shall pay an annual fee plus Processing fee applicable taxes and levies thereon, on quarterly Total 26,499.36 basis at the rate of 0.05 times of the service charges, as specified in regulation 22 of Pension Note: Fees & receipts are accounted on accrual basis Fund Regulatory and Development Authority 3.12. Details of information sought for, (Central Recordkeeping Agency) Regulations, inspections undertaken, inquiries conducted 2015 before the due date as may be determined and investigations undertaken including by the Authority. audit of intermediaries and other entities or 0.0005% of Assets under organisations connected with pension funds (ii). Custodian: custody or `10,00,000 (Rupees Ten Lakhs) Supervision Departments of PFRDA 3.12.1. whichever is higher, along with applicable undertakes supervision of their respective entities taxes and levies thereon. under the NPS architecture registered with the Authority to ensure compliance of the respective The Pension Fund shall pay and (iii). Pension Funds: PFRDA Act, rules, regulations, directions, guidelines annual fee of 0.015% of Assets under Management and circulars issued therein. PFRDA supervises or `10,00,0001- per annum (`2,50,000/- per the registered entities through offsite and onsite quarter or part thereof), whichever is higher, along monitoring mechanisms as under: with applicable taxes and levies thereon. The offsite supervision Trustee Bank shall pay the (i). Offsite supervision: (iv). Trustee Bank: includes review of compliance and audit reports annual fee plus applicable taxes and levies thereon, submitted by registered entities to the PFRDA on quarterly basis at the rate of Repo Rate on daily which may include compliance report, cybersecurity 25010ANNUAL REPORT: 2024-25 certificate, audit reports, exception reports amongst subscribers and stakeholders. During the F.Y. others. 2024-25, the following activities were carried out: The onsite supervision (a). Coordinated with the DFS, The Office of the (ii). Onsite supervision: includes onsite inspection directly by PFRDA Chief Commissioner for Persons with Disabilities officials or audit by the authorized representatives (O/o CCPD) and various stakeholders for framing of PFRDA to monitor the compliance under the and notification of Accessibility Standard Guidelines respective statutory requirements as stated under for PFRDA-regulated intermediaries. the respective PFRDA Act, rules, regulations, (b). Actively participated in the meetings of Sub directions, guidelines and circulars issued therein. Group (under the Task Force) which was entrusted During F.Y. 2024-25, details of inspections to develop detailed modalities for determining conducted is presented in Table 3.12. various CIP (Customer Identification Procedure) Confidence Levels of KYC in the Central KYC Table 3.12: Inspections conducted during the Records Registry that can be robust enough to be F.Y. 2024-25 leveraged for universal CIP purpose, adding ease No. of to CIP parts of KYC processes in account-based S. No. Entity Entities relationships. 1. Central Recordkeeping Agencies 1 2. Custodian - 3.12.5. Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Programme 3. National Pension System Trust - (a). The FATF Cell, PFRDA actively coordinated 4. Pension Funds 3 with the Department of Revenue, Ministry of 5. Points of Presence 10 Finance, during the course of Mutual Evaluation of 6. Retirement Advisers - India conducted by the Financial Action Task Force, the global watchdog for money laundering and 7. Trustee Bank - terrorist financing. 3.12.2. Special Audit (b). During the F.Y. 2024-25, the FATF released (a). Based on the deviations identified during the Mutual Evaluation Report of India (September inspections or through routine supervisory 2024) which inter-alia acknowledges the PFRDA’s reviews, if the Authority is of the opinion that reasonable understanding and mitigation of comprehensive review of the regulated entity’s ML/TF risks through comprehensive KYC/AML/ activities is warranted, special audit is initiated by CFT guidelines, “fit-and-proper” person criteria appointing an external auditor. for intermediaries, and risk-based supervision incorporating inspection and external audit. With (b). During the F.Y. 2024-25, special audit of one no significant ML/TF violations reported, India’s PoP was conducted. 2022 National Risk Assessment rates the pension Based on the review sector as “Low Risk.” 3.12.3. Supervisory action: of compliance, audit and inspection reports as (c). PFRDA also has the following mechanisms in well as routine supervisory reviews regarding non- place to have a shared understanding of ML/TF risks adherence to the extant Regulations and Circulars in financial sector: issued by the PFRDA, suitable supervisory action is taken, by way of issuance of supervisory (i). Participation in the meetings of Financial Sector communications and Caution Letters to registered Regulators with FIU-IND. entities to ensure compliance. During the F.Y. 2024-25, caution letter was issued to twenty (20) (ii). Member of the FIU-INDIA Initiative for PoPs. Partnership in AML/CFT. Based on the 3.12.4. Policy Matters: 3.12.6. Investigation requirement and suggestions received from As per the section 16 of the PFRDA Act, 2013, various stakeholders for improvement in PFRDA may appoint an Investigating Authority processes and procedures, the PFRDA frames for conducting an investigation. During the F.Y. policy for improvements in the best interest of 2024–25, the Authority completed investigation 20512ANNUAL REPORT: 2024-25 against one intermediary which was initiated in F.Y. 2023-2024. The details of investigations initiated and completed across various categories of intermediaries during F.Y. 2023–24 and F.Y. 2024–25 is presented in Table 3.13. Table 3.13: Investigations conducted by the Authority F.Y. 2024-25 F.Y. 2023-24 S. Entity No. No. of cases No. of cases No. of cases No. of cases initiated completed initiated completed 1. Central Recordkeeping Agencies - 1 2 1 2. Custodian - - - - 3. National Pension System Trust - - - - 4. Pension Funds - - - - 5. Points of Presence - - - - 6. Retirement Advisers - - - - 7. Trustee Bank - - - - Total - 1 2 1 3.12.7. Surveillance Surveillance Department of PFRDA has identified a set of operational parameters in consultation with the concerned departments. These parameters served as early indicators for monitoring of various intermediaries under the NPS architecture. 3.12.8. Adjudication Under chapter VIII of the PFRDA Act, 2013, PFRDA may appoint an Adjudicating Officer for conducting an enquiry and imposing monetary penalties for contravention of any provision of the PFRDA Act, 2013 or any rules or regulations made thereunder. For the purpose, the Authority has notified the Pension Fund Regulatory and Development Authority (Procedure for Inquiry by Adjudicating Officer) Regulations, 2015.During the F.Y. 2024–25, Adjudication proceedings against two intermediaries are underway as on March 31, 2025. The details of adjudication process initiated and completed across various categories of intermediaries during F.Y. 2023–24 and F.Y. 2024–25 is presented in Table 3.14. Table 3.14: Adjudication by the Authority S. Cases Pending at the No. of No. of cases Cases Pending at the Entity No. Beginning of year cases added disposed end of the Period 1. Central Recordkeeping Agencies 1 - - 1 2. Custodian - - - - 3. National Pension System Trust - - - - 4. Pension Funds - - - - 5. Points of Presence 1 - - 1 6. Retirement Advisers - - - - 7. Trustee Bank - - - - Total 2 - - 2 25032ANNUAL REPORT: 2024-25 3.13. Subscribers (category wise) covered under the National Pension System and other pension schemes under the Act As of March 31, 2025, NPS and APY together recorded robust growth in subscriber base across categories. The CG and SG sector continues to form the core of the NPS ecosystem, with steady Y-o-Y growth. The Corporate and All Citizen witnessed significant expansion, reflecting increased adoption of voluntary pension savings among private sector employees and self-employed individuals. The launch of NPS Vatsalya, added a new layer of social inclusion to the NPS framework. Meanwhile, APY maintained strong momentum, dominating the overall subscriber share with its outreach to the informal sector. In terms of contributions and AUM, both institutional and voluntary segments contributed to substantial growth, reaffirming NPS’s position as a key pillar of India’s retirement architecture with enhanced financial depth and social reach. The details of the number of subscribers, contributions and AUM for F.Y. 2024-25 is presented in to Table 3.15 Table 3.17. Table 3.15: NPS & APY growth in Subscribers base as on March 31, 2025 No. of Subscribers (in Lakhs) S. No. Sector YoY (%) Share (%) March 31, 2024 March 31, 2025 (i). CG 26.07 27.26 4.56 3.25 (ii). SG 65.96 71.32 8.13 8.49 Sub Total 92.03 98.58 7.12 11.74 (iii). Corporate 19.48 22.75 16.79 2.71 (iv). All Citizen 35.64 42.65 19.67 5.08 (v). Vatsalya - 1.08 - 0.13 Sub Total 55.12 66.48 20.61 7.92 (vi). NPS Lite 33.28 33.50 0.66 3.99 (vii). APY 555.12 641.34 15.53 76.36 Grand Total 735.55 839.91 14.19 100 Table 3.16: NPS & APY growth in Contribution as on March 31, 2025 ` Contribution ( in Crores) S. No. Sector YoY (%) Share (%) March 31, 2024 March 31, 2025 (i). CG 2,19,498 2,61,348 19.07 25.18 (ii). SG 4,20,085 5,05,769 20.4 48.73 Sub Total 6,39,583 7,67,117 19.94 73.92 (iii). Corporate 1,16,097 1,52,190 31.09 14.66 (iv). All Citizen 52,950 66,184 24.99 6.38 (v). Vatsalya - 94 - 0.01 (vi). Tier-II 8,069 10,088 25.03 0.97 (vii). TTS 16 19 20.38 0 Sub Total 1,77,132 2,28,576 29.04 22.02 (viii). NPS Lite 3,359 3,550 5.7 0.34 (ix). APY* 31,098 38,570 24.03 3.72 Grand Total 8,51,172 10,37,813 21.93 100 * Fig does not include APY Fund Scheme 20534ANNUAL REPORT: 2024-25 Table 3.17: NPS & APY growth in AUM as on March 31, 2025 ` AUM ( in Crores) S. No. Sector YoY (%) Share (%) March 31, 2024 March 31, 2025 (i). CG 3,22,215 3,84,017 19.18 26.60 (ii). SG 5,82,673 7,16,725 23.01 49.65 Sub Total 9,04,888 11,00,742 21.64 76.25 (iii). Corporate 1,66,729 2,18,550 31.08 15.14 (iv). All Citizen 54,396 66,336 21.95 4.60 (v). Vatsalya - 92.89 - 0.01 (vi). Tier-II 5,413 6,901 27.49 0.48 (vii). TTS 18 19.9 10.56 0.00 Sub Total 2,26,556 2,91,901 28.84 20.22 (viii). NPS Lite 5,560 6,086 9.46 0.42 (ix). APY* 35,647 44,781 25.62 3.10 Grand Total 11,72,651 14,43,509 23.10 100 * Fig does not include APY Fund Scheme 3.14. Details of approval of schemes, the terms 3.14.2. Allocation of funds among Pension Funds and conditions thereof including norms for the under schemes management of corpus of the pension funds and In terms of the Government of India notification investment guidelines under such schemes F. No. 1/3/2016-PR dated January 01, 2019, the Subscribers have been provided with the option allocation of incremental funds of government to select investment choices and pension funds employees under default scheme was distributed registered with the Authority. As of March 31, among the 03 Pension Funds based on their past 2025, 11 pension funds are registered with the financial year performance. The allocation of Authority and are managing schemes as per the incremental funds for F.Y. 2024-25 for CG Scheme investment guidelines laid down by the Authority. is mentioned in Table 3.19. 3.14.1. Schemes of pension funds Table 3.19: Allocation of incremental funds for The schemes mentioned in (except APY F.Y. 2024-25 for CG Scheme Table 3.18 Fund Scheme) are available to the subscribers of Name of Pension Fund Allocation (in %) pension schemes covered under the Act as per the SBI Pension Funds Private Limited 33.00 guidelines issued by the Authority. The details of UTI Pension Fund Limited 33.00 the schemes have been placed under Table 3.21. LIC Pension Fund Limited 34.00 Table 3.18: Schemes of pension funds For SG Scheme, APY Scheme and APY Fund CG Scheme APY Fund Scheme E Tier–II Scheme, the allocation of incremental funds for SG Scheme E Tier–I C Tier–II F.Y. 2024-25 is same as CG Scheme as mentioned above. NPS Lite C Tier–I G Tier–II Corporate CG G Tier–I TTS For Tier II Composite, the allocation of incremental funds for F.Y. 2024-25 is linked to CG Scheme and NPS Tier–II APY A Tier–I Composite SG Scheme for subscribers of CG Sector and SG Sector respectively. For NPS Lite, the allocation of incremental funds for F.Y. 2024-25 is mentioned in Table 3.20. 25054ANNUAL REPORT: 2024-25 Table 3.20: Allocation of incremental funds for 3.14.3. Choice of Investment and Pension Fund F.Y. 2024-25 for NPS Lite shows the choices of investment Table 3.21 pattern and pension funds available to the Name of Pension Fund Allocation (in %) subscribers under NPS. SBI Pension Funds Private Limited 34.00 UTI Pension Fund Limited 33.00 LIC Pension Fund Limited 33.00 Table 3.21: Choice of Investment and Pension Fund How many How many times times Pen- Sector / Account Investment choices Investment Pension Funds sion Fund can pattern can be be changed changed in F.Y. in F.Y. Tier – I Scheme CG Two Other than Scheme CG, One CG Sector – employees 100% in Scheme G subscriber may choose any of Central Government Conservat ive Life Cycle Fund one of the pension funds including employees of i.e., LC-25 registered with the Central Autonomous Moderate Life Cycle Fund i.e., Authority. Bodies LC-50 Tier – I Scheme SG Two Other than Scheme SG, One SG Sector – employees 100% in Scheme G subscriber may choose any of State Governments Conservative Life Cycle Fund one of the pension funds including employees with maximum exposure to registered with the of State Autonomous equity capped at twenty- five Authority. Bodies percent. LC-25 Moderate Life Cycle Fund with maximum exposure to equity capped at fifty per- cent. LC-50 Tier – I Active Choice – Four Subscriber may choose any One Private Sector one of the pension funds Scheme Exposure Limits (NPS – Corporate, registered with the E Upto 75% NPS – All Citizen, NPS Authority. C Upto 100% Vatsalya) Subscriber has option to G Upto 100% choose different Pension A Upto 5% Fund for each Scheme under Active Choice (max 3 PFs). Note1: Scheme Corporate CG is only available to employees of certain corporates. Note2: Corporate can select the investment pattern on behalf of employees at the time of adoption of NPS. After completion of 1year, employee has an option to change the investment pattern. Note3: Scheme CG is only available to subscriber who has worked in central government/ CAB and shifted account to private sector. 20556ANNUAL REPORT: 2024-25 How many How many times times Pen- Sector / Account Investment choices Investment Pension Funds sion Fund can pattern can be be changed changed in F.Y. in F.Y. Note4: Scheme SG is only available to subscriber who has worked in state governments/ SABs and shifted account to private sector. Note5: BLC-50 is not available to subscribers of NPS Vatsalya. Tier – II Active Choice – Four Subscriber may choose One any one of the pension Scheme Exposure Limits funds registered with the E Upto 100% Authority. C Upto 100% Subscriber has option to G Upto 100% choose different Pension A Upto 5% Fund for each Scheme under Auto Choice – Active Choice. Conservative Life Cycle Fund Note1: NPS Tier-II i.e., LC-25 Composite is only available to government sector Moderate Life Cycle Fund i.e., subscribers. LC-50 Aggressive Life Cycle Fund i.e., LC-75 Balanced Life Cycle Fund i.e., BLC-50 NPS Tier-II Composite Tier – II Tax Saver TTS - - - NPS-Lite/Swavalamban NPS Lite - Note1: NPS-Lite/ - Scheme Swavalamban Scheme is a group choice model where subscriber has choice of Pension Fund and investment option as available with PoP-NPS Lite (erstwhile Aggregator) APY APY - - - 3.15. Scheme wise Assets under Management The indicates that the asset under management for government sector NPS schemes 3.15.1. Table 3.22 (CG and SG) has grown by around 17.37%, and the AUM of the schemes other than these two schemes has grown by around 40.08%. In terms of absolute growth, the government sector schemes increased by ` 1,52,240.66 crore whereas other than government sector schemes in aggregate increased by `1,18,976.74 crore. 25076ANNUAL REPORT: 2024-25 ` Table 3.22: Details of Asset under Management ( in Crores) Scheme March 2024 March 2025 Absolute Growth % Growth Central Government 3,03,144.54 3,38,663.29 1,52,240.66 17.37 State Government 5,73,527.20 6,90,249.12 Sub Total 8,76,671.74 10,28,912.40 NPS Lite 5,559.69 6,086.39 1,18,976.74 40.08 APY 35,647.67 44,781.26 APY Fund Scheme 884.17 1,242.23 Corporate CG 77,174.94 96,143.40 E -Tier I 76,999.16 1,10,012.31 C- Tier I 34,012.00 54,781.94 G –Tier I 60,750.97 95,237.85 A-Tier I 411.39 634.83 E –Tier II 2,573.34 3,255.13 C –Tier II 1,035.34 1,295.81 G –Tier II 1,797.97 2,347.40 TTS 17.51 19.91 Tier-II Composite - 2.43 Sub Total 2,96,864.15 4,15,840.89 Grand Total 11,73,535.89 14,44,753.29 2,71,217.40 23.11 The different schemes are managed by different Pension Fund managers, the details of asset 3.15.2. under management of various schemes under the respective Pension Funds are given in and Table 3.23 . Table 3.24 ` Table 3.23: Pension Fund wise and scheme-wise AUM as on March 31, 2025 ( in Crores) SBI Pension Kotak Mahindra Name of Pension LIC Pension UTI Pension Funds Private Pension Fund Total Fund/Schemes Fund Limited Fund Limited Limited Limited CG 1,16,780.52 1,11,529.16 1,10,353.60 - 3,38,663.29 SG 2,34,537.80 2,31,423.99 2,24,287.32 - 6,90,249.12 NPS Lite 2,453.42 1,786.35 1,751.25 95.37 6,086.39 APY 15,113.49 15,162.21 14,505.55 - 44,781.26 APY Fund Scheme 417.72 437.40 387.11 1,242.23 - Corporate CG 91,341.65 4,801.75 96,143.40 - - Grand Total 4,60,644.61 3,65,140.87 3,51,284.83 95.37 11,77,165.68 20578ANNUAL REPORT: 2024-25 ` Table 3.24: Pension Fund wise vis-a-vis scheme-wise AUM as on March 31, 2025 ( in Crores) Name of Pension Scheme Scheme Scheme Scheme Scheme Scheme Scheme NPS Tier-II TTS-II Grand Total Fund/ -E-I -C-I -G-I -E-II -C-II -G-II -A-I Composite Schemes SBI Pension Funds 19,276.14 10,955.58 22,281.70 586.96 284.26 605.22 111.75 5.35 0.81 54,107.78 Private Limited LIC Pension 6,131.91 3,612.84 6,993.18 162.16 90.52 281.68 25.03 2.25 0.83 17,300.41 Fund Limited UTI Pension 3,494.66 1,482.44 2,652.34 121.37 41.27 83.50 17.22 1.35 0.79 7,894.94 Fund Limited HDFC Pension Fund 51,270.03 23,048.99 38,091.88 1,474.72 541.80 836.13 357.95 5.98 - 1,15,627.49 Management Limited ICICI Prudential Pension Funds 19,042.46 9,554.64 15,552.86 602.29 238.37 374.62 87.49 2.06 - 45,454.80 Management Company Limited Kotak Mahindra 2,709.31 1,172.14 2,096.84 145.59 51.19 89.91 17.13 0.75 - 6,282.86 Pension Fund Limited Aditya Birla Sun Life Pension Fund 1,433.06 921.85 1,562.22 45.25 19.60 36.65 5.60 1.04 - 4,025.27 Management Limited Tata Pension Fund Management 1,893.06 968.64 1,397.38 74.91 18.51 24.20 7.04 0.79 - 4,384.52 Private Limited Max Life Pension Fund 517.72 358.91 722.40 3.45 2.13 1.67 0.38 0.08 - 1,606.74 Management Limited Axis Pension Fund 3,364.88 2,268.83 3,191.02 13.94 4.49 7.37 3.43 0.22 - 8,854.17 Management Limited DSP Pension Fund Managers 879.08 437.08 696.03 24.50 3.66 6.45 1.81 0.03 - 2,048.65 Private Limited Total 1,10,012.31 54,781.94 95,237.85 3,255.13 1,295.81 2,347.40 634.83 19.91 2.43 2,67,587.62 3.16. Information about performance of pension funds and performance benchmarks The performance of the PFs reflects both strong asset growth and competitive returns across schemes. The total AUM has witnessed a marked increase, with leading PFs such as SBI, LIC, and UTI showing consistent expansion. Notably, newer entrants like DSP and Axis Pension Funds recorded exceptional percentage growth as well. In terms of investment performance, equity-tier schemes continued to deliver robust long-term returns, while government and corporate bond schemes ensured stability. Several PFs outperformed benchmark returns in Tier I and Tier II categories, signalling efficient fund management across diverse asset classes. The position of AUM with the pension fund managers, 25098ANNUAL REPORT: 2024-25 pension fund wise and scheme wise returns for 1, 3, 5, 7, 10 year and since inception are presented in to . Table 3.25 Table 3.39 Table 3.25: The position of the AUM with the Pension Fund Managers S. Amount % Pension Fund Name Mar-24 Mar-25 ` No. ( in Crores) Growth 1. SBI Pension Funds Private Limited 4,33,384.61 5,14,752.39 81,367.78 18.77 2. LIC Pension Fund Limited 3,22,161.92 3,82,441.27 60,279.35 18.71 3. UTI Pension Fund Limited 3,02,676.55 3,59,179.77 56,503.22 18.67 4. HDFC Pension Fund Management Limited 76,954.78 1,15,627.49 38,672.71 50.25 ICICI Prudential Pension Funds Management 5. 28,419.13 45,454.80 17,035.67 59.94 Company Limited 6. Kotak Mahindra Pension Fund Limited 4,705.99 6,378.23 1,672.24 35.53 Aditya Birla Sun Life Pension Fund Management 7. 1,508.72 4,025.27 2,516.55 166.80 Limited 8. TATA Pension Fund Management Private Limited 834.71 4,384.52 3,549.81 425.28 9. Max Life Pension Fund Management Limited 576.37 1,606.74 1,030.37 178.77 10. Axis Pension Fund Management Limited 2,197.45 8,854.17 6,656.72 302.93 11. DSP Pension Fund Managers Private Limited 115.66 2,048.65 1,932.99 1671.27 Total 11,73,535.89 14,44,753.29 2,71,217.40 23.11 Table 3.26: Returns since inception under various schemes as on March 31, 2025 (in %) ADITYA MAX AXIS HDFC ICICI KOTAK LIC SBI TATA UTI DSP BIRLA LIFE CG - - - - - 9.48 - 9.61 - 9.44 - SG - - - - - 9.44 - 9.33 - 9.41 - APY - - - - - 9.23 - 8.92 - 9.18 - NPS Swalm - - - - 9.64 9.76 - 9.70 - 9.71 - /Lite Corporate- - - - - - 9.49 - 9.36 - - - CG E 13.30 14.07 14.82 12.87 12.31 13.12 12.05 11.01 15.67 12.79 19.18 C 8.43 8.25 9.31 9.55 9.26 9.01 7.83 9.57 7.72 8.73 8.90 Tier I G 8.22 9.29 9.18 8.62 8.59 9.88 9.47 9.17 9.15 8.41 11.73 A 6.61 6.93 8.46 7.18 6.95 7.46 0.76 8.94 7.93 6.64 6.74 E 13.43 14.83 13.40 11.65 11.85 11.41 14.38 11.05 15.61 11.61 17.38 Tier II C 7.97 7.52 8.66 9.38 8.63 8.57 8.37 9.15 8.04 8.74 10.35 G 7.67 8.77 9.30 8.68 8.37 10.08 8.26 9.16 9.34 8.88 10.35 Scheme 8.53 6.43 7.18 7.79 8.31 8.17 7.42 6.57 8.85 7.12 6.41 TTS NPS Tier II - - - - - 6.55 - 5.17 - 6.76 - Composite The date of inception is different for different schemes. 20690ANNUAL REPORT: 2024-25 Table 3.27: Pension Fund wise returns for E Tier-I as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years Aditya Birla Sun Life Pension Fund Management 6.13 13.34 23.64 13.69 NA Limited Axis Pension Fund Management Limited 7.03 NA NA NA NA HDFC Pension Fund Management Limited 6.87 13.45 24.18 14.38 12.51 ICICI Prudential Pension Funds Management 6.69 14.58 25.42 14.46 12.28 Company Limited Kotak Mahindra Pension Fund Limited 8.36 14.59 25.23 14.28 12.41 E Tier-I LIC Pension Fund Limited 5.97 13.41 25.08 13.42 11.39 Max Life Pension Fund Management Limited 5.16 NA NA NA NA SBI Pension Funds Private Limited 2.11 11.68 22.27 12.76 11.20 Tata Pension Fund Management Private Limited 5.46 NA NA NA NA UTI Pension Fund Limited 8.35 15.10 25.52 14.25 12.47 DSP Pension Fund Managers Private Limited 20.72 NA NA NA NA Benchmark Return as on March 31, 2025 6.22 13.50 25.06 14.60 12.45 Table 3.28: Pension Fund wise returns for C Tier-I as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years Aditya Birla Sun Life Pension Fund Management 9.05 7.12 7.53 8.20 NA Limited Axis Pension Fund Management Limited 9.20 NA NA NA NA HDFC Pension Fund Management Limited 9.44 7.28 7.84 8.40 8.65 ICICI Prudential Pension Funds Management 9.26 7.07 7.64 8.05 8.49 Company Limited Kotak Mahindra Pension Fund Limited 9.11 6.98 7.10 7.46 8.04 C Tier-I LIC Pension Fund Limited 8.84 6.84 7.54 7.98 8.27 Max Life Pension Fund Management Limited 8.98 NA NA NA NA SBI Pension Funds Private Limited 9.37 7.01 7.51 8.10 8.37 Tata Pension Fund Management Private Limited 9.34 NA NA NA NA UTI Pension Fund Limited 9.15 6.97 7.31 7.76 8.10 DSP Pension Fund Managers Private Limited 8.93 NA NA NA NA Benchmark Return as on March 31, 2025 8.60 6.92 7.93 8.38 8.45 26110ANNUAL REPORT: 2024-25 Table 3.29: Pension Fund wise returns for G Tier-I as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years Aditya Birla Sun Life Pension Fund Management 9.82 8.35 7.36 8.67 NA Limited Axis Pension Fund Management Limited 9.51 NA NA NA NA HDFC Pension Fund Management Limited 10.10 8.28 7.30 8.73 8.45 ICICI Prudential Pension Funds Management 10.10 8.21 7.18 8.50 8.36 Company Limited G Tier-I Kotak Mahindra Pension Fund Limited 9.51 8.14 7.20 8.57 8.47 LIC Pension Fund Limited 10.19 8.33 7.28 9.06 8.96 Max Life Pension Fund Management Limited 9.75 NA NA NA NA SBI Pension Funds Private Limited 10.28 8.24 7.28 8.58 8.47 Tata Pension Fund Management Private Limited 9.86 NA NA NA NA UTI Pension Fund Limited 10.22 8.41 7.28 8.45 8.21 DSP Pension Fund Managers Private Limited 10.17 NA NA NA NA Benchmark Return as on March 31, 2025 10.26 8.45 6.88 8.26 8.07 Table 3.30: Pension Fund wise returns for A Tier-I as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years Aditya Birla Sun Life Pension Fund Management 8.47 6.31 6.57 6.61 NA Limited Axis Pension Fund Management Limited 7.49 NA NA NA NA HDFC Pension Fund Management Limited 8.76 7.65 8.85 8.52 NA ICICI Prudential Pension Funds Management 10.63 6.48 8.26 7.06 NA Company Limited A Tier-I Kotak Mahindra Pension Fund Limited 7.28 6.09 6.68 7.00 NA LIC Pension Fund Limited 7.71 6.88 7.47 7.71 NA Max Life Pension Fund Management Limited 7.08 NA NA NA NA SBI Pension Funds Private Limited 10.62 7.32 9.83 8.99 NA Tata Pension Fund Management Private Limited 8.48 NA NA NA NA UTI Pension Fund Limited 11.06 6.77 6.55 6.64 NA DSP Pension Fund Managers Private Limited 6.92 NA NA NA NA Table 3.31: Pension Fund wise returns for E Tier-II as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years Aditya Birla Sun Life Pension Fund Management 6.87 13.77 23.97 13.86 NA Limited Axis Pension Fund Management Limited 8.27 NA NA NA NA HDFC Pension Fund Management Limited 6.85 13.53 24.19 14.36 12.59 ICICI Prudential Pension Funds Management 6.11 14.42 25.31 14.45 12.27 Company Limited E Tier-II Kotak Mahindra Pension Fund Limited 8.10 14.49 24.96 14.15 12.31 LIC Pension Fund Limited 6.14 13.24 25.05 13.36 11.36 Max Life Pension Fund Management Limited 4.88 NA NA NA NA SBI Pension Funds Private Limited 4.73 12.57 22.97 13.16 11.48 Tata Pension Fund Management Private Limited 5.59 NA NA NA NA UTI Pension Fund Limited 6.84 13.92 24.84 13.92 12.18 DSP Pension Fund Managers Private Limited 23.29 NA NA NA NA Benchmark Return as on March 31, 2025 6.22 13.50 25.06 14.60 12.45 21612ANNUAL REPORT: 2024-25 Table 3.32: Pension Fund wise returns for C Tier-II as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years Aditya Birla Sun Life Pension Fund Management 9.19 7.20 7.52 8.06 NA Limited Axis Pension Fund Management Limited 8.63 NA NA NA NA HDFC Pension Fund Management Limited 9.22 7.16 7.56 8.22 8.54 ICICI Prudential Pension Funds Management 9.19 7.01 7.63 7.97 8.38 Company Limited Kotak Mahindra Pension Fund Limited 8.86 6.79 7.02 7.64 8.06 C Tier-II LIC Pension Fund Limited 8.73 6.75 7.89 8.17 8.32 Max Life Pension Fund Management Limited 10.97 NA NA NA NA SBI Pension Funds Private Limited 9.29 6.93 7.14 7.75 8.07 Tata Pension Fund Management Private Limited 9.39 NA NA NA NA UTI Pension Fund Limited 8.87 6.87 7.16 7.73 8.03 DSP Pension Fund Managers Private Limited 11.41 NA NA NA NA Benchmark Return as on March 31, 2025 8.60 6.92 7.93 8.38 8.45 Table 3.33: Pension Fund wise returns for G Tier-II as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years Aditya Birla Sun Life Pension Fund Management 9.88 8.30 7.34 8.59 NA Limited Axis Pension Fund Management Limited 9.64 NA NA NA NA HDFC Pension Fund Management Limited 10.15 8.26 7.20 8.58 8.36 ICICI Prudential Pension Funds Management 10.13 8.19 7.17 8.49 8.36 Company Limited Kotak Mahindra Pension Fund Limited 9.54 8.09 7.10 8.31 8.28 G Tier-II LIC Pension Fund Limited 10.35 8.39 7.24 9.37 9.07 Max Life Pension Fund Management Limited 9.34 NA NA NA NA SBI Pension Funds Private Limited 10.32 8.21 7.25 8.49 8.39 Tata Pension Fund Management Private Limited 9.91 NA NA NA NA UTI Pension Fund Limited 9.83 8.16 7.07 8.37 8.21 DSP Pension Fund Managers Private Limited 11.41 NA NA NA NA Benchmark Return as on March 31, 2025 10.26 8.45 6.88 8.26 8.07 Table 3.34: Pension Fund wise returns for Scheme CG as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years LIC Pension Fund Limited 9.21 8.61 9.68 9.08 8.84 CG SBI Pension Funds Private Limited 8.66 8.42 9.11 8.97 8.83 UTI Pension Fund Limited 9.20 8.59 9.48 9.03 8.92 Benchmark Return as on March 31, 2025 9.25 8.74 9.81 9.31 8.94 26132ANNUAL REPORT: 2024-25 Table 3.35: Pension Fund wise returns for Scheme SG as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years LIC Pension Fund Limited 9.25 8.62 9.59 9.02 8.80 SG SBI Pension Funds Private Limited 8.64 8.36 9.01 8.93 8.82 UTI Pension Fund Limited 9.27 8.62 9.45 9.03 8.89 Benchmark Return as on March 31, 2025 9.25 8.74 9.81 9.31 8.94 Table 3.36: Pension Fund wise returns for Corporate CG as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years Corporate LIC Pension Fund Limited 9.20 8.67 9.66 9.15 8.89 CG SBI Pension Funds Private Limited 8.78 8.43 9.07 8.98 8.86 Benchmark Return as on March 31, 2025 9.25 8.74 9.81 9.31 8.94 Table 3.37: Pension Fund wise returns for NPS Lite as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years Kotak Mahindra Pension Fund Limited 9.45 8.75 9.73 8.93 8.81 LIC Pension Fund Limited 9.01 8.40 9.72 9.15 8.91 NPS Lite SBI Pension Funds Private Limited 8.48 8.36 9.17 8.90 8.80 UTI Pension Fund Limited 9.00 8.42 9.48 8.97 8.83 Benchmark Return as on March 31, 2025 9.25 8.74 9.81 9.31 8.94 Table 3.38: Pension Fund wise returns for APY as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years LIC Pension Fund Limited 9.22 8.68 9.60 9.22 NA APY SBI Pension Funds Private Limited 8.81 8.32 9.10 9.10 NA UTI Pension Fund Limited 9.31 8.61 9.44 9.08 NA Benchmark Return as on March 31, 2025 9.25 8.74 9.81 9.31 NA 21634ANNUAL REPORT: 2024-25 Table 3.39: Pension Fund wise returns for TTS as on March 31, 2025, for 1, 3, 5, 7 & 10 years (in %) Returns Returns Returns Returns Returns Pension Fund 1 Year 3 Years 5 Years 7 Years 10 Years Aditya Birla Sun Life Pension Fund Management 8.27 9.20 NA NA NA Limited Axis Pension Fund Management Limited 6.52 NA NA NA NA HDFC Pension Fund Management Limited 9.50 8.99 NA NA NA ICICI Prudential Pension Funds Management 9.93 9.04 NA NA NA Company Limited Kotak Mahindra Pension Fund Limited 9.35 8.88 NA NA NA TTS LIC Pension Fund Limited 8.76 9.37 NA NA NA Max Life Pension Fund Management Limited 9.10 NA NA NA NA SBI Pension Funds Private Limited 9.58 8.41 NA NA NA Tata Pension Fund Management Private Limited 6.80 NA NA NA NA UTI Pension Fund Limited 9.04 9.13 NA NA NA DSP Pension Fund Managers Private Limited 6.60 NA NA NA NA Benchmark Return as on March 31, 2025 8.90 - - - - 3.17. Exit of subscribers from the National Pension System 3.17.1. Partial withdrawal Partial withdrawal under the NPS architecture is governed by Section 20(2)(b) of the PFRDA Act, 2013, which enables subscribers to access upto 25% of their contribution before exit, subject to defined conditions. This provision is intended to offer financial flexibility to subscribers for specific life events or emergencies, without compromising long-term retirement goals. Subscribers are allowed to make partial withdrawals from their Tier-I account for purposes such as higher education, marriage of children, purchase or construction of a residential house, and medical treatment of self or family members (which included COVID-19), amongst others, as notified under the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015 by the Authority. As per the regulations, such withdrawals can be a maximum of 3 times and are permissible only after a minimum period of 3 years from the date of his or her joining. During F.Y. 2024– 25, substantial partial withdrawal activity was observed across various sectors which are mentioned in and . Table 3.40 Table 3.41 Table 3.40: Number of partial withdrawals (25% of contribution of subscriber) reported and settled Reported Settled Rejected Outstanding Amount involved Scheme / Outstanding as on during F.Y. during F.Y. during F.Y. as on March in settled cases for Sector March 31, 2024 2024-25 2024-25 2024-25 31, 2025 F.Y. 2024-25 CG 503 51,580 43,297 118 8,668 402.14 CAB 26 6,321 5,410 11 926 74.57 SG 2,094 1,69,974 1,54,943 843 16,282 1,168.34 SAB 97 13,783 11,766 32 2,082 98.66 NPS - 28 20,524 17,106 1,687 1,759 194.87 Corporate NPS – All 62 9,556 8,526 834 258 55.33 Citizen 26154ANNUAL REPORT: 2024-25 Reported Settled Rejected Outstanding Amount involved Scheme / Outstanding as on during F.Y. during F.Y. during F.Y. as on March in settled cases for Sector March 31, 2024 2024-25 2024-25 2024-25 31, 2025 F.Y. 2024-25 NPS Vatsalya - - - - - - NPS - Lite - - - - - - Total 2,810 2,71,738 2,41,048 3,525 29,975 1,993.90 Note 1: Data is as per mapping of Sector/Scheme as on March 31, 2025. Note 2: Settled cases implies Authorized during the period. Table 3.41: Reason for Partial Withdrawals Amount involved No. of requests Settled during in settled cases Reason for Partial Withdrawals reported during F.Y. 2024-25 for F.Y. 2024-25 F.Y. 2024-25 ` ( in Crores) For Higher education of children including a legally 30,051 25,962 204.31 adopted child For the marriage of children, including a legally adopted 14,494 12,742 107.00 child For the purchase or construction of a residential house 1,72,625 1,55,236 1,327.91 For treatment of specified illness 29,268 27,174 215.88 To meet medical & incidental expenses due to disability/ 18,107 14,695 103.98 incapacitation For skill development/re-skilling or any other self- 6,133 4,296 29.08 development activities For establishment of own venture or any start-up 1,060 943 5.74 Total 2,71,738 2,41,048 1,993.89 3.17.2. Exits under the NPS The Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015 outline structured options for withdrawal based on subscriber categories such as superannuation, premature exit, and death. These provisions ensure flexibility and protection for subscribers and their families. Upon attaining the age of superannuation or 60 years, a subscriber NPS can exit the scheme through a structured withdrawal process, designed to ensure a balance between liquidity and regular post-retirement income. As per the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015, the subscriber is required to utilize at least 40% of the accumulated pension wealth to purchase an annuity from an empanelled ASP. This annuity provides a monthly pension for life, offering financial stability in retirement. The remaining 60% of the corpus can be withdrawn as a lump sum and tax-free. However, if the total corpus at the time of exit is `5 lakh or less, the subscriber may choose to withdraw the entire amount without purchasing an annuity. In case the subscriber exits prematurely (before age 60), it is mandated that 80% of the corpus to be used for annuity and permitting only 20% lump sum withdrawal, unless the total accumulated wealth is `2.5 lakh or less, in which case full withdrawal is allowed. Subscribers also have the option to defer the withdrawal or continue investing in NPS up to 75 years, providing greater flexibility for retirement planning. Details of exits under the NPS is mentioned in to . Table 3.42 Table 3.44 21656ANNUAL REPORT: 2024-25 Table 3.42: Exit at the age of superannuation or 60 years Outstanding Reported Settled Rejected Outstanding Amount involved in Scheme / Sector as on March during F.Y. during F.Y. during F.Y. as on March settled cases for F.Y. ` 31, 2024 2024-25 2024-25 2024-25 31, 2025 2024-25 ( in Crores) CG 256 6,524 6,420 67 293 987.95 CAB 46 739 743 10 32 206.20 SG 1,550 18,455 18,026 310 1,669 2,107.01 SAB 164 2,175 2,085 25 229 246.42 NPS - Corporate 64 8,945 8,939 11 59 2,320.05 NPS – All Citizen 270 25,797 25,741 82 244 2,245.60 NPS - Lite 180 19,253 19,078 21 334 103.17 Total 2,530 81,888 81,032 526 2,860 8,216.40 Table 3.43: Exit before the age of superannuation or 60 years Amount involved in Outstanding Reported Settled Rejected Outstanding settled cases for F.Y. Scheme / Sector as on 31 during F.Y. during F.Y. during F.Y. as on 31 March 2024-25 March 2024 2024-25 2024-25 2024-25 2025 ` ( in Crores) CG 233 2,025 1,963 38 257 174.61 CAB 29 381 374 - 36 62.98 SG 230 1,376 1,357 35 214 126.47 SAB 13 328 322 2 17 28.23 NPS - Corporate 49 3,332 3,320 12 49 188.69 NPS – All Citizen 77 5,761 5,760 29 49 213.87 NPS Vatsalya 0 0 0 - 0 - NPS - Lite 20 2,887 2,877 4 26 10.85 Total 651 16,090 15,973 120 648 805.69 Table 3.44: Exit due to death Settled Rejected Outstanding Reported Outstanding Amount involved in during during Scheme / Sector as on March during F.Y. as on March settled cases for F.Y. F.Y. 2024- F.Y. 2024- ` 31, 2024 2024-25 31, 2025 2024-25 ( in Crores) 25 25 CG 110 307 249 26 142 25.29 CAB 48 166 147 11 56 27.43 SG 1,039 4,700 4,388 459 892 347.29 SAB 206 1,060 952 65 249 68.18 NPS - Corporate 26 1,526 1,489 14 49 160.76 NPS – All Citizen 21 1,408 1,397 8 24 57.99 NPS Vatsalya 0 0 0 - 0 - NPS - Lite 39 3,089 3,068 2 58 15.58 Total 1,489 12,256 11,690 585 1,470 702.54 3.17.3. Details about Annuity Service Providers and annuity schemes opted by the subscriber Macro level details of Annuity Service Providers and annuity schemes opted by the subscriber is presented in . Further, top 5 annuity products subscribed during F.Y. 2024-25 is mentioned in Table 3.45 Table 3.46. 26176ANNUAL REPORT: 2024-25 Table 3.45: Annuities issued by each ASP ` Annuity issued Amount involved ( in Crores) S. Name of ASP During No. During F.Y. Since During F.Y. During F.Y. F.Y. 2023- Since Inception 2024-25 Inception 2023-24 2024-25 24 1. Aditya Birla Sun Life Insurance Company 925 2,180 3,115 94.27 204.08 298.84 Limited 2. Axis Max Life Insurance 4,741 7,312 12,933 502.22 751.27 1,385.61 Limited 3. Bajaj Allianz Life Insurance Company 1,786 3,044 5,614 223.93 336.68 610.29 Limited 4. Canara HSBC Life Insurance Company 130 199 558 7.71 13.25 33.09 Limited 5. Edelweiss Life Insurance Company - 1 4 - 0.03 0.40 limited 6. HDFC Life Insurance 11,217 13,061 64,502 970.56 1,089.18 4,802.00 Company Limited 7. ICICI Prudential Life Insurance Company 4,301 3,534 28,106 370.16 598.75 2,312.04 Limited 8. IndiaFirst Life Insurance 40 572 647 1.15 38.06 41.26 Company Limited 9. Kotak Mahindra Life Insurance Company 5,137 6,965 17,485 351.66 524.40 1,166.46 Limited 10. Life Insurance 2,242 3,860 30,242 135.10 280.11 1,211.70 Corporation of India 11. PNB MetLife India Insurance Company 28 31 85 1.63 2.52 6.12 Limited 12. Reliance Life Insurance - - 9 - - 0.27 Company Limited* 13. SBI Life Insurance 9,431 10,441 51,190 747.39 860.07 3,135.20 Company Limited 14. Shriram Life Insurance 202 459 662 21.47 48.50 70.01 Company Limited 15. Star Union Dai-ichi Life Insurance Company 2 5 34 0.15 0.27 1.84 Limited 16. Tata AIA Life Insurance 2,241 1,355 4,631 337.09 141.16 736.29 Company Limited Total 42,423 53,019 2,19,817 3,764 4,888 15,811 * Not empanelled with the Authority as on March 31, 2025 21678ANNUAL REPORT: 2024-25 Table 3.46: Top 5 annuity products subscribed Level 1: during F.Y. 2024-25 A subscriber can lodge a grievance through following modes: Amount S. Annuity involved Online Mode – Subscriber can raise Grievances or Annuity type ` No. issued ( in complaint against any entity under NPS through Crores) the CGMS by logging to NPS account or by visiting 1. Annuity for life with CRA website. return of purchase price 25,439 1,910.00 on death Call Centre or IVR – Subscriber can call at CRA call 2. Annuity payable for centre and get Grievances or complaint registered life with 100% annuity / resolved through Call Center Executive or payable to spouse of 4,770 1,075.65 Interactive Voice Response. death of annuitant with return on purchase price Physical Mode – Subscriber can raise Grievances of annuity or complaint by submitting Grievance Registration 3. Annuity for life 4,607 367.35 Form to Nodal Office / PoP / CRA / NPS Trust or can 4. NPS - Family Income also submit grievance in writing. 2,429 252.54 Option Grievances received through registered email or 5. Annuity payable for letter will be recorded in the CGMS. The subscriber life with 100% annuity 1,454 167.20 payable to spouse on shall be provided with a unique grievance number death of annuitant generated under CGMS for future reference for grievance registered. 3.18. Mechanism for redressal of grievances of subscribers and activities undertaken for Level 2: If the subscriber / complainant is not satisfied with redressal of such grievances the redressal of his/her grievance or if it has not 3.18.1. Grievance Redressal Mechanism been resolved by the intermediary by the end of “Grievances or complaint” includes any thirty days of filing of the complaint, he/she may communication that expresses dissatisfaction, in escalate the complaint to the National Pension respect of the conduct or any act of omission or System Trust through any one of the following commission or deficiency of service on part of, an modes - intermediary or an entity or a person governed Website: https://www.npstrust.org.in/lodge-a- by the provisions of the act and in the nature of grievance seeking a remedial action. Letter: Subscriber may also raise the grievance by The present structure of the Subscriber Grievance writing to NPS Trust at the following address - Redressal system under National Pension System has a multi layered Grievance Redressal Grievance Redressal Officer Mechanism having five escalation levels, which is National Pension System Trust easily accessible, simple, quick, fair, responsive and effective however, it is advisable to subscribers to Tower B, B-302, Third Floor, World Trade Center, file the grievances at the first level initially so that Nauroji Nagar, New Delhi – 110 029 timely resolution can be ensured and trail of the +91 – 11 – 3565 5222 grievance can be maintained. Contact Number: The redressal of subscriber grievance takes place WhatsApp Number for query resolution: +91 – 85888 52130 in accordance with the provisions of Pension Fund Regulatory and Development Authority (Redressal Level 3: of Subscriber Grievance) Regulations, 2015 and If the complainant is not satisfied with the redressal amendments thereunder. For smooth and timely of his/her grievance or no reply beyond 21 days handling of the grievances, the subscribers at level 2 is received, Ombudsman appointed by are requested to follow the below mentioned PFRDA can be approached by the subscriber as escalation matrix: follows: 26198ANNUAL REPORT: 2024-25 The Office of Ombudsman Pension Fund Regulatory and Development Pension Fund Regulatory and Development Authority Authority Tower E, 5th Floor, E-500, World Trade Center, Tower E, 5th Floor, E-500, World Trade Center, Nauroji Nagar, New Delhi – 110029 Nauroji Nagar, New Delhi – 110029 Phone No.: 011-4071 7900 011-4071 7900 Level 5: Phone No.: If subscriber is not satisfied with the order passed Email Id: ombudsman@pfrda.org.in by the Designated member of PFRDA, subscriber may approach the Securities Appellate Tribunal. 011 – 4071 7900 Phone: 3.18.2. Status of grievance under CGMS Level 4: The status of grievances received and resolved If subscriber is not satisfied with the order passed during the F.Y. 2024-25 alongwith grievances by the Ombudsman, subscriber can file appeal outstanding as on March 31, 2025, is presented against the order to the Designated member of in Classification of such grievances PFRDA at following address: Table 3.47. is also mentioned in Further, Table 3.48. agewise pendency of grievances is mentioned in Table 3.49. Table 3.47: Number of grievances under CGMS Outstanding as on Received during Resolved during Outstanding as on Scheme / Sector March 31, 2024 F.Y. 2024-25 F.Y. 2024-25 March 31, 2025 CG 537 18,721 18,664 594 CAB 124 4,449 4,318 255 SG 913 21,727 21,918 722 SAB 468 4,373 4,468 373 NPS - Corporate 552 43,605 43,794 363 NPS – All Citizen 1,963 2,02,448 2,02,859 1,552 NPS Vatsalya - 2,675 2,653 22 NPS - Lite 82 2,275 2,283 74 APY 1,837 1,09,814 1,10,491 1,160 Total 6,476 4,10,087 4,11,448 5,115 Table 3.48: Classification of grievances received during F.Y. 2024-25 S. No. Classification Number of grievances 1. General query 1,21,016 2. PRAN Card Related 1,05,397 3. Withdrawal Related 49,261 4. Contribution Related 45,359 5. SOT Related 16,068 6. Not Processed/Delay in Processing Subscriber Changes Request 15,860 7. Incorrect Processing of Subscriber Details 10,406 8. Partial withdrawal not initiated / not authorised / amount not received 8,726 9. Tier II related 7,719 10. Exit not initiated / not authorised / amount not received 6,365 11. Delays in Uploading of Contribution Amounts 6,226 12. I-PIN, T-PIN Related 3,773 21790ANNUAL REPORT: 2024-25 S. No. Classification Number of grievances 13. Email/SMS alerts not received 3,439 14. Change Request 2,490 15. Incorrect Contribution Amount Reflected 2,384 16. Pre-mature withdrawal not initiated / not authorised / amount not received 2,298 17. Other Grievances 1,334 18. Against NPS Trust 1,216 19. Delays in Issuance of PRAN Cards 379 20. Death withdrawal not initiated / not authorised / amount not received 371 Total 4,10,087 Table 3.49: Agewise pendency of grievances Pending for Number of grievances 0-15 days 3,456 16-30 days 440 31-45 days 257 45-60 days 193 >60 days 769 Total 5,115 3.18.3. Status of grievances in DARPG portal Grievances received through the CPGRAMs portal under DARPG and assigned to PFRDA are monitored by the Supervision Department–PGP (CPGRAMs). Complaints from other Government departments/ ministries (e.g., DEA, PMO, DoPT, DoP&PW, DARPG) are forwarded to the CRA for routing to concerned intermediaries via the CGMS. Once resolved, grievances are closed on the CPGRAMs portal. If the complainant is unsatisfied, the issue may be escalated to DFS, which takes the final call based on PFRDA’s resolution. Details of the grievances are mentioned in . Table 3.50 Table 3.50: Grievances Registered in DARPG Portal and Referred to PFRDA Grievances Outstanding Received Total Disposed Outstanding as on Grievance Source as on March during F.Y. Receipts During Period March 31, 2025 31, 2024 2024-25 F.Y. 2024-25 DPG 0 2 2 2 0 DARPG 2 29 31 31 0 Direct from complainant 23 714 737 698 39 President Secretariat 0 9 9 8 1 Pension 1 102 103 91 12 PMO 2 91 93 91 2 Total 28 947 975 921 54 DPG – Directorate of Public Grievances; DARPG – Department of Administrative Reforms and Public Grievances; PMO- Prime Minister’s Office 3.18.4. Status of grievances received at Ombudsman Details regarding grievance received at Ombudsman, PFRDA during F.Y. 2024-25 are mentioned in . Table 3.51 27210ANNUAL REPORT: 2024-25 Table 3.51: Number of grievances received at Ombudsman, PFRDA Outstanding as on Received during Resolved during Outstanding as on Scheme / Sector March 31, 2024 F.Y. 2024-25 F.Y. 2024-25 March 31, 2025 CG 1 5 6 0 CAB 0 3 2 1 SG 1 7 8 0 SAB 0 0 0 0 NPS - Corporate 0 43 42 1 NPS – All Citizen 0 17 17 0 NPS Vatsalya 0 0 0 0 NPS - Lite 0 0 0 0 APY 0 1 0 1 Total 2 76 75 3 technical groups constituted under this Sub- 3.19. Details of professional organisations Committee, which provide vital inter-regulatory connected with the pension system inputs. These include IRTG, TGFIFL, IRF, EWG PFRDA as a pension regulator of India, 3.19.1. and Macro-Financial Monitoring Group. Through actively engages with a range of professional its active participation in these inter-regulatory and regulatory organisations to foster financial mechanisms, PFRDA strengthens its supervisory stability, strengthen pension governance, and capabilities and ensures that its regulatory actions align India’s pension framework with international are harmonized with those of other financial sector best practices. These engagements span across regulators in India. inter-regulatory platforms at the domestic level and collaborative international forums. At the Furthermore, On the international front, national level, PFRDA plays a significant role in PFRDA maintains strategic collaborations with the activities of the FSDC which is India’s apex- leading global institutions, notably OECD – level forum set up in December 2010 to enhance IOPS and INFE. IOPS, established in 2004, is an inter-regulatory coordination and maintain independent international body that works to financial stability. Chaired by the Hon’ble Finance improve the quality and effectiveness of private Minister, FSDC comprises heads of all key financial pension supervision worldwide. With 90 member regulators including RBI, SEBI, PFRDA and IRDAI. institutions representing 79 jurisdictions, IOPS The Council also includes top officials from the promotes cooperation among pension regulators Ministry of Finance and the Chief Economic and provides policy guidance through working Adviser to the Government of India. papers, principles, and toolkits. PFRDA has been elected as the executive committee member of FSDC serves as a key platform for deliberating IOPS, sharing its experiences the pension schemes cross-cutting financial sector issues such as under its ambit and contributing towards framing macro-prudential supervision, early warning of supervisory frameworks for globally recognised indicators, financial literacy and inclusion, and crisis principles. preparedness. While preserving the autonomy of individual regulators, it enables a coordinated Further, through its association with INFE, an response to systemic risks and regulatory gaps. initiative hosted by the OECD, PFRDA aligns its PFRDA’s participation in FSDC ensures that pension literacy and education strategies with pension sector perspectives are integrated into global practices. INFE facilitates the sharing of India’s broader financial stability discourse. best practices on financial education across age groups and socio-economic segments. To institutionalize these engagements, the FSDC Sub-Committee, chaired by the Governor of RBI, 3.19.2. Participation in bilateral dialogues: functions as the operational arm of the council. PFRDA officials participated in the following high PFRDA is represented in various working and level bilateral financial dialogues: 22712ANNUAL REPORT: 2024-25 (i). 2nd India Japan Finance Dialogue held in Tokyo 3.20.2. DRG Guidelines: on September 06, 2024. The DRG initiative has been established in 2024, (ii). 3rd India-UK Financial Markets Dialogue held in to collaborate with academia for commissioning Gandhinagar on December 12, 2024. studies and research projects. The DRG Research initiative aims to conduct policy-oriented research 3.19.3. Engagement with British High with a strong analytical and empirical foundation. Commission: Its objectives include: British High Commission had commissioned Price (i). Providing inputs for policy formulation, Waterhouse Coopers to undertake a project knowledge creation, and dissemination. scoping bilateral areas for cooperation, learning and capacity building on pensions between the (ii). Inviting proposals from external researchers UK and India. This initiative culminated into two to build internal and external research policy papers focusing on “Increasing Pension capabilities. penetration in India and Incorporation of ESG practices in Indian Pension landscape” alongside a 3.21. Steps undertaken for educating one-day conference on Pensions Growth in India. subscribers and the general public on issues relating to pension, retirement savings 3.20. Details of collection of data by the and related issues and details of training of Authority and the intermediaries including intermediaries undertaking and commissioning of studies, 3.21.1. Financial Literacy regarding Pensions research and projects PFRDA plays a pivotal role in promoting financial 3.20.1. Research Advisory Committee: literacy and inclusion, particularly in the domain To fulfil the duties of undertaking and commissioning of pension awareness and retirement planning. In studies, research and projects as envisaged in the this capacity, PFRDA also participates in several PFRDA Act, Research Advisory Committee has been key sub-committees and inter-regulatory groups constituted in 2024 to brings together a diverse under FSDC, such as TGFIFL. range of perspectives to guide studies, projects, and research efforts, supporting evidence-based policy 3.21.2. Retirement Planner Scheme formulation in the pension sector. India is witnessing a significant demographic shift marked by a growing elderly population and a The composition of the Research Advisory workforce heavily concentrated in the unorganised Committee is in . Table 3.52 sector, which lacks access to formal retirement benefits. Despite the availability of regulated Table 3.52: Composition of Research Advisory pension products, the level of awareness and Committee understanding about retirement planning remains S. extremely low among the general public. Many Name Position No. individuals do not have the financial foresight or 1. Ms. Mamta Shankar, Whole Time Chairperson resources to secure a sustainable income during Member (Economics), PFRDA their post-retirement years. 2. Prof. Abhiman Das, IIM Member In response to this, PFRDA has launched the Ahmedabad “Retirement Planner Scheme”, aimed at fostering 3. Prof. Pulak Ghosh, IIM Bangalore Member a culture of savings and pension planning across 4. Dr. R Kavita Rao, Director, Member various segments of the population. The scheme National Institute of Public serves as an alternate awareness channel focused Finance and Policy on educating citizens about the importance 5. Shri R Arunachalam, President- Member of retirement preparedness and the available Indian Institute of Actuaries pension options under the regulatory framework. In its first meeting held in November 2024, the Committee had discussions on the topics of Key Components of the Retirement Planner formulation of research agenda & broad research Scheme: areas and data governance policy. These are individuals Retirement Planners: 27232ANNUAL REPORT: 2024-25 empanelled by PFRDA to act as facilitators nationwide financial education initiative that for pension literacy. Retirement Planners are empowers individuals to manage their finances authorized to conduct workshops and awareness effectively, make informed decisions, access sessions across the country. Their role is to engage appropriate financial products and services directly with the public to demystify pension offered by regulated entities, utilize transparent schemes, explain retirement planning strategies, and fair grievance redressal mechanisms, and and encourage long-term financial preparedness. ultimately achieve long-term financial well-being and resilience. To achieve this, NCFE implements A designated agency, appointed by PFRDA, Agency: financial literacy campaigns and capacity-building manages the operational and administrative programs across the country, utilizing: aspects of the scheme. This includes, assisting in the selection and empanelment of Retirement (i). Seminars, workshops, conclaves, and discussion Planners, providing necessary training and forums guidance, approving workshops proposed by RPs, (ii). Digital and physical educational content, monitoring the execution of these workshops including workbooks, pamphlets, literature, and through field checks and feedback collection, audio-visual materials. processing remuneration claims submitted by RPs, submitting periodic MIS reports and data to (iii). Specialized modules tailored to different the Authority in prescribed formats segments of society, including students, women, rural populations, and retirees The Retirement Planners played a vital role in contributing to Retirement Planner Scheme in the PFRDA has played a key role in embedding pension F.Y. 2024–25, as indicated by the following key awareness within NCFE’s educational initiatives. metrics: APY is prominently featured in NCFE modules as a government-backed pension scheme offering Number of Empanelled RPs – 79 a guaranteed minimum pension to unorganised Number of Workshops Conducted – 422 sector workers. NPS is also included as a comprehensive retirement planning tool, helping Approximate Number of Participants – 12,600 individuals build a secure post-retirement corpus These workshops were conducted across diverse through market-linked investment options. regions and demographic groups, including PFRDA actively urban and rural areas, with the goal of ensuring Financial Literacy Week 2025: supported and participated in Financial Literacy last-mile connectivity in pension education. Week 2025, held from February 24 to 28, 2025, as Participants were educated on critical topics part of a national initiative coordinated by NCFE. such as, importance of early retirement planning, On February 24, 2025, PFRDA delivered a national- benefits of NPS and APY, Fund manager selection level webinar on “Women and Pension Planning”, and asset allocation, Annuity options post- where its officials highlighted the importance retirement, Use of digital platforms for pension of pension preparedness among women and account management presented practical steps for retirement security. 3.21.3. Programme for co-ordination with PFRDA also contributed Global Money Week 2025: financial agencies and other agencies significantly to the Global Money Week 2025, an The National Centre for Financial Education is a annual international awareness campaign led by Section 8 (not-for-profit) company promoted by the OECD/INFE. The campaign, held from March financial sector regulators: RBI, SEBI, PFRDA and 17 to 23, 2025, was themed “Think before you IRDAI. Out of share capital of `100 crores PFRDA follow, wise money tomorrow”, focusing on critical has contributed its allocation of `10 crores. The thinking and informed financial decision-making in organisation serves as a dedicated institution for the digital era. In India, SEBI served as the national implementing the National Strategy for Financial coordinator. PFRDA conducted a special session Education (NSFE: 2020–25), aimed at promoting on “Empowering Women with Financial Wisdom” financial literacy across all segments of the on March 19, 2025, emphasizing the significance population. of retirement planning and financial independence for women. In addition to the above, as part of the The core mission of NCFE is to undertake a 22734ANNUAL REPORT: 2024-25 strategic goals under NSFE (2020–25), PFRDA with active participation from 4,070 employees. contributed to the development of financial These sessions helped improve understanding education content across various formats- of NPS among DoP personnel and addressed including audio-video, print, mass media, and digital common operational and scheme-related platforms - tailored to specific audience segments. queries. Furthermore, as one of the PoPs in the In this regard, NCFE has developed seven financial NPS architecture, the CSC network has also been education videos based on the Financial Education a key recipient of PFRDA’s training programmes. Handbook. These videos, produced with Hindi Dedicated training and awareness sessions voiceovers and English subtitles, are designed were conducted for Village Level Entrepreneurs to enhance accessibility and reach for a diverse associated with CSCs. These sessions aimed audience. The content covers essential topics in to equip the Village Level Entrepreneurs with personal finance and aims to build foundational comprehensive knowledge of NPS, enabling them knowledge for individuals across age groups and to better assist citizens in remote and rural areas in literacy levels. accessing pension services. Moreover, a dedicated physical training session was organized for DDOs 3.21.4. Training and PAOs of various paramilitary forces. Officials In line with its mandate to promote pension literacy from PFRDA and Protean CRA provided a detailed and empower citizens with informed choices, orientation on the operational aspects of NPS the PFRDA has undertaken extensive initiatives from the perspective of nodal offices. Special NPS to disseminate knowledge about the NPS and and APY training sessions were also organized for APY. These initiatives focus on explaining key employees and Business Correspondents of PSBs, aspects such as scheme features, the enrolment RRBs, and Cooperative Banks. These programs process, choice of Pension Fund, asset allocation were designed to strengthen the capacity of strategies, annuity options, and the grievance bank personnel to educate and onboard potential redressal mechanism. To implement this outreach subscribers, particularly in rural and semi-urban effectively, PFRDA has empanelled a training areas. agency to conduct a wide range of training and PFRDA through its training agency has also awareness programs across the country. These conducted tailored training programs for various sessions are provided free of cost, ensuring there government bodies including, India Meteorological is no financial burden on participants, whether Department, District Magistrate Offices, Central they are existing subscribers or general public. Water Commission. These organization-specific The sessions are conducted in both online and sessions were instrumental in deepening the offline modes, allowing participants the flexibility understanding of NPS among government to join in a format that suits their convenience employees and enabling smooth implementation and accessibility. This hybrid approach has of the pension schemes in their respective significantly enhanced the reach and impact of departments. the programs. In addition to these efforts, PFRDA also conducts monthly online APY training and The details of the training conducted during the awareness sessions in various regional languages F.Y. 2024-25 are presented in Table 3.53. (Including English and Hindi). These sessions are designed to make information more accessible Table 3.53: Details of the training conducted to a broader audience. The schedule for these during the F.Y. 2024-25 sessions is published in advance on the PFRDA’s S. Sector Number of Training Number of official website, allowing the public at large to join No. and Awareness Participants as per their interest and convenience. sessions conducted 1. NPS 592 23,359 In F.Y. 2024–25, PFRDA extended its training initiatives to several specific sectors and 2. APY 620 26,294 organizations such as Department of Posts Total 1,212 49,703 wherein on the occasion of National Postal Day, PFRDA organized specialized awareness sessions 3.21.5. NPS and APY Information Helpdesk for DoP employees across various states. A With a view to providing an accessible, interactive, total of 58 training sessions were conducted, and human-assisted information system for 27254ANNUAL REPORT: 2024-25 existing and prospective subscribers across the schemes under the Act country, the PFRDA operates a dedicated NPS/ APY Information Helpdesk. This helpdesk serves 3.22.1. Subscriber Education and Protection as a central platform for disseminating reliable Fund and accurate information related to the NPS As per regulation 6(1) of Pension Fund Regulatory and the APY, ensuring that subscriber queries and Development Authority (Subscriber Education are addressed in a professional and structured and Protection Fund) Regulations, 2015, the manner. Authority shall constitute a committee for recommending subscriber education, awareness In addition to handling inbound queries, the help and protection activities and for utilization of the desk is actively engaged in making outbound calls Fund. to subscribers as per operational requirements. These include activities such as promoting Further, as per regulation 6(2) the committee shall persistency in APY contributions, conducting consist of the following members, namely: audit calls for participants of Retirement Planner (a). the Executive Director of the Authority who Workshops, and administering surveys aimed shall be the convener of the committee; at improving overall service delivery within the NPS framework. Specific survey activities (b). two other officials of the Authority; include assessing awareness of scheme features, (c). four other members being: evaluating the quality of training sessions, and studying the reasons behind voluntary exits from (i). an expert in financial market operations; the APY. (ii). an expert in the field of law, economics, finance During the F.Y. 2024-25, the NPS/APY Information or pension; Helpdesk handled a total of 76,562 lakh inbound calls and facilitated 5,46,753 lakh outbound calls. (iii). representative of the Central government; and Currently, the Helpdesk operates on the following toll-free numbers: (iv). representative of the State government 1800-110-708 for NPS-related queries The shows composition of the SEPF Table 3.54 committee as on March 31, 2025. 1800-110-069 for APY-related queries Table 3.54: Composition of the SEPF Committee Additionally, subscribers can request a call-back as on March 31, 2025 by using the SMS facility: S. Send ‘SMS NPS’ to 56677 Name Designation No. The Helpdesk is operational seven days a week, Members of the Authority including Sundays (excluding national holidays), 1. Shri Venkateswarlu ED and Convener of the from 9:30 a.m. to 5:30 p.m., ensuring extended Peri Committee accessibility for subscribers. 2. Shri Pravesh Kumar CGM Moreover, in light of the recent launch of the UPS 3. Shri Sachin Joneja GM by the Government of India, PFRDA has introduced Other Members a dedicated toll-free number: 4. Shri Raghunandan Commissioner, Murthy, IAS Department of 1800-571-2930 Treasuries, Government of Karnataka This helpline enables individuals to obtain detailed information regarding the newly introduced UPS 5. Shri Rokhum Chief Controller of scheme. Lalremruata Accounts, Ministry of Home Affairs 3.22. Details of activities undertaken for 6. Shri Ramendra Pal CGM, NABARD Singh protection of interests of subscribers under the National Pension System and of other pension 7. Prof. Partha Ray Director, NIBM 22756ANNUAL REPORT: 2024-25 During the F.Y. 2024–25, a total of four meetings Key achievements include the development of of the SEPF Committee were convened. In these core modules for HRMS, Finance, Admin, IT, and meetings, committee members held deliberations Legal, and integration with systems like Biometric on the optimal utilization of SEPF fund balances and Attendance, GeM for procurement, Banks for explored various strategies to enhance financial payment processing, SMS & Email gateway for literacy and awareness among subscribers of the notification & alerts, Income tax & GST portal etc. NPS and APY. 3.23.2. Project TRACE (Tracking Reporting One of the key recommendations made by the Analytics & Compliance e-Platform) committee was to have targeted media campaigns PFRDA-TRACE, the second TARCH initiative, aimed at educating both existing subscribers and commenced on June 03, 2024, is a digital the general public on the benefits and features platform for compliance and data submissions of NPS and APY. These campaigns were to be by Intermediaries/Empanelled Agencies to the funded from the SEPF corpus, ensuring the Authority. It aims to streamline compliance fund’s utilization aligns with its core mandate of through automation, analytics, and dashboard- the Pension Fund Regulatory and Development driven insights. TRACE portal is hosted on a MeitY Authority (Subscriber Education and Protection empanelled VPC, it ensures secure, centralized, Fund) Regulations, 2015. and rule-based workflows, that fosters Pursuant to this recommendation, two major transparency, efficiency, and collaboration. media campaigns were carried out during the F.Y. 3.23.3. Project – CONNECT 2024–25. The first campaign, focusing on digital PFRDA Connect, the third TARCH initiative, and online media, was conducted in October– commenced on February 11, 2025, aims to develop November 2024, with an expenditure of `48.5 a secure, scalable, and accessible public website lakh. This campaign leveraged various social media aligned with Government of India Guideline platforms as well as both financial and non-financial i.e, GIGW 3.0 and WCAG 2.2. It features UI/UX websites to maximize reach and engagement. modernization, robust CMS, bilingual support, and The second campaign targeted print media and MeitY empanelled cloud hosting. The platform was implemented during January–February 2025, ensures improved outreach, interactivity, security, at a cost of `74.21 lakh. For this initiative, a mix and compliance, positioning PFRDA for enhanced of prominent national newspapers and regional/ digital engagement and user experience. local publications was used to ensure widespread coverage across different geographic and demographic segments. The aim was to effectively disseminate financial awareness messages. These initiatives represent a strategic step towards fulfilling the SEPF’s objective of promoting informed participation in pension schemes and strengthening the financial well- being of subscribers. 3.23. Other functions carried out by the Authority in the area of Pensions 3.23.1. Project PULSE (PFRDA Unified Lead Solutions for Empowerment) PFRDA launched PULSE, the first TARCH initiative, commenced on December 18, 2023 to digitalize its internal processes and enhance governance, transparency, and efficiency. This initiative unifies and digitizes core administrative functions replacing existing processes with an integrated, secure, and scalable modular platform. 27276ANNUAL REPORT: 2024-25 PART - IV 227ANNUAL REPORT: 2024-25 228ANNUAL REPORT: 2024-25 PART - IV Institutional Mechanisms and Regulatory Reforms 4.1. Pension Advisory Committee S. No. Name Position Section 45 of the PFRDA Act, 2013 provides for 8. Director, Budget, Department of Member establishment of Pension Advisory Committee Finance, Bhopal, Government of which shall consist of not more than twenty- Madhya Pradesh five members, excluding ex-officio members, 9. Chairman, NPS Trust Member to represent the interests of employee’s 10. Chief Executive Officer, LIC Pension Member associations, subscribers, commerce and industry, Fund Limited intermediaries and organisations engaged in 11. Chief Executive Officer, Kotak Member pension research. Mahindra Pension Fund Limited The objective of the PAC shall be to advise the 12. Managing Director & CEO, Protean Member Authority on matters relating to the making of the eGov Technologies Ltd. (formerly NSDL e-Governance Infrastructure regulations under section 52 and on such matters Ltd) as may be referred to it by the Authority along with 13. Director, National Institute of Bank Member any other matters as the Committee may deem fit. Management, Pune The Authority has notified the Pension Fund 14. President, Institute of Actuaries of Member Regulatory and Development Authority (Pension India Advisory Committee Meetings) Regulations, 2015, 15. Dr. K.P. Krishnan, Honorary Research Member on January 27, 2015. Professor, Centre for Policy Research 4.1.1. Composition of PAC The Chairperson and the Members of the Authority The composition of PAC as on March 31, 2025, is are the ex officio Chairperson and ex officio mentioned in Table 4.1. members of the Pension Advisory Committee. Table 4.1: Composition of PAC as on 4.1.2. Details of Meetings of PAC March 31, 2025 During the F.Y. 2024-25, the 22nd PAC meeting was S. No. Name Position held on February 20, 2025. 1. Deputy Secretary (Establishment II), Member Department of Personnel & Training 4.2. Performance of various committees set up 2. Deputy Controller General of Member under sub-section (2) of Section 49 Accounts (Technical Advice), 4.2.1. Training Advisory Committee Department of Expenditure, Ministry of Finance Training Advisory Committee “a Standing Committee” for a period of two years was 3. Director (Accounts), Department of Member Posts, New Delhi constituted on May 12, 2023, with a purpose to advice the Authority on various aspect of training 4. Director (Finance/Budget), Defence Member and development needs in respect of officers Finance as representative of Ministry of Defence at the different levels and for associated areas such as to review training needs, to identify and 5. Shri Gourav Sharma, Deputy Member Commandant, Border Security recommend the type of trainings to be provided to Force as representative of Ministry the officers at different levels and to identify and of Home Affairs recommend best practices in the area of training 6. Shri Ramesh Chandra Pandey, Member and development to the Authority and for other Section Officer, Finance related matters. Establishment, Directorate as representative of Ministry of The composition of TAC as on March 31, 2025, is Railways mentioned in . Table 4.2 7. Chief Executive – Indian Bank’s Member Association 22758ANNUAL REPORT: 2024-25 house of the Parliament, reinforcing transparency Table 4.2: Composition of TAC as on and legislative oversight. The Authority, since March 31, 2025 inception, has notified 18 regulations, out of which S. No. Name Position 16 are in force. All the regulations are placed on 1. Dr. Chetan Ghate, Director, Chairperson the PFRDA website. The intermediary specific Institute of Economic Growth regulations inter alia include chapters on grant of 2. Dr. Archana Shukla, Professor Member registration to intermediaries, roles, duties and & Director, Indian Institute of responsibilities, inspection and audit, procedure Management for suspension and cancellation of registration, 3. Dr. Vishal Gupta, Professor, Member miscellaneous aspects and various forms etc. Indian Institute of Management, Besides the intermediary specific regulations, Ahmedabad separate regulations for redressal of grievances of 4. Dr. Manoj Anand, Whole Time Member subscribers of pension schemes, the manner and Member (Finance), PFRDA process of conduct of adjudication proceedings, 5. Ex-officio, Executive Director Member the manner of conduct of meetings of the (HRD), PFRDA Secretary Authority and that of the statutory committee under the Act viz. the Pension Advisory Committee The committee has held a total of four meetings since and regulations on establishment of SEPF and its it was formed. Under the guidance of the committee, utilization, have been notified. a comprehensive Training and Development Policy was formulated and implemented in the Authority on During F.Y. 2024–25, the Authority notified 4.3.1. December 18, 2023. two new regulations namely, the Pension Fund Regulatory and Development Authority 4.3. Regulations made or amended (Mechanism for Making and Review of Regulations) PFRDA is empowered to make regulations under Regulations, 2024 and the Pension Fund Regulatory section 52 of the PFRDA Act, 2013, through and Development Authority (Operationalisation of notification, ensuring consistency with the Act and Unified Pension Scheme under National Pension the rules framed thereunder. Furthermore, section System) Regulations, 2025. The summary of these 53 of the Act mandates that all rules and regulations regulations is mentioned in Table 4.3. made under the Act must be laid before each Table 4.3: Regulations made during F.Y. 2024-25 S. Date of Regulations Summary No. Notification 1. Pension Fund March 19, The Central Government (Department of Financial Services, Ministry Regulatory and 2025 of Finance) vide Notification bearing no. F. No. FX-1/3/2024-PR, dated Development January 24, 2025 introduced Unified Pension Scheme as an option under Authority NPS to its eligible employees. As per the said notification, UPS shall be (Operationalisation operationalised with effect from April 01, 2025. Further, as per para 15 of the of Unified Pension said Notification, the Authority may issue regulations for operationalising Scheme under National UPS. Accordingly, the Pension Fund Regulatory and Development Authority Pension System) (Operationalisation of Unified Pension Scheme under National Pension Regulations, 2025 System) Regulations, 2025 have been notified in the Gazette on March 19, 2025. The said regulations inter alia contain objective and features of the scheme, the eligibility for availing the scheme, the enrolment process of eligible subscribers along with applicable Forms, investment of contribution made under UPS, computation of benchmark corpus, mechanism of determination of monthly top-up to past retirees, role of intermediaries and entities involved in implementation of UPS, fee and charges, payout mechanism and matters connected therewith and incidental thereto. In addition, the regulations comprehensively include illustrative examples on benchmark corpus computation, computation of qualifying service for purpose of UPS benefits, admissible payout under different scenarios and monthly top up payable to past retirees. Weighted average NAV as per default pattern and representative annuity rates for past period are also provided in the schedules appended to these regulations. 27296ANNUAL REPORT: 2024-25 S. Date of Regulations Summary No. Notification 2. Pension Fund April 26, As a part of the comprehensive regulations review exercise undertaken in Regulatory and 2024 the Authority in 2023 in consultation with external experts and professionals, Development wider public and active stakeholder consultation, and based on advice Authority (Mechanism received from PAC and with the approval of the Authority, amendments for Making and Review to nine intermediary-centric regulations were carried out to reduce the of Regulations) cost of compliance, simplify, increase the ease of doing business and have Regulations, 2024 optimum regulations. In order to formalize the regulation review process in the Authority for the future, and in line with the suggestions received from FSDC to lay down a framework for review, the Pension Fund Regulatory and Development Authority (Mechanism for Making and Review of Regulations) Regulation, 2024, have been notified in the Gazette. The said regulations inter alia contain provisions with respect to the manner and processes to be followed in the making of new regulations and review of existing regulations, public and other stakeholder consultation, economic analysis, constitution of a Regulations Advisory Committee and provisions for making of urgent regulations. The regulation making process flow on any new regulations or any amendments 4.3.2. diagram in line with process outlined in Pension proposed to the existing regulations in terms Fund Regulatory and Development Authority of the parameters of review, as laid down under (Mechanism for Making and Review of Regulations) Regulation 8 of the aforementioned Regulations. Regulations, 2024 is as follows: The composition of the RAC is mentioned in . Table 4.4 Image 4.1: Process Flow of Regulation Making REGULATION MAKING - PROCESS FLOW Table 4.4: Composition of RAC Internal Review Committee(s) S. No. Name Position 1. Dr. M. S. Sahoo, Founder, Dr. Chairperson Sahoo Regulatory Chambers and former Chairperson of IBBI 2. Shri Pramod Kumar Singh, Member Regulations Advisory Committee (RAC) Senior Advisor, Axiom5 Law Chambers & Former Whole Time Member (Law), PFRDA 3. Prof. (Dr.) Abhiman Das, Member Professor of Economics, IIM Pension Advisory Committee (PAC) Ahmedabad 4. Prof. (Dr.) Manoj Anand, Whole Member Time Member (Finance), PFRDA 5. Shri Rahul Ravindran, Executive Member Director, PFRDA Secretary Board of the Authority 4.3.4. Details of Meetings of RAC Regulation 7 of the Pension Fund Regulatory During F.Y. 2024-25, an RAC meeting was held 4.3.3. and Development Authority (Mechanism for on February 17, 2025, wherein draft Pension Making and Review of Regulations) Regulations, Fund Regulatory and Development Authority 2024, states that the Chairperson, PFRDA may (Operationalisation of Unified Pension Scheme constitute a Regulations Advisory Committee, under National Pension System) Regulations, 2025 which shall comprise of a Whole Time Member of the was placed for recommendations. Authority, not more than 3 independent external experts (economics, finance, law or any other 4.4. Review of subsidiary directions for ease of field) and an Executive Director of the Authority, business pursuant to Union Budget Speech F.Y. who shall be the convenor of the Committee. 2023-24 The RAC is required to give its recommendations While the nine market facing regulations 4.4.1. 22870ANNUAL REPORT: 2024-25 were amended and notified in F.Y. 2023-24 Out of the 400 subsidiary directions identified 4.4.2. in pursuance to Para 99 and 100 to the Union for review, contents of 110 subsidiary directions Budget speech of F.Y. 2023-24; An extension have been consolidated into 11 master circulars; to the regulatory review process, the subsidiary 123 subsidiary directions have been deemed in- directions such as circulars, guidelines, etc., operative and to be archived, while the remaining have also been examined with the objective 167 subsidiary directions are proposed to be of consolidating subject-specific instructions retained as standalone circulars. The department- into master circulars, identifying and archiving wise status of circulars is summarized in . Table 4.5 inoperative circulars and retaining the relevant standalone ones. Table 4.5: Department-wise status of circulars Circulars Inop- Total consoli- Active Active Total erative Name of the department number of dated into Standalone Master Active circu- circulars master Circulars Circulars Circulars lars circulars (1) (2) (3) (4) =(1) - (2) (5) (6) = (4) + - (3) (5) Regulation and Supervision - Process 132 30 36 66 5 71 Management (CRA, TB, Exits and ASP) Regulation and Supervision - Fund 71 36 1 34 2 36 Management (PF, Custodian and NPS Trust) Promotion and Development – APY 62 - 39 23 - 23 Regulation and Supervision - 63 30 18 15 4 19 Contribution Management - Non-Govt Sector (PoP and RA) Promotion and Development – NPS 43 14 15 14 - 14 Supervision - Contribution 21 - 11 10 - 10 Management – Govt Sector Information & Cyber Security 5 - 1 4 - 4 Financial Literacy 2 - 2 - - - Human Resources Department 1 - - 1 - 1 Grand Total 400 110 123 167 11 178 The bifurcation of subsidiary directions, 4.4.3. 4.5.1. Master Circulars issued in terms of active and inoperative circulars will The list of major Master Circulars issued by the be hosted on the website of the Authority in the Authority during F.Y. 2024-25 is mentioned in upcoming financial year. Table 4.6. 4.5. Circulars / Master Circulars issued The Authority issues Circulars / Master Circulars in exercise of the powers conferred under section 14 of the PFRDA Act, 2013, to protect the interests of subscribers and to promote, develop and to regulate the National Pension System and the pension schemes to which the Act applies. 28218ANNUAL REPORT: 2024-25 Table 4.6: Major Master Circulars issued by the Authority during F.Y. 2024-25 S. Date of Subject Summary No. Issue 1. Master Circular on March 28, The master circular stipulates the guidelines for investment by Pension Investment Guidelines 2025 Funds in NPS Tier-I & Tier-II {Other than UPS/Central/State Government for NPS Tier-I & (default), Corporate CG, NPS Lite, APY} Schemes. Tier-II {Other than W.e.f. April 01, 2025, Pension Funds have been permitted to invest upto UPS/Central/State 2% of their Equity Scheme AUM, in stocks beyond the Top 200 and upto Government (default), Top 250 of the list prepared by NPS Trust. Corporate CG, NPS Lite, APY} 2. Master Circular on March 28, The master circular stipulates the guidelines for investment by Pension Investment Guidelines 2025 Funds in UPS/NPS/APY Schemes - Central/ State Government (default), for UPS/NPS/APY Corporate CG, NPS Lite, Atal Pension Yojana and APY Fund Scheme. Schemes- W.e.f. April 01, 2025, Central/ State (i). Maximum permissible limit under Equity has been increased from 15% Government (default), to 25%. Corporate CG, NPS (ii). Pension Funds have been permitted to invest upto 2% of their Scheme Lite, Atal Pension AUM in equity, in stocks beyond the Top 200 and upto Top 250 of the list Yojana and APY Fund prepared by NPS Trust. Scheme. 3. Service Charges that January 31, The master circular pertains to the service charges that can be collected can be collected by 2025 by PoPs under NPS (All Citizen and Corporate)/ NPS Lite which was initially PoPs under NPS (All issued on April 25, 2024 and the same has been updated on January 31, Citizen and Corporate) 2025. The updated service charges are effective from January 31, 2025. / NPS - Lite The charges that can be collected for services rendered in respect of the NPS-Vatsalya account at any time shall be the same as the charges that be collected under NPS- All Citizen as stipulated by the Authority from time to time. 4. Advisories to be January 14, A total of 08 circulars on various activities related to PoPs which remain followed by Point of 2025 valid, have been subsumed in this master circular. A total of previously Presence (PoPs) under issued 10 circulars, rescinded from time to time have been archived in NPS (All Citizen and this master circular. Corporate)/NPS-Lite/ This master circular contains operative/valid advisories to PoPs on the APY following matters: (i). Measures to minimize the high number of rejections in Subscriber registration forms. (ii). Digital Signature for online onboarding in NPS and ‘penny drop verification’. (iii). Proper checks & controls in collection of NPS contributions. (iv). Discontinuance of acceptance of any third-party contributions in Tier II NPS account. (v). Instruction to stop facility of payment of contribution to Tier-II NPS account credit card (vi). Rejections of remittances made by Trustee Bank under NPS & APY. (vii). Implementation of Section 12A of The Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005. (viii). Submission of annual certificate for PoPs. The consolidation of operative circulars promotes coherence and transparency in regulatory communication, while the formal rescission of inoperative and void circulars serves to eliminate ambiguity and ensure clarity in the related regulatory matters. 22892ANNUAL REPORT: 2024-25 S. Date of Subject Summary No. Issue 5. Guidance to November A total of 04 circulars on the matters related to Retirement Adviser Retirement Advisers 27, 2024 Certification Examination, modification of application fee, registration fee, onboarding fee for RAs and revision in requirement of security deposit after the notification of PFRDA (Retirement Adviser) (Fourth Amendment) Regulations, 2017, Guidelines for Operational activities – to be followed by Retirement Advisers and introduction of “Advisory fee” under Regulation 15 of PFRDA (Retirement Adviser) Regulations, 2016 have been consolidated into this master circular. This circular contains guidance to Retirement Advisers with regard to the application/registration fees paid to the Authority, charges to be collected from the prospects or subscribers, service standards to be followed, process of redressal of grievances and pre-condition for renewal of certificate of registration. 6. Guidelines on Know September This master circular provides guidance to the intermediaries i.e., PoPs, Your Customer / Anti- 23, 2024 NPS Trust & Retirement Advisers to follow the KYC/AML/CFT guidelines Money Laundering issued by the Authority and as per the Prevention of Money laundering / Combating the (Maintenance of Records) Rules, 2005 for the implementation of the Financing of Terrorism provisions of the Prevention of Money Laundering Act, 2002, and rules (KYC/AML/CFT) notified thereunder, in respect of the pension schemes regulated and administered by the Authority. The guidelines provide clarity to the intermediaries on the following areas: (i). Internal policies, procedures, controls, responsibility and compliance arrangement (ii). Appointment of a Designated Director and a Principal Officer (iii). Recruitment and Training (iv). Internal Control/Audit (v). Know Your Customer Norms (vi). Risk Assessment and Risk Categorization (vii). Simplified Due Diligence & Enhanced Due Diligence (viii). Sharing KYC information with Central KYC Registry (ix). Reliance on third party KYC (x). Pension accounts of Politically Exposed Persons (xi). Implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967 (xii). Prospects residing in the jurisdiction of countries identified as deficient in AML/CFT regime (xiii). Reporting Obligations/Record Keeping/ Monitoring of Transactions/ Repeal provisions 4.5.2. Circulars issued The list of major Circulars issued by the Authority during F.Y. 2024-25 is mentioned in . Table 4.7 Table 4.7: Major Circulars issued by the Authority during F.Y. 2024-25 Date of S. No. Subject Summary Issue 1. Regarding Timely and February Intermediaries under NPS have been advised to take utmost care Quality Resolution of 24, 2025 so that all the grievances received at the end of intermediaries/ Grievances received entities/Government Nodal offices are resolved within defined under Centralized turn-around time while ensuring quality resolution. Public Grievance Redress and Monitoring System (CPGRAMS) Portal 28330ANNUAL REPORT: 2024-25 Date of S. No. Subject Summary Issue 2. Compliance with October 24, In line with the intent of the Act & regulations and to ensure that Regulation 10(3) of 2024 NPS subscribers who purchase annuity after exit continue to receive the of the Pension annuity benefits as per the terms of the annuity contract, it has been Fund Regulatory and decided that henceforth no surrender/cancellation of the annuity Development Authority shall be entertained or permitted by the ASP except during the free (Exits and Withdrawals look period. During this period, annuitants may cancel their annuity under the National and opt for a new one with the same ASP or a different ASP, at their Pension System) discretion. Regulations, 2015 for After the free look period, ASPs will not allow the surrender of cancellation/surrender of annuities issued under the NPS, except in the following cases: annuity policies issued to (a). Non-NPS/Old Pension cases due to Government directives NPS Subscribers by ASPs or Court orders and for which necessary documents have been provided by the subscriber/government nodal office. (b). Cases in which subscriber/family opts to avail family/invalidation pension from the respective government due to death or invalidation of a government sector subscriber. Upon acceptance of such claim by government a request can be made by the subscriber/ government nodal office for surrender of annuity by providing such acceptance of the government and other necessary documents. 3. Introduction of “Balanced October 01, NPS offers Life Cycle Funds under the ‘Auto Choice’ investment Life Cycle Fund” (BLC) 2024 option, where the allocation of assets across Equity, Corporate under National Pension Bonds, and Government Securities automatically adjusts based System (NPS) on the subscriber’s age. These funds have become a preferred investment choice among private sector subscribers, with around 65% of them opting for Life Cycle Funds. At present, three types of LC Funds are available—Conservative Life Cycle Fund (LC-25), Moderate Life Cycle Fund (LC-50), and Aggressive Life Cycle Fund (LC-75). These funds start with equity allocations of 25%, 50%, and 75% respectively, which begin to taper from the age of 35, reducing the equity exposure gradually until the subscriber reaches 55 years of age wherein the LC50, the allocation in equity was at 10%, under the corporate debt was at 10% and under the Government securities was at 80%. To provide an additional and more balanced investment option, PFRDA has introduced a new Life Cycle Fund—the Balanced Life Cycle Fund. This fund is available to private sector subscribers under the NPS All Citizen and NPS Corporate who opt for the Auto Choice investment strategy. The key differentiating feature of the BLC Fund is that it maintains an equity exposure of up to 50% until the age of 45, allowing subscribers to benefit from higher equity participation during early working years. The tapering of equity allocation begins at the age of 46, which is 10 years later than in existing LC Funds. By the age of 55 and beyond, the equity allocation stabilizes at 35%. 4. NPS Vatsalya Scheme September “NPS Vatsalya” Scheme announced in the Union Budget for F.Y. Details 18, 2024 2024-25, is a contributory pension scheme exclusively for minors with an objective to enlarge the scope of pension coverage for a sustainable pensioned society, emanating from the vision of ‘Viksit Bharat @ 2047’, and to encourage empowerment of children. The scheme details are as follows: (a). All minors who are Citizens of India, shall be eligible to participate in the scheme, on a voluntary basis. (b). The plan allows parents and guardians to contribute to a NPS account for minors. (c). When the minor turns 18, the account can be seamlessly converted into a regular NPS account. 23814ANNUAL REPORT: 2024-25 Date of S. No. Subject Summary Issue 5. Introduction of NPS August 28, To facilitate ease of contributions under NPS, an additional channel Contributions through 2024 has been introduced on BBPS. Subscribers can make contributions Bharat Bill Payment using multiple payment applications such as BHIM, PhonePe, Paytm System (BBPS) etc. BBPS supports lumpsum contributions, which are settled on T+1 basis where T is the date of making contributions by the subscriber. 6. Circular on Information August 01, The guidelines serve as a roadmap for regulated entities to & Cybersecurity Policy 2024 effectively manage cyber risks, protect critical assets and maintain Guidelines – 2024 for trust and confidence in digital age. The guidelines also act as the Intermediaries/Regulated broad framework for regulated entities to understand and implement entities essential controls and procedures to protect their information and communication technologies infrastructure from cyber threats. 7. Same Day Investment of June 26, The NPS contributions received by the TB before 11:00 AM is NPS contributions (T+0) 2024 considered for same day investment. The contributions received received by Trustee Bank after 11:00 AM shall be considered for investment on the next effective from July 01, investment day. 2024 This new timeline for same day investment is effective from July 01, 2024. This will apply to all types of contributions received by TB from/through Government Nodal Offices, PoPs, eNPS, D-Remit, UPI, etc. 8. NPS/APY functionalities June 14, The circular consolidates the NPS/APY functionalities released by released by CRAs during 2024 CRAs during Quarter III & IV (F.Y. 2023- 24) which inter alia includes Quarter III & IV (F.Y. 2023- Mandatory 2 - Factor Aadhaar Authentication for CRA System 24) Access. Nodal Offices under Central and State Governments, including their underlying Autonomous bodies, use a password-based login to access the CRA for NPS transactions. To bolster security features and protect the interests of Subscribers and Stakeholders, Aadhaar-based authentication for login to the CRA system has been introduced from April 01, 2024 in addition to the current User ID and Password-based login process, enabling 2-Factor Authentication for accessing the CRA system. Now, every login by a Nodal Office or PoP will require Aadhaar OTP verification to confirm the identity of the individual performing the transaction. 9. Extending APY to all CRAs May 03, To bring in competition and a level playing field to the CRAs registered 2024 with PFRDA, it has been decided to allow the PoPs registered with the Authority to choose a CRA of their choice including option of having multiple CRAs for servicing the APY subscribers, which shall be optional. Also, an APY subscriber can opt for any one of the CRAs available with the PoP. Further, portability for choosing a CRA within the subscriber’s PoP is allowed for both existing as well as new APY subscribers. 10. Appeal with Ombudsman May 03, The procedure for filing an appeal pertaining to the grievances of for Resolution of 2024 NPS & APY with the office of Ombudsman alongwith the format for Grievances under filing an appeal and FAQs have been provided for all stakeholders. National Pension System (“NPS”) & Atal Pension Yojana (“APY”) 11. Investor Charter for April 26, PFRDA’s commitments to NPS subscribers in terms of vision, National Pension System 2024 mission, functions of PFRDA, features of retirement solutions, Architecture rights of subscribers and Grievance Redressal Mechanism have been outlined. 28352ANNUAL REPORT: 2024-25 PART - V 233ANNUAL REPORT: 2024-25 234ANNUAL REPORT: 2024-25 PART - V Organizational Matters of the Pension Fund Regulatory and Development Authority This part of Annual Report provides details of member of the Authority is presented in . 5. Table 5.3 various internal activities that enable PFRDA to function effectively as a pension market regulator. Table 5.2: Details of Meetings of the Authority It encompasses the activities of the PFRDA Authority Meeting Date Board, Human Resource Department, Rajbhasha 118th (held by circulation) June 05, 2024 Department, Internal Audit Department, Vigilance Meeting of the Authority Department, Right to Information and Parliament 119th Meeting of the Authority June 19, 2024 Questions Department, etc. 120th (held by circulation) July 24, 2024 Meeting of the Authority 5.1. PFRDA Board Section 4 of the PFRDA Act, 2013, provides for 121st (held by circulation) August 22, 2024 Meeting of the Authority the composition of the Authority consisting of a Chairperson, three whole time members and 122nd Meeting of the Authority September 20, 2024 three part-time members to be appointed by the 123rd Meeting of the Authority December 17, 2024 Central Government. 124th Meeting of the Authority March 03, 2025 125th (held by circulation) March 13, 2025 5.1.1. Composition of the PFRDA Board Meeting of the Authority The composition of the PFRDA Board as on March 31, 2025, is given in Table 5.1. Table 5.3: Details of Meetings held during F.Y. 2024-25 and attended by each member of the Table 5.1: Composition of the PFRDA Board as Authority on March 31, 2025 Number of Number of Chairperson – Appointed under Section 4(a) of S. No. Name Meetings Meetings the PFRDA Act, 2013 Held Attended 1. Dr. Deepak Mohanty Chairperson S. No. Whole Time Members – Appointed under Dr. Deepak Mohanty 8 8 Section 4(b) of the PFRDA Act, 2013 1. Dr. Manoj Whole Time Member Whole Time Members Anand (Finance) Dr. Manoj Anand 8 8 2. Ms. Mamta Whole Time Member Ms. Mamta Shankar 8 8 Shankar (Economics) Part-Time Members S. No. Part-Time Members – Appointed under Ms. Parama Sen 8 6 Section 4(c) of the PFRDA Act, 2013 Shri Rajat Kumar 2 1 1. Ms. Parama Sen Additional Secretary, Department of Expenditure, Shri Manoj Kumar Dwivedi 4 4 Ministry of Finance Shri Pankaj Sharma 8 8 2. Shri Manoj Additional Secretary, Kumar Dwivedi Department of Personnel Note: Shri Manoj Kumar Dwivedi was appointed as Part-time Member & Training, Ministry of of the Authority in the place of Shri Rajat Kumar. Personnel, Public Grievances and Pensions 5.2. Human Resources Department 3. Shri Pankaj Joint Secretary, Department The HRD plays the role of an enabler and a facilitator Sharma of Financial Services, Ministry to build and maintain an efficient and motivated of Finance workforce in the Authority to meet its diversified requirements. The vision is to develop, implement 5.1.2. Meetings of the Authority and support programs and processes that add During F.Y. 2024-25, eight Meetings of the value to the Authority and its employees, leading Authority were held as mentioned in . to improved employee welfare, empowerment, Table 5.2 Further, details of such meetings attended by each growth and retention. 23836ANNUAL REPORT: 2024-25 5.2.1. Staff Strength in PFRDA Table 5.6: Age-wise Distribution of Staff The staff strength and the need for additional Age (Years) Staff Strength Percentage manpower are reviewed from time to time. As < 30 26 29 on March 31, 2025, the regular staff strength of 31 - 40 30 33 PFRDA is Ninety (90) out of which Eighty-Eight (88) are in officer cadre, one Junior Assistant & 41 - 50 23 26 one Staff Car Driver. Grade-wise Staff Strength is 51 - 60 11 12 mentioned in . Table 5.4 Total 90 100 Table 5.4: Grade-wise Staff Strength 5.2.4. Training and Development As on March As on March During the F.Y. 2024-25, 16 officers from Grades 31, 2025 31, 2024 different cadres were nominated by PFRDA for Executive Director 6 6 trainings and workshops on various subject areas Chief General Manager such as leadership, machine learning, public 8 8 (Grade ‘F’) policy, amongst others. Furthermore, PFRDA in General Manager coordination with reputed institutions, organised 7 7 (Grade ‘E’) various lecture series wherein eminent resource persons engaged in interactive discussions at Deputy General Manager 11 6 (Grade ‘D’) PFRDA in the area of Pensions, Economy, Finance, Leadership, Rajbhasha etc. Assistant General 16 14 Manager (Grade ‘C’) 5.2.5. Functioning of SC/ST/PwBD/EWS/ Manager (Grade ‘B’) 8 13 Ex-Service Men Cell and OBC Cell in PFRDA Assistant Manager (Grade 32 35 To implement Government instructions on welfare ‘A’) of SC/ST/PWD/EWS/Ex-SM employees, a cell has General Assistant 1 1 been set up in PFRDA. A Chief General Manager Staff Car Driver 1 1 grade officer has been nominated as Liaison Officer for SCs/STs/PWD/Ex-SM/EWS. Further, a separate Total 90 91 cell for welfare of OBCs has been set up. A Chief General Manager grade officer has been nominated 5.2.2. Category-wise Staff Strength as Liaison Officer for OBCs. Members of both the The category-wise distribution of the staff Cells meet with their respective Liaison Officers members is provided in . Table 5.5 on quarterly intervals to discuss welfare measures related to them. HRD facilitates the quarterly Table 5.5: Category-wise Staff Strength meeting. Group and Grade wise representation of As on March 31, 2025 the reserved category employees as on March 31, SC ST OBC EWS UR PwD Total 2025, is . Table 5.7 12 3 24 2 45 4 90 As on March 31, 2024 SC ST OBC EWS UR PwD Total 12 3 24 2 46 4 91 5.2.3. Age Profile of Employees More than half of employees are upto the age of 40 years. The Age-wise Distribution of Staff is mentioned in Table 5.6. 28374ANNUAL REPORT: 2024-25 Table 5.7: Group and Grade wise representation of the reserved category employees Group-wise representation of SC, ST, OBC, S. Grade PWD and EWS Total Number of No. Employees SC ST OBC PWD EWS 1. Executive Director - - - - - 6 2. Chief General Manager (Grade ‘F’) 1 - - - - 8 3. General Manager (Grade ‘E’) 1 - - - - 7 4. Deputy General Manager (Grade ‘D’) - - 3 1 - 11 5. Assistant General Manager (Grade ‘C’) 3 1 3 1 - 16 6. Manager (Grade ‘B’) 1 - 4 1 - 8 7. Assistant Manager (Grade ‘A’) 5 2 10 1 2 32 8. Junior Assistant - - - - - 1 9. Staff Car Driver 1 - - - - 1 Total 12 3 24 4 2 90 (Data is inclusive of candidates selected on own merits) The details of meetings held during F.Y. 2024-25 Table 5.9: Composition of Prevention of Sexual for SC/ST/PWD/EWS and OBC Cell is mentioned Harassment at Workplace as on March 31, 2025 in . Table 5.8 S. No. Name Position Table 5.8: Details of meetings held during F.Y. 1. Ms. Gurminder Kaur, General Presiding Manager Officer 2024-25 for SC/ST/PWD/EWS and OBC Cell 2. Ms. Jaspreet Kaur, Deputy Member Dates for SC/ Dates for OBC Manager Quarter ST/PWD/EWS Cell Cell 3. Sh. Ismail Salam, Deputy General Member Manager April- June 2024 June 25, 2024 June 27, 2024 4. Sh. Chetan Singhal, Assistant Member July-Sept 2024 September 26, September 26, General Manager 2024 2024 5. Ms. Vandana Chawla, Agriculture External October- December 30, December 31, Insurance Company Member December 2024 2024 2024 January-March March 20, 2025 March 28, 2025 A Sensitization workshop was organised for all the 2025 officials of PFRDA on the subject “Prevention of Sexual Harassment at Workplace” on December 5.2.6. Committee for Prevention of Sexual 16, 2024, in the PFRDA office. The interactive Harassment at Workplace session was taken by Ms. Vandana Chawla, External An Internal Complaints Committee for prevention Member of ICC, PFRDA. During F.Y. 2024-25, four of Sexual Harassment at workplace is in place quarterly meetings of committee of Prevention of for receiving complaints, holding enquiry etc. Sexual Harassment at Workplace were held and in accordance with the Sexual Harassment of details of the same is mentioned in Table 5.10. Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and it meets on quarterly Table 5.10: Meetings in F.Y. 2024-25 basis. Composition of Prevention of Sexual Harassment at Workplace as on March 31, 2025, is Quarter Dates April- June 2024 June 27, 2024 mentioned in Table 5.9. July-Sept 2024 September 27, 2024 October-December 2024 December 16, 2024 January-March 2025 March 27, 2025 23858ANNUAL REPORT: 2024-25 1976; Presidential directives; and the instructions 5.2.7. Initiatives for Staff Well-Being issued by the Government of India and the PFRDA always strives to provide the best working Parliamentary Committee on Official Language. environment to all officials and employees in PFRDA. Various initiatives were taken to build Throughout the reporting period, the Department healthy environment at workplace and create undertook a range of initiatives to encourage the positive employee experiences. With these use of Hindi. These included the organization objectives, the following events were organized of training programs, lectures and workshops during F.Y. 2024-25: aimed at enhancing bilingual proficiency among officials. The Authority remains committed to the • World Environment Day on June 05, 2024, by the effective implementation of the Official Language way of plantation of trees. Policy, as guided by directives received from the • International Day of Yoga on June 21, 2024 Department of Financial Services, Ministry of Finance and the Ministry of Home Affairs, with the • Independence Day celebration on August 15, objective of progressively increasing the use of 2024 Hindi in all spheres of official communication. • Swachhata Diwas by the way of plantation activity on October 02, 2024 5.3.1. Major Activities and Developments In line with the annual implementation program • Diwali festival on October 29, 2024 issued by the Government of India for enforcing the Official Language Policy, PFRDA has constituted • Republic day celebration on January 26, 2025 an Official Language Implementation Committee. • International Women’s Day celebration on March The Committee, chaired by the Executive Director, 08, 2025 includes Heads of Departments as ex-officio members. During the F.Y. 2024–25, quarterly 5.2.8. Secondment to OECD-IOPS meetings of the OLIC were convened to review the Pursuant to the approval of the Board in its 117th status of Hindi usage across departments. Based meeting held on March 21, 2024, the first ever on these reviews, department-specific action secondment from PFRDA to an international plans were formulated for the upcoming quarter. organisation, of Shri (Dr.) Ashish V. Dongare, DGM To strengthen institutional compliance, Hindi Nodal (then AGM), PFRDA to the Secretariat of OECD, Officers were designated for each department. an international organisation with headquarters Furthermore, one working day per month (14th located in Paris, France for a period of one year, of each month) was designated for conducting was undertaken vide a tripartite agreement official work primarily in Hindi to promote habitual between PFRDA and OECD on October 10, usage. 2024. The request was received from IOPS to its member countries, including India, to post a staff The Department consistently monitored Hindi in the secretariat of IOPS/OECD. He was selected usage in internal notings and external through an international competitive process. The communications through the use of dashboards period of his secondment is from December 04, and performance metrics shared periodically 2024, to December 03, 2025. with all departments. Significant improvements were observed in areas such as Hindi notings, 5.3. Rajbhasha Department outward correspondence to Region A and B The Rajbhasha Department of PFRDA functions offices, documents initiated in Hindi, and bilingual as the nodal agency for the implementation of issuance of documents in accordance with section the Official Language Policy of the Government of 3(3) of the Official Language Act, 1963. India. The Department has taken concerted steps to ensure the progressive use of Hindi within the To facilitate this progress, internal capacity- Authority by formulating a comprehensive work building activities such as training sessions plan and establishing an effective monitoring and workshops were conducted. Standardized mechanism. These efforts are directed towards templates for official letters and emails were compliance with the provisions of the Official introduced to ensure consistency and quality Language Act, 1963; the Official Language Rules, in Hindi correspondence. Departments that 28396ANNUAL REPORT: 2024-25 demonstrated notable progress in implementing NPS Diwas (October 01, 2024). In June 2024, the the Official Language Policy were acknowledged Department organized a debate competition, a during the quarterly review meetings. Additionally, poetry writing and recitation event for PFRDA a comprehensive roster of officers’ Hindi language officials. proficiency was updated, and targeted training The annual “Rajbhasha Pakhwada 2024” was sessions were organized accordingly. observed from September 14 to 28, 2024 to promote the use of Hindi in the workplace. 5.3.2. Conferences, Workshops, and Training Activities included: Programs Officials from the Rajbhasha Department • A Hindi essay competition on the topic attended several conferences and training “Innovations in Financial Technology” programs during the reporting period, including: • A Hindi advertisement design competition on the • A training session on “Kanthastha 2.0” in theme “NPS Vatsalya” November 2024 • A debate competition on the topic “Is it right for • A session on “Translation Techniques and humans to be overly dependent on technology?” Methodology” conducted by the Central • A poetry recitation event Translation Bureau in February 2025 For the first time, a multimedia-format quiz • The organized by the Rajbhasha Sammelan competition was organized, which received Department of Official Language, Ministry of enthusiastic participation. The fortnight concluded Home Affairs, on September 13–14, 2024 at Bharat with a formal ceremony presided over by the Mandapam Chairperson, wherein winners of the various events • The Sammelan organized by the Town Official were felicitated with awards and certificates. Language Implementation Committee (TOLIC), South Delhi-3, in February 2025 5.3.5. Workshops and Expert Lectures To further promote linguistic and conceptual 5.3.3. Compliance Reporting and Committee understanding of official language policy among Participation officers, the Department organized expert The Department submitted the requisite lectures and workshops and the details of the compliance reports namely the Quarterly same are mentioned in Table 5.11. Performance Report, Half-Yearly Report and Annual Report, to the Ministry of Home Affairs, the Table 5.11: Expert lectures and workshops Department of Financial Services, and the TOLIC organized through the designated portals. PFRDA officials Speaker Topic Date also actively participated in the half-yearly TOLIC meetings, where the Authority’s progress in Shri Dharam ’jepeYee<ee mebyebOeer Jeee|<eJeÀ ue#³eeW May 28, Bir, DFS 2024 promoting the use of Hindi was presented. JeÀe DevegHeeueve“ Shri Ankur ’mebmeoer³e jepeYee<ee meefceefle JeÀer veF& August 02, 5.3.4. New Initiatives: Publications and Outreach Vijayvargiya, 2024 efvejer#eCe ÒeÍ>eeJeueer: JewÀmes YejW Deewj Asst. Dir., In the reporting year, the Rajbhasha Department DevegHeeueve JewÀmes megefveef½ele JeÀjW“ NLCC conceptualized and published the bilingual Prof. (Dr.) ’JeweféeJeÀ efnvoer JeÀe mJeªHe“ September “Glossary / MeyoeJeueer of PFRDA” comprising 294 key Kumud 27, 2024 terms from fields including investments, banking, Sharma, DU pensions, and actuarial sciences. The objective Prof. Girish “Shaping Terminology: December of the publication is to make technical financial Nath Jha, Standards and Technology 23, 2024 terminology more accessible to subscribers, CSTT for Rajbhasha” stakeholders and the general public. Prof. Jitendra ’efnvoer JeÀe JeweféeJeÀ mJeªHe March 25, Srivastava, 2025 The Department also played a significant role in Deewj FmeJesÀ ye]{les Òe³eesie JeÀer IGNOU editing and vetting the Authority’s inaugural Hindi GHeueeqyOe³eeb“ publication, Sanchayita, which was released on 23970ANNUAL REPORT: 2024-25 (vii). A Badminton Tournament was conducted for 5.4. Internal Audit Department employees on November 15-16, 2024, in AIIMS The Internal Audit department of PFRDA Gymkhana Badminton Auditorium, New Delhi. undertakes risk-based internal audits encompassing a comprehensive review of 5.6. Information Technology Department operational activities and process development Upgradation of IT Infrastructure in by strengthening internal controls across the 5.6.1. PFRDA: PFRDA has substantially enhanced its IT organization. infrastructure at the new premises by enhancing During F.Y. 2024-25, risk-based Internal the network bandwidth compared to its previous Audits were conducted in accordance with capacity. The current setup is state-of-the-art, the approved Annual Audit Plan. This process equipped with the latest hardware and software involved a comprehensive review of departmental components, including firewalls, switches, and operations and processes, with a focus on access points. This upgraded infrastructure assessing of qualitative parameters, the risk of serves as a vital backbone for the organization non-compliance, identifying potential high-risk and reliably supporting the Authority’s expanding areas and scrutinizing previously highlighted responsibilities at the backend. risk areas. Based on the audit findings, a risk- based ranking system was implemented for all 5.6.2. Design, development, and hosting of an PFRDA assisted Department of departments, using a defined set of indicators online web portal: Financial Services, Ministry of Finance in designing, to gauge risk levels (Low, Medium, and High) and developing & hosting online web portal for areas within the authority. receiving applications from candidates applying for the position of Chairperson and Whole-time 5.5. Vigilance Department Member, PFRDA. The portal facilitates the end-to- Vigilance Awareness Week 2024 was observed end online application process. The entire process from October 28 to November 03, 2024, with has now been completely digitized with the launch the theme “Culture of Integrity for Nation’s of the portal. Prosperity”. During the VAW, 2024, the following activities were conducted in the Authority: As per 5.6.3. Reporting of Cyber incidents: circulars and guidelines issued by CERT-In and (i). Integrity pledge was administered by PFRDA, any Regulated Entity has to mandatorily Chairperson in Hindi, followed by administration of report cyber incident within prescribed timelines. Integrity pledge in English by Whole Time Member REs duly adhered to the timelines prescribed for (Finance) on October 28, 2024. All the employees reporting of such incidents during F.Y. 2024-25. participated and took the pledge. PFRDA is actively coordinating with National (ii). PFRDA as an organization, has taken the 5.6.4. Critical Information Infrastructure Protection e-pledge. Centre for identifying Regulated Entities as Critical (iii). A hyperlink of integrity pledge was placed on Information Infrastructure. PFRDA’s website, and all employees have taken PFRDA regularly communicates with its REs the e-pledge as an individual as well. 5.6.5. with regard to the evolving challenges in cyber (iv). Communication was sent to all Intermediaries threat landscape and better management of cyber of PFRDA to take the integrity pledge and the security threats. same was also confirmed by the respective PFRDA collaborates with Organizations such departments. 5.6.6. as CERT-In and other financial sector regulators like (v). Banners and standees were displayed in the RBI, SEBI and IRDAI in the matters of cybersecurity Authority during the VAW. to facilitate information exchange, assess cyber risks and ensure coordinated regulation and (vi). Slogan writing, Essay writing competitions preparedness across India’s financial ecosystem. were conducted for employees and Painting competition was conducted for employees and their family members including children. 29318ANNUAL REPORT: 2024-25 various aspects related to old age income security, 5.7. Right to Information Department including the NPS, UPS and APY. PFRDA has As a public authority, PFRDA remains fully furnished the information and material for replies committed to the effective implementation in a time-bound manner for facilitating replies to of the RTI Act, 2005. In accordance with the the same to Parliament. The number of PQs provisions of the Act, PFRDA has designated received session-wise is given in . Dr. Purnima Sharma, General Manager, as the Table 5.13 Central Public Information Officer. For appeals Table 5.13: Session-wise number of PQs against the decisions of the CPIO, Shri Mono received Mohon Gogoi Phukon, Chief General Manager, has been appointed as the First Appellate Authority. No. of Parliament Further, in compliance with the directions of the Period questions Session Central Information Commission, Ms. Mamta received Monsoon July 22, 2024 to August 18 Rohit, Executive Director, has been designated as Session 12, 2024 the Transparency Officer. Winter November 20, 2024 to 12 PFRDA is dedicated to upholding the objectives Session December 20, 2024 of the RTI Act by providing timely, accurate, Budget January 31, 2025 to 40 and comprehensive responses to information Session February 13, 2025 and requests. March 10, 2025 to April 04, 2025 During the F.Y. 2024–25, approximately 94% of RTI applications were received through the online Total 70 RTI portal, reflecting the growing adoption of 5.9. ACCOUNTS OF PFRDA digital modes of governance. SAR and Accounts of PFRDA is attached as Annexure I. In alignment with section 4(1)(b) read with section 4(2) of the RTI Act, PFRDA ensures proactive disclosure of information through its official website , thereby promoting www.pfrda.org.in transparency, accountability, and informed public participation in its functioning. The details of RTI applications and First Appeal to PFRDA Appellate Authority for 2023-2024 and 2024-2025 are given in Table 5.12. Table 5.12: Details of RTI applications and First Appeal to PFRDA Appellate Authority F.Y. 2024- F.Y. 2023- Particulars (in Numbers) 25 24 No. of Applications Received 589 740 (including applications transferred from other public authorities) No. of Appeals Received 57 95 by the Appellate Authority, PFRDA No. of Orders Passed by the 57 95 Appellate Authority, PFRDA 5.8. Parliamentary Questions Department During F.Y. 2024–2025, PFRDA received 70 Parliamentary Questions mainly from Department of Financial Services, Ministry of Finance on 23992ANNUAL REPORT: 2024-25 240ANNUAL REPORT: 2024-25 PART - VI 241ANNUAL REPORT: 2024-25 240ANNUAL REPORT: 2024-25 PART - VI Any critical areas affecting the interest of subscribers explicit assurance of benefits except market- 6. Some of the areas affecting the interest of the based guarantee mechanism to be purchased subscribers are as below: by the subscriber. Although the scheme is under 6.1. Absence of enabling regulations for Govt development and process, this contradiction Sector preclude the government nodal officers poses a significant challenge in launching the The timelines for the completion of various scheme which will comply with both sections activities under NPS by the nodal offices of the of the Act and meet the objective of offering Central Government have been prescribed assured returns. under Central Civil Services (Implementation of National Pension System) Rules, 2021, which 6.3. Cyber Threats may be indicative timelines in the case of State In an era where cyber threats evolve at an Government and autonomous bodies. Based on the unprecedented pace and in different forms, it is timelines prescribed and as per the data, on time of utmost importance that suitable measures taken by the nodal offices, it has been observed are implemented for ensuring cybersecurity. that delays in PRAN generation along with timely Although PFRDA and its intermediaries have & regular remittance of contributions are major implemented various measures to enhance areas of concern. Such delays adversely impact cybersecurity, cyberattacks in pension sector can the NPS corpus accumulation and consequently have systemic effects with broader repercussions. the pension receivable on superannuation by the The Digital safety advisory issued by PFRDA is in employees/subscribers. addition to the Cybersecurity and other related guidelines issued by Ministry of Home Affairs/ The Authority, during review meetings, workshops MeitY and CERT-In, which aim to encourage and and conferences, has been continuously flagging foster a culture of digital safety awareness under these issues to the concerned Government Nodal NPS architecture by equipping people with the offices and urging them to take certain policy as knowledge by establishing norms for digital safety well as operational measures, to bring discipline and following the best practices while performing in the implementation of NPS in their underlying various activities related to NPS by the nodal offices, in order to protect the interest of the offices at various levels such as registration, NPS employees/subscribers. account maintenance and during exit/withdrawals. It is to mention that the CCS (Implementation These represent some of the most critical risks of National Pension System) Rules, 2021, as that could adversely impact NPS subscribers. notified by DoP&PW vide notification dated March 30, 2021, lays down the general conditions of implementation of NPS, which applies to the Central Government only. In this regard, the State Governments (except Tripura, which has already notified the NPS rules) may also define rules regarding the implementation of NPS. 6.2. Minimum Assured Returns Scheme (Statutory Obligations that the Authority has not complied with) Under sub-section 2(d)(b) of section 20 of PFRDA Act, 2013, the subscriber seeking minimum assured returns shall have an option to invest his funds in such schemes providing minimum assured returns as may be notified by the Authority. However, sub-section 2(g) of section 20 states that there shall not be any implicit or 93ANNUAL REPORT: 2024-25 94ANNUAL REPORT: 2024-25 PART - VII 95ANNUAL REPORT: 2024-25 96ANNUAL REPORT: 2024-25 PART - VII Developmental Functions and Outreach 7.1 NPS – Government Sector Table 7.4: Details of State Autonomous Bodies of respective states with whom review 7.1.1. Conferences / Review meetings meetings were held PFRDA conducted conferences / review meetings with ministries / departments of central State Name No. of SABs government, state governments and central / Uttar Pradesh 30 state autonomous bodies during the F.Y. 2024- Maharashtra 24 25 wherein senior level representatives from Gujarat 6 government and CRAs participated. The details Bihar 6 of the same is presented under to Table 7.1 Table . Madhya Pradesh 10 7.4 Uttarakhand 29 Table 7.1: Conferences held during F.Y. 2024-25 Haryana 61 Conferences / Meetings Telangana 1 S. / Outreach programs / Date/s No. Odisha 9 Symposiums / etc. 1 Conference on August 28, Kerala 24 Implementation of NPS in 2024 Karnataka 21 Central Government Held at IHC, New Delhi Goa 1 2 Review Meeting cum September 19 Andhra Pradesh 9 Workshops for Nodal Officers & 20, 2024 UT-Jammu and Kashmir 13 of SG of Maharashtra UT-Puducherry 7 3 Conference on January 16, Implementation of NPS in 2025 UT-Ladakh 5 State Governments held at Tripura 2 IHC, New Delhi Arunachal Pradesh 6 Table 7.2: Review Meetings held during F.Y. Assam 14 2024-25 Manipur 3 S. Review Meetings F.Y. 2024-25 Meghalaya 2 No. Mizoram 5 1 CG 237 2 CABs 304 Total 288 3 SGs including UTs 34 7.1.2. Steps initiated for smooth implementation 4 SABs 288 of NPS in Government Sector (i). Letters of Consent issued for registration Table 7.3: Details of State Governments with of Central and State Autonomous Bodies under whom review meetings were held CRA East North East North South Central West Continuous efforts have been made to register Bihar (1) Assam (2) Jammu and Andhra Madhya Goa (1) Arunachal Kashmir (2) Pradesh (2) Pradesh Gujarat CABs and SABs by interacting with them i.e., with Odisha Pradesh (2) Chandigarh Karnataka (1) (1) respective financial advisors of Central Ministries (1) Manipur (1) (1) (1) Uttar Maharash Meghalaya Haryana (1) Kerala (1) Pradesh tra (2) and nodal officers of the State Governments. (1) Uttarakhand Puducherry (2) PFRDA also assisted State Governments in Mizoram (1) (1) (2) Nagaland (1) Ladakh (2) Telangana streamlining guidelines and notifications for Tripura (2) (1) registration of SABs. PFRDA processes Letter Sikkim (1) of Consent of CABs & SABs after ensuring the *() indicates number of review meetings held with the concerned office compliance of stipulated guidelines issued by 24914ANNUAL REPORT: 2024-25 Central Governments and State Governments • constitution of NPS Oversight and Review and also handles queries of NPS during pre- Committee; registration process. PFRDA issued 18 Letter of • setting up of dedicated NPS cell for smooth Consent to CABs and 164 Letter of Consent to handling of various NPS related matters; SABs, during F.Y. 2024-25. • consider enabling various provisions under NPS Table 7.5: Government Sector in line with Gazette notification dated January 31, (CG, SG, CAB and SAB) as on March 31, 2025 2019, issued by Department of Financial Services, Registered Registered De-registered Registered Ministry of Finance viz. enhancement of employer Name of Office as on March during F.Y. during F.Y. as on March contribution, enabling choice of Investment 31, 2024 2024-25 2024-25 31, 2025 State pattern and PF for the employee-subscribers, Governments 33 Nil Nil 33 provision of compensation in case of non-deposit including Union Territories or delayed deposit of NPS contributions; Central Autonomous 672 10 Nil 682 • inclusion of NPS related activities as a part of Bodies regular / internal audit; and State Autonomous 1,809 129 Nil 1,938 Bodies • adoption of OPGM and STS process for timely PrAOs/DTAs 1,682 104 Nil 1,786 completion of NPS activities. PAOs/DTOs 13,226 242 3 13,465 DDOs 2,73,047 2,729 63 2,75,713 (iii). Advisories/ Communications and Circulars (ii). Measures suggested to CG Ministries / CABs issued / SGs / SABs (a). Monthly communication to nodal offices for (a). Nodal offices under CG sector were advised resolution of pending grievances. during review meetings/interactions to adhere (b). General advisory through letters for to various provisions provided under Central Civil improvements required in performance Services (Implementation of National Pension parameters. System) Rules, 2021, to ensure timely completion of activities under NPS. (c). General advisories for concerns in upload/ remittance of contributions. (b). All the nodal offices under government sector have been advised to follow the timelines (d). General advisories for PFRDA’s Subscriber prescribed by Department of Expenditure, Awareness Programme. Government of India for completion of various (e). Communication to nodal offices for framing a NPS related activities with respect to upload of policy for Prevention and Reporting of Fraud under SCFs and remittance of NPS contributions. NPS architecture for Government Sector and its (c). It was advised to all the nodal offices under implementation. government sector to hold regular meetings (f). Communication to nodal offices for enhanced and workshops for their underlying nodal offices due diligence for capturing/updating of in order to sensitize them on the key areas of subscriber’s details (KYC, Mobile number, Name concern and operational matters. change, etc.) under NPS. (d). The oversight offices under CG and SG (g). Communication to nodal offices for sector, viz, PrAOs/DTAs were advised to review technological updations like ‘Securing NPS performance of their underlying PAOs / DTOs transactions through Aadhaar- based access of and ensure that the NPS related activities are CRA system under the Government sector’. completed in a time bound manner. (e). State Governments were advised to consider (iv). Policy related matters taken up by PFRDA undertaking certain policy level measures for with CG Ministries / CABs / SGs / SABs effective implementation of NPS in the state such (a). Matter regarding framing of NPS Rules for their as, - respective employees was taken up with Principal Secretary (Finance) / Additional Chief Secretary • framing of NPS rules, while specifying timelines; 29452ANNUAL REPORT: 2024-25 (Finance) of all the State Governments, in reference CGA, Department of Expenditure; PAO, INGAF, to Central Civil Services (Implementation of New Delhi; Public Financial Management System, National Pension System) Rules, 2021notified by New Delhi) under Department of Expenditure, DoP&PW. have successfully completed the upload of contribution through STS. (b). Matter regarding adoption of provisions of Central Civil Services (Implementation of National . Status of adoption of OPGM by CG, CAB (b2) Pension System) Rules, 2021for AIS employees Nodal offices as on March 31, 2025, is presented and employees of CABs was taken up with in Table 7.6. Department of Personnel and Training and FA’s/ CCA’s respectively for their underlying employees. Table 7.6: Status of adoption of OPGM by CG, CAB Nodal offices as on March 31, 2025 (c). Matter regarding adoption of provisions of Central Civil Services (Implementation of No. of Nodal Offices Accounting Formation National Pension System) Rules, 2021for Railway Adopted OPGM Civil 431 personnel was taken up with Ministry of Railway. As informed by them, they are in advanced stage Defence 183 to take suitable decision on the matter. Post 24 Railways 173 (v). Leveraging of technological initiatives – STS Telecom 31 and OPGM (a). PFRDA, through various forums sensitizes the NCT of Delhi 0 nodal offices to adopt and implement OPGM and CABs 267 STS Integration so as to curtail the delays in PRAN generation and remittance of NPS contributions. Total 1,109 Status of adoption of STS by SG nodal offices • – To adopt STS integration of the nodal (b3). STS as on March 31, 2025, is presented in office’s financial software package with CRA Table 7.7. system. Table 7.7: Status of adoption of STS by SG nodal • – To ensure timely registration of offices as on March 31, 2025 OPGM subscriber’s under NPS, the nodal offices were Name of State advised to adopt OPGM to eliminate delay in Assam Maharashtra Tripura PRAN generation as well as rejection of subscriber Bihar Odisha Uttar Pradesh registration forms. Chhattisgarh Punjab Uttarakhand Jharkhand Rajasthan Manipur (b). Status of adoption of STS and OPGM by Haryana Himachal Pradesh Karnataka Government Nodal offices as on March 31, 2025 . Status of adoption of STS by SAB nodal (b1). Status of adoption of STS by CG Nodal (b4) offices as on March 31, 2025, is presented in offices as on March 31, 2025 • As on March 31, 2025, CGA has enabled STS Table 7.8. for the 66 Civil ministries (CG Sector) for PRAN Table 7.8: Status of adoption of STS by SAB generation. nodal offices as on March 31, 2025 • Further for Subscriber Contribution, as on March SG No. of SAB nodal offices adopted STS 31, 2025, STS has been implemented for the Maharashtra 55 following: Uttarakhand 1 (I). Ministry of Railways has enabled STS for Total 56 contribution and 156 PAOs (out of 206 registered PAOs) have successfully enabled and are uploading Status of adoption of OPGM by SG nodal (b5). contribution for mapped subscribers. offices as on March 31, 2025, is presented in Table 7.9. (II). CGA has also started STS for contribution upload. As of March 31, 2025, 3 PAOs (PAO, O/o 24936ANNUAL REPORT: 2024-25 Central Government employees covered under Table 7.9: Status of adoption of OPGM by SG NPS with effect from April 01, 2025, following nodal offices as on March 31, 2025 which, PFRDA vide notification dated March 19, State Government 2025, has issued Pension Fund Regulatory and • Andhra Pradesh • Kerala • Tamil Nadu Development Authority (Operationalisation • Arunachal • Madhya (Only for AIS) of the Unified Pension Scheme under National Pradesh Pradesh • Tripura Pension System) Regulations, 2025. In this • Assam • Maharashtra • Uttar Pradesh regard, meetings were held with senior officials • Bihar • Manipur • West Bengal • UT Chandigarh • Meghalaya (Only for AIS) of all accounting formations and key ministries • Goa • Mizoram • Chhattisgarh to solicit their feedback for framing the UPS • Gujarat • Nagaland • Uttarakhand regulations, and also, on the proposed framework • Haryana • Orissa • Jharkhand and development of system and process including • Jammu & • Puducherry • Telangana forms for registration, migration from the NPS Kashmir • Punjab • Ladakh • Himachal • Rajasthan • UT-Delhi to UPS, and claim forms for subscribers and Pradesh • Sikkim their spouse. Further, data and details of retired • Karnataka employees eligible for UPS was compiled and disseminated to the concerned ministries and . Status of adoption of OPGM by SAB nodal (b6) underlying nodal offices. offices as on March 31, 2025, is presented in Table 7.10: 7.1.4. Promotion and Development under NPS in CABs and SABs during F.Y. 2024-25 Table 7.10: Status of adoption of OPGM by SAB The activities undertaken for CABs and SABs are Nodal offices as on March 31, 2025 listed below: Number Number State Name State Name (i). Engagement with the following categories of of SABs of SABs CABs and SABs for implementation of NPS: Andhra 18 Madhya 20 Pradesh Pradesh (a). Registration of all eligible CABs and SABs, Arunachal 7 Maharashtra 106 which have not yet initiated the registration Pradesh process under NPS, as per the CG/SG notification Assam 23 Manipur 3 (b). Completion of the pending registration Bihar 13 Meghalaya 2 process of the unregistered CABs and SABs Chandigarh 3 Mizoram 5 (c). Enrolment of eligible employees of the Chhattisgarh 20 Odisha 90 registered CABs and SABs under NPS Goa 12 Puducherry 1 (d). Transfer of regular as well as legacy/arrear Gujarat 14 Punjab 209 NPS contributions for the enrolled employees of Haryana 373 Rajasthan 74 registered CABs and SABs Himachal 223 Telangana 14 (ii). Co-ordination with CG Ministries / State Pradesh governments for registration of potential CABs/ Jammu & 25 Tripura 3 SABs Kashmir Karnataka 135 Uttar Pradesh 107 (iii). Engagement with State Govt for issuing NPS notification for SHG and SABs Kerala 23 Uttarakhand 129 Ladakh 1 (iv). Status of Registration of CABs & SABs and enrolment of subscribers (as on March 31, 2025) is Total 1,653 presented in Table 7.11. 7.1.3. Activities related to Implementation of UPS option under NPS in Central Government Ministries The Government of India has notified the UPS vide notification dated January 24, 2025, for 29474ANNUAL REPORT: 2024-25 Table 7.11: Status of Registration of CABs & SABs and Enrolment of Subscribers (as on March 31, 2025) Total Registered Total enrolled subscribers of Total enrolled subscribers Total Registered SABs CABs CABs of SABs 682 1,938 3,12,311 10,72,532 (v). Newly registered CABs & SABs year-on-year progress is presented in Table 7.12. Table 7.12: Newly registered CABs & SABs year-on-year progress Financial F.Y. F.Y. F.Y. F.Y. F.Y. F.Y. F.Y. F.Y. F.Y. Year wise 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 performance 17 25 25 24 27 22 12 09 10 Newly registered CABs 173 251 107 133 140 119 158 104 129 Newly registered SABs 7.2. Atal Pension Yojana Following efforts made during F.Y. 2024-25 for promotion and outreach of APY. 32 APY Outreach programs were 7.2.1. APY Outreach programs conducted at 32 locations pan India: conducted in F.Y. 2024-25 in co-ordination with SLBCs and LDMs. In these programs special focus was given on improving enrolment, coverage in urban and semi-urban areas, persistency and upgradation of pension slabs, etc. These programs were attended by senior officials of PFRDA including Chairperson, Whole Time Member (Economics) & Executive Directors, Banks, SLBCs/ UTLBCs, LDMs, State Governments, RBI, NABARD, NRLM/ SRLM, etc. The details of the same is presented in Table 7.13. Table 7.13: SLBC - State Level Program and LDM Level Program SLBC - State Level Program LDM Level Program (at State Capital/SLBC Office location in coordination (at Rural/Semi-urban locations in coordination with SLBC & with SLBC) LDMs) SLBC Location Date SLBC Location Date Lucknow July 24, 2024 Gorakhpur July 23, 2024 Uttar Pradesh Uttar Pradesh Patna August 02, 2024 Bhojpur August 01, 2024 Bihar Bihar Kolkata August 07, 2024 Durgapur August 06, 2024 West Bengal West Bengal Bengaluru August 09, 2024 Warangal August 22, 2024 Karnataka Telangana Hyderabad August 23, 2024 Jabalpur August 28, 2024 Telangana Madhya Pradesh Ranchi August 30, 2024 Bokaro August 29, 2024 Jharkhand Jharkhand Ahmedabad September 06, 2024 Solapur September 04, 2024 Gujarat Maharashtra Chennai September 13, 2024 Kanchipuram September 12, 2024 Tamil Nadu Tamil Nadu Jaipur September 20, 2024 Jodhpur October 15, 2024 Rajasthan Rajasthan Bhopal October 04, 2024 Jajpur October 17, 2024 Madhya Odisha Pradesh Puri October 18, 2024 Udupi October 25, 2024 Odisha Karnataka Nagpur November 28, 2024 Tirupati November 22, 2024 Maharashtra Andhra Pradesh Guwahati December 06, 2024 Shillong December 05, 2024 Assam Assam Gangtok December 13, 2024 Karnal December 18, 2024 Sikkim Haryana Panchkula December 27, 2024 Banaskantha December 20, 2024 Haryana Gujarat 24958ANNUAL REPORT: 2024-25 Image 7.1: APY Outreach program in Bhopal Image 7.3: National Annual felicitation program Image 7.2: APY Outreach program in Nagpur Image 7.4: East Zone felicitation program in-person meetings were conducted during the 7.2.2. Annual felicitation program and Zonal APY F.Y. 2024-25. Felicitation -cum- Strategy Review meetings: APY annual award felicitation program was conducted at Delhi to felicitate performing banks 7.2.4. APY training and Subscriber Awareness and SLBCs. Four zonal strategy review meetings Programs in vernacular languages organized PFRDA has empanelled a were conducted at New Delhi, Mumbai, Kolkata for APY subscribers: training agency for imparting awareness programs and Chennai. In the meetings, the strategies on APY through VC to APY subscribers. PFRDA for the promotion and outreach of APY were and Protean CRA also conducts APY training discussed with APY-SPs and SLBC Convenors. The sessions for APY SPs. The details of the programs best-performing SLBCs and APY-SPs were also are presented in and felicitated in these events in order to recognize Table 7.14 Table 7.15. their constant support and efforts towards APY. Table 7.14: Weekly (Tuesdays) Training Program during F.Y. 2024-25 as on March 31, 2025 7.2.3. Performance review meetings: Performance review meetings were conducted Name of No. of with the nodal officers and SLBCs/UTLBCs No. of sessions Language Participants on a regular basis wherein the progress of English 18 1410 APY enrolments in their bank/ state was Hindi 19 1904 discussed. PFRDA guided the APY SPs and shared new strategies and best practices of Total 37 3314 other banks with them. All possible support related to media content, training, MIS etc. was provided to the Banks/SLBCs/UTLBCs/ LDMs for ensuring maximum enrolments. 166 meetings through video conferencing and 20 29496ANNUAL REPORT: 2024-25 (vi). PFRDA and APY also have their presence Table 7.15: Online APY Awareness Programs by over various social media platform like training agency F.Y. 2024-25 as on LinkedIn, Twitter, Instagram, Facebook March 31, 2025 and YouTube with thousands of followers. Name of No. of Regular social media posts are made on No. of sessions Language Participants these platforms to appeal to the younger, Bengali 4 171 tech-savvy Indian population, who are more English 13 990 likely to engage with digital platforms and seek convenience in financial services. Gujarati 1 113 Hindi 14 1342 7.2.6. Campaigns conducted to encourage Kannada 3 221 In order to encourage the APY-SPs and enrolment: recognise their efforts, PFRDA has conducted 21 Malayalam 4 298 types of campaigns and a total 50 such campaigns Marathi 3 162 were organized during F.Y. 2024-25. Information Odia 2 208 about the performance of banks/SLBCs were Punjabi 2 204 shared on daily basis. 700 Awards and 200 Medals were won by banks, SLBCs, UTLBCs and officials. Tamil 2 117 Further, 63,031 certificates were also issued to Telegu 3 402 officials and branches. Total 51 4228 7.2.7. Involving Central Ministries/ Departments PFRDA 7.2.5. Promotion of the APY: and other financial-sector institutions: initiated interactions with other Central and State (i). To promote the scheme in regional languages, Ministries, SRLMs, RSETIs, NABARD, RBI, NCFE, a single one pager APY Flyer was created in etc. for the outreach of the scheme. PFRDA also English and translated in all 22 languages which requested state offices of RBI and NABARD for are included in the Eighth Schedule of the Indian sensitizing Urban Cooperative Banks, State and Constitution. District Cooperative Banks to register with PFRDA (ii). New Print Advertisements were designed and and start enrolments under APY. PFRDA actively created for creating awareness on persistency engaged with several ministries/ organisations improvement in the Scheme. for promotion of APY viz. MoSPI, MSD&E, NCVET, DoE etc. (iii). Radio jingles were produced in coordination with Prasar Bharti in 11 languages: Hindi, Tamil, 7.2.8. Highlights: Telugu, Kannada, Malayalam, Gujarati, Marathi, In the F.Y. 2024-25 - 1,17,38,327 Indian citizens Odia, Punjabi, Assamese, and Bengali. were brought under the ambit of APY. Further, (iv). Radio campaigns via Prasar Bharati were 12 PSBs cumulatively have enrolled 78,46,380 strategically launched to reach wide audiences subscribers and the 43 RRBs have cumulatively in rural and urban areas, particularly during enrolled 27,84,847 subscribers. prominent events like the ICC Champions Trophy In the F.Y. 2024-25, banks who have achieved 2025 and the Maha Kumbh. their annual target is presented in to Table 7.16 (v). Two 7-day cinema theatre advertisement . Table 7.20 campaign for Tier 2 and 3 cities was released in 2,849 single-screen theatres through the National Table 7.16: List of Public Sector Banks who have Film Development Corporation of India. TVCs were achieved their annual targets released in Hindi, English, and 14 regional languages: 1. State Bank of India Assamese, Bengali, Gujarati, Kannada, Kashmiri, 2. Bank of India Malayalam, Manipuri, Marathi, Odia, Punjabi, Tamil, 3. Indian Bank Telugu, Urdu, and Maithili for wider outreach. A new print advertisement was designed and created to 4. Union Bank of India publicize APY’s subscriber base crossing a landmark 5. Punjab & Sindh Bank number of 7 crore gross enrolments. 214070ANNUAL REPORT: 2024-25 Table 7.17: List of RRBs who have achieved their Table 7.18: Private Banks achieved annual annual targets target 1. Jharkhand Rajya 2. Baroda Gujarat 1. IDBI Bank Ltd. 2. Kotak Mahindra Bank Gramin Bank Gramin Bank 3. Karnataka Bank 4. Tamilnad Mercantile 3. Tripura Gramin 4. Manipur Rural Bank Ltd. Bank Bank 5. Bandhan Bank Ltd. 6. IndusInd Bank Ltd. 5. Telangana 6. Uttarbanga 7. IDFC First Bank 8. South Indian Bank Grameena Bank Kshetriya Gramin Ltd. Bank 9. Yes Bank Ltd. 10. Federal Bank Ltd. 7. Andhra Pragathi 8. Prathama UP Grameena Bank Gramin Bank Table 7.19: Small Finance Bank achieved annual 9. Baroda U. P. Bank 10. Maharashtra Gramin target Bank 1. AU Small Finance Bank Limited 11. Punjab Gramin 12. Dakshin Bihar Bank Gramin Bank Table 7.20: Cooperative Banks achieved annual 13. Odisha Gramya 14. Rajasthan target Bank Marudhara Gramin Bank 1. Shri Mahila Sewa 2. Mizoram Co-op Apex Sahakari Bank Ltd. Bank Ltd. 15. Assam Gramin 16. Sarva Haryana Vikash Bank Gramin Bank 3. The Andhra 4. The Sabarkantha Pradesh State District Central 17. Karnataka Vikas 18. Baroda Rajasthan Co-op Bank Ltd. Co-op Bank Ltd. Grameena Bank Kshetriya Gramin Bank 5. The South Canara 6. Amreli Jilla District Central Madhyasth Sahakari 19. Karnataka Gramin 20. Uttarakhand Gramin Co-op Bank Bank Ltd. Bank Bank 21. Chhattisgarh 22. Saptagiri Grameena 7.3. NPS – Private Sector Rajya Gramin Bank Bank 23. Vidharbha Konkan 24. Puduvai Bharathiar 7.3.1. NPS in Private Sector Gramin Bank Grama Bank In F.Y. 2024-25, NPS Private Sector witnessed 25. Uttar Bihar Gramin 26. Aryavart Bank an annual enrolment of 12 Lakh. This has been Bank achieved as a result of the efforts of 91 PoPs, 27. Bangiya Gramin 28. Madhyanchal comprising of 12 PSBs, 18 Private Banks, 07 RRBs, Vikash Bank Gramin Bank 08 FinTechs, 06 PFs and 40 others (NBFCs, Stock 29. Chaitanya 30. Saurashtra Gramin brokers etc.) entrusted with NPS distribution Godavari Bank as they facilitate subscriber registration, KYC Grameena Bank verification and servicing of subscriber requests. 31. Tamil Nadu Grama 32. Andhra Pragati During the year, 06 new PoPs were activated/ Bank Grameena Vikas operationalized for expanding the channels of Bank NPS distribution including 03 RRBs and 01 Fintech. 33. Madhya Pradesh 34. Kerala Gramin Bank Necessary support was extended to the PoPs Gramin Bank for distribution of NPS in various parts of the 35. Utkal Grameen country and their performance was monitored Bank through periodic strategy cum review meetings wherein business plans/strategies of PoPs and the support needed by them from the Authority were also discussed. Various campaigns and award / recognition programmes were rolled out to motivate and recognize the efforts of PoPs, and their staff at ground level. Felicitation events were organized to acknowledge the top performers. 214081ANNUAL REPORT: 2024-25 As on March 31, 2025, the number of active Image 7.5, 7.6, 7.7 and 7.8: Interactive Session PRANs under the NPS Private Sector (comprising on NPS for Corporate All Citizen and Corporate) stood at 66.45 lakh, as compared to 55.12 lakh in F.Y. 2023-24, reflecting a YoY growth of 20.6%.During F.Y. 2024–25, a total of 12.01 lakh new subscribers enrolled under NPS in the private sector, which includes All Citizen, NPS Vatsalya and Corporate subscribers, registering a YoY growth of 27%. As on March 31, 2025, the total 19,867 corporates have adopted NPS. With a focused effort on encouraging CPSEs to adopt NPS as a retirement benefit scheme for their employees, 11 new CPSEs were onboarded during the year, bringing the total number of CPSEs registered under NPS to 86. 7.3.2. Activities taken to promote NPS under Corporate Sector To enhance awareness about retirement planning and promote the NPS as a valuable tool within the corporate sector, PFRDA had collaborated with trade bodies such as FICCI, CII and PHD Chambers of Commerce, etc. These collaborations facilitated a nationwide workshops and seminars targeting their member base. During F.Y. 2024–25, 07 Corporate Awareness Programs were organized across Tier I and Tier II cities including Delhi, Jaipur, Lucknow, Cochin, Chandigarh, Visakhapatnam and Hyderabad. These programs saw participation from approximately 1,000 delegates representing around 500 corporates. In addition, the department initiated Round Table Meetings in collaboration with knowledge partners such as Deloitte and Mercer. These were close-group interactions involving 20 to 30 major corporates and were held in Pune, Mumbai, Bengaluru, Gurugram and Chennai. These initiatives significantly contributed to disseminating vital information on retirement planning and positioning NPS as a compelling retirement solution within the corporate landscape. 214092ANNUAL REPORT: 2024-25 Furthermore, one-on-one meetings were held senior officers from DFS, PFRDA and NPS Trust. with key corporates including Apollo Hospitals, The participants also included thought leaders Dr. Reddy’s Laboratories, JSC Group, Bajaj Group, from academia and industry, representatives from Microsoft, Intel, Air India, Population Council intermediaries of PFRDA, i.e., PFs, Custodian, TB Institute, Deloitte USA and the Hitachi Group, and CRAs participated in the conference on NPS among others. These interactions were aimed Diwas. at increasing employee coverage under NPS and fostering adoption among large organizations. Image 7.9 & 7.10: NPS Diwas Awareness sessions and follow-up meetings were also conducted in collaboration with PoPs, focusing on existing corporate clients to encourage higher penetration of NPS among their employees. These concerted efforts resulted in 3,965 new corporates adopting NPS and 1,74,217 new employees enrolling during the F.Y. 2024-25, marking a growth of 27% YoY growth. Recognizing the importance of onboarding CPSEs onto the NPS architecture for providing superannuation benefits, PFRDA actively engaged with the DPE. As a result, DPE issued an Office Memorandum dated April 26, 2024, encouraging CPSEs to adopt NPS. Communications were subsequently sent to 130 CPSEs that had yet to implement NPS, highlighting its benefits. Meetings were held with large CPSEs such as the Airports Authority of India, Bharat Electronics Limited, North Eastern Electric Power Corporation, Central Warehousing Corporation, National Mineral Development Corporation, Rashtriya Ispat Nigam, Nuclear Power Corporation of India and National Small Industries Corporation Ltd. As The conference provided a platform to deliberate a result, eleven new CPSEs have adopted NPS and on evolving labour market dynamics in India and onboarded their employees under scheme in F.Y. role of digitalization in transforming the Indian 2024-25. Pension Landscape, thereby working towards creating a more secure and equitable pension These comprehensive initiatives have not only system that supports the financial well-being of played a pivotal role in spreading awareness about its aging population. retirement planning but have also significantly boosted the adoption of NPS in the corporate 7.3.4. Hindi Pension Bulletin: sector, reinforcing its role as an effective and During the NPS Diwas, the first edition of the Hindi inclusive retirement planning tool. Pension Bulletin “meb®eef³elee” was also published by PFRDA. This issue was published entirely in Hindi 7.3.3. NPS Diwas: whose purpose was to make information about A conference on NPS Diwas was organized by pensions and retirement plans more accessible, PFRDA on October 01, 2024, in New Delhi with especially to Hindi-speaking readers, so that theme of “ Securing Retirement - Transforming literacy and awareness in the pension sector can ”. The event was graced India’s Pension Landscape be enhanced. As a result, it enables each individual by eminent dignitaries Dr. V. K. Paul, Member, to secure and prosper their future and move NITI Aayog, Dr. V. Anantha Nageswaran, Chief towards a ‘pension-inclusive society’. Economic Advisor to the Government of India, Chairperson PFRDA, Whole Time Members of PFRDA, Joint Secretary, DFS along with other 215003ANNUAL REPORT: 2024-25 Partial withdrawals up to 25% of contributions are 7.3.5. Launch of NPS Vatsalya Scheme permitted after three years for education, serious Government has announced NPS Vatsalya illness, or disability. Upon the minor attaining 18 Scheme in the Union Budget 2024-25 which is a years of age, the account seamlessly shifts to scheme for minors. The scheme was launched an NPS Tier I account under the NPS All Citizen, by the Hon’ble Finance Minister on September subject to completion of fresh KYC. 18, 2024. NPS Vatsalya is a contributory pension scheme regulated by the PFRDA, designed The scheme provides a structured retirement specifically for minors (citizens below 18 years of planning tool for children and helps inculcate age). The account is opened in the name of the early financial discipline in families. In the span of minor and operated by a guardian, with the minor 6 months of launch, 1.08 lakhs minors have been as the sole beneficiary. It can be opened through enrolled by their parents as on March 31, 2025. registered PoPs such as major banks, India Post, PFs or through the online eNPS platform. For 7.3.6. Introduction of New Life Cycle Fund – account opening, KYC documents of the guardian Balance Life Cycle Fund and proof of date of birth of the minor are required. NPS provides LC Funds under the ‘Auto Choice’ If the guardian is an NRI/OCI, an NRE/NRO account investment option to the subscribers, where the of the minor is mandatory. The PRAN is issued allocation of assets across Equity, Corporate in the name of the minor. The minimum annual Bonds, and Government Securities automatically contribution in the scheme is `1,000 with no upper adjusts based on the subscriber’s age. These limit. The guardian can choose any one of the funds are useful for individuals who prefer a registered pension funds and opt for Default (LC- disciplined, professionally managed approach 50), Auto (LC-25/50/75), or Active investment to investing. By offering higher equity exposure choice based on their respective risk appetite. during younger years and gradually shifting to safer fixed-income assets as the subscriber ages, Image 7.11 & 7.12: Launch of NPS Vatsalya LC Funds help balance the goals of capital growth and risk management. Currently there are three types of Life Cycle Funds under NPS which are Conservative Life Cycle Fund (LC-25), Moderate Life Cycle Fund (LC-50) and Aggressive Life Cycle Fund (LC-75) under which Equity allocation starts with 25%, 50% and 75% respectively and after age 35 the equity and corporate debt allocation starts to reduce until 55 years of age wherein the LC50, the allocation in equity was at 10%, under the corporate debt was at 10% and under the Government securities was at 80%. To provide an additional and more balanced investment option, the PFRDA introduced the Balanced Life Cycle Fund on October 01, 2024. This Fund is available to private sector subscribers under both the All Citizen and the Corporate under Auto Choice option. The subscribers shall have the option to keep 50% allocation into equity until the age of 45 years and tapering shall start from 45 years of age instead of 35 years under LC-50. The objective of BLC Fund is to provide a more growth-oriented investment approach for higher equity exposure for a longer duration during early working years, while still ensuring that risk is gradually reduced as the subscriber approaches retirement. 215014ANNUAL REPORT: 2024-25 The asset class wise distribution at different ages sustained retirement planning for minors. for BLC is mentioned in Table 7.21. 7.4. Media and Communication Table 7.21: Asset class wise distribution at PFRDA continued its unwavering commitment different ages for BLC to enhance pension literacy and cultivating a culture of retirement planning across the country. Asset Class Asset Class Asset Class Age Aligned with its vision of a “Pensioned Society”, E (In %) C (In %) G (In %) the Authority adopted a comprehensive multi- Upto 45 50 30 20 Years channel communication strategy that leveraged a blend of print, electronic, social, digital, outdoor, 46 Years 48 28 24 and unconventional media to raise awareness and 47 Years 46 26 28 encourage participation in the NPS and APY. 48 Years 44 24 32 49 Years 42 22 36 7.4.1. Public Relations and Communications In F.Y. 2024–25, PFRDA issued 15 press releases 50 Years 40 20 40 covering significant milestones, policy reforms, 51 Years 39 18 43 and events of national importance. These included 52 Years 38 16 46 the pre- and post-launch of the NPS Vatsalya 53 Years 37 14 49 Scheme, milestone achievements such as crossing 7 crore subscribers, the rollout of the T+0 54 Years 36 12 52 settlement policy and several corporate outreach 55 Years 35 10 55 initiatives. Media coverage was also prominent for and beyond major campaigns like NPS Diwas and the strategic partnership launch with ANI. 7.3.7. Taxation on employer contribution beyond 10% of employee’s salary To increase media engagement and create The Central Government had enhanced the awareness among key stakeholders, PFRDA employer’s contribution under the NPS from organized four press meets and media roundtables 10% to 14% with effect from April 01, 2019. in Delhi, Chennai, Cochin, and Mumbai. These Subsequently, various State Governments, events facilitated focused discussions around Autonomous Bodies, PSBs and PSUs also aligned the evolving pension landscape, the importance their employer contributions to 14%, in line with of retirement planning and recent subscriber- the Central Government. centric reforms. Additionally, senior officials of PFRDA participated in five high-visibility television Tax exemption limit for employer contributions interviews across popular business channels such from 10% to 14% under NPS for private sector as ET Now, CNBC Awaaz, Zee Business and India employees has been extended in the Union Budget Today. These interviews played a crucial role in for F.Y. 2024–25 (announced in June 2024). The explaining pension sector reforms and promoting Government also extended the tax exemption of enrolment in NPS and APY. up to 14% of employer contribution under NPS for private sector employees, including those in PSBs PFRDA leadership also contributed to thought and PSUs, under the new tax regime. leadership through five authored articles in leading newspapers. Special coverage was given to gender Further, the Government announced the NPS and financial empowerment on occasions such as Vatsalya Scheme in the Union Budget for F.Y. Launch of NPS Vatsalya Scheme and International 2024–25, aimed at enabling retirement savings Women’s Day. from an early age through contributions made by parents or guardians on behalf of minors. In 7.4.2. Media Campaign continuation of this initiative, the Union Budget A well-structured media campaign was rolled out for F.Y. 2025–26 introduced a tax exemption for nationwide throughout F.Y. 2024–25 to ensure contributions made by parents under the NPS comprehensive outreach and visibility. The details Vatsalya account. A deduction of up to `50,000 of the campaigns are as under: under Section 80CCD(1B) of the Income Tax Act has been provided, thereby incentivizing early and Strategic print advertisements (i). Print Media: 215025ANNUAL REPORT: 2024-25 were carried out across financial, non-financial, Further, PFRDA featured a 16-page special and regional newspapers during key events. These budget edition supplement on NPS, APY and NPS included strip ads and full-page advertisements Vatsalya in Outlook magazine, accompanied for the NPS Vatsalya Scheme launch, and major by editorial articles from senior leadership in features during NPS Diwas in Times of India leading Magazine and Economic Times. During Q4 F.Y. 2024–25, PFRDA celebrates NPS advertisements highlighting tax benefits under (v). NPS Diwas Campaign: Diwas every year on October 01, on the occasion NPS and significant subscriber milestones were of “International Day of Older Persons”. The day published in leading publications such as TOI, serves as an important milestone in promoting Economic Times, Hindustan Times, Mint and pension awareness and encouraging retirement Deccan Herald. The Print campaign for APY, were planning among citizens. To mark the occasion, carried out for reaching the millstone of 7 crore PFRDA conducts a focused 15-day media and and 7.5 crore subscribers which highlighted the outreach campaign across various platforms. This importance of persistency under APY through includes advertisements in national and regional national and regional dailies in vernacular newspapers and television channels, engaging languages. social media content such infographics, and Continuous promotion of creatives, as well as extensive media interactions (ii). Electronic Media: NPS was undertaken through popular programs and interviews with the Chairperson on prominent like “Money Mantra” on DD News, in collaboration news and business networks. In addition, targeted with Prasar Bharati. Television campaigns included campaigns are rolled out through PoPs to boost the airing of the NPS Vatsalya and musical “NPS subscriber engagement and registrations. The Zaruri Hai” TV Commercial in multiple languages annual NPS Diwas campaign reflects PFRDA’s across leading national and regional channels commitment to building a pensioned society by in vernacular languages. A dedicated APY highlighting the importance of financial security TVC campaign was also launched, focusing on during retirement and expanding the reach of the expanding outreach through regional viewership NPS. in Tier-2 and Tier 3 cities in vernacular languages. 7.4.3. Content Creation and Video Production PFRDA has ensured (iii). Digital Campaign: To effectively disseminate the message of pension continuous digital campaigns on the social media awareness, PFRDA invested significantly in the platforms and Digital Website to run the campaign production of impactful audio-visual content. on NPS and NPS Vatsalya. The Musical TVC was used on the digital Musical platform such as Spotify (i). A two-minute NPS Vatsalya TVC, later adapted and Jio Savaan etc. into shorter versions (60 second, 30 second and 20 second), was launched by the Hon’ble Finance As advised by the (iv). Unconventional Media: Minister on September 18, 2024, and translated Board, PFRDA employed a fresh, diversified into 10 regional/vernacular languages. approach through platforms beyond traditional media. NPS advertising launched on OTT (ii). A 60-second process video was created to platforms including Amazon Mini TV, Hotstar, guide subscribers through the steps of opening an Zee5 and Sony Liv. During the festive season, NPS Vatsalya account. NPS campaigns were screened across cinema (iii). Radio jingles for both the NPS Vatsalya and halls nationwide, especially during Diwali, “ ” campaigns were produced. earning widespread positive response. Outdoor NPS Zaruri Hai campaigns included airport and metro branding, (iv). A youth-centric musical TV Commercial advertisements on railway stations and buses, depicting participation from salaried individuals, and unique interventions like boat branding gig workers, and self-employed professionals has during the Maha Kumbh Mela. garnered over 5.3 million views and 1500 likes on Twitter, becoming PFRDA’s most engaging digital Innovative medium such as e-commerce video till date. packaging were also explored. Amazon delivery packets carried NPS branding during the Diwali (v). A special TV Commercial by CNBC explored season, an initiative drew favourable feedback. the emotional dimension of post-retirement 215036ANNUAL REPORT: 2024-25 dignity, resonating with a wide audience. Table 7.22: Year on year social media (vi). The “NPS Journey” video, launched at the engagements Association of NPS Intermediaries partnership Followers event in December 2024, narrated the progress of India’s pension landscape. Another film, Platform March March March % Increase “The PFRDA Journey,” was premiered during 2023 2024 2025 (F.Y. 2025) International Research Conference on Pension Facebook 42,000 44,000 87,000 98 2025 and inaugurated by the Hon’ble Minister Twitter 8,500 11,700 14,500 26 of State for Finance, offering a comprehensive LinkedIn 3,500 4,441 9,122 105 institutional perspective. Total 54,000 60,141 1,10,622 84 (vii). PFRDA also collaborated with Aaj Tak to produce six short-format vignettes in Hindi and English, featuring their well-known anchors to present relatable stories. (viii). In total, over 75 creative assets, ranging from social media graphics to event branding material, were designed for widespread campaign deployment. (ix). The brochures and flyers for NPS Vatsalya Schemes and BLC Funds were prepared and Launched on NPS Vatsalya event held on September 18, 2024, and NPS Diwas event held on October 01, 2024, backdrops, and corporate profiles ensured uniform branding across platforms. 7.4.4. PFRDA’s Social Media Presence In F.Y. 2024–25, PFRDA adopted a focused and strategic approach to boost its digital presence. Major campaigns were run around key events like NPS Vatsalya launch, NPS Diwas, Women’s Day Week, the ANI partnership and the IRCP 2025. Content formats included storytelling short videos, educational infographics, animated explainer videos, TV anchors vignettes and live coverage of events. Chairperson interviews were shared widely and reposted from media handles for greater reach. Due to continuous engagement on social media, PFRDA witnessed an 84% growth in social media followers, a sharp rise from the 11% growth recorded the previous year. As of March 2025, the cumulative social media follower count crossed 1.10 lakh which is a significant milestone in digital engagement which has been depicted in Table 7.22. 215047ANNUAL REPORT: 2024-25 Annexure I SAR and Accounts of PFRDA 215058ANNUAL REPORT: 2024-25 215069ANNUAL REPORT: 2024-25 Opinion of the Comptroller and Auditor General of India on the Accounts of Pension Fund Regulatory and Development Authority for the year ended 31 March 2025 body in accordance with ethical requirements Opinion that are relevant to our audit of the financial We have audited the financial statements of statements, and we have fulfilled our other Pension Fund Regulatory and Development ethical responsibilities in accordance with Authority, which comprise the Balance Sheet as these requirements. We believe that the audit at 31 March 2025, the Income and Expenditure evidence we have obtained is sufficient and Account and Receipt and Payment Account for appropriate to provide a basis for our opinion. the year then ended, and notes to the financial statements, including a summary of significant Responsibilities of Management for the financial accounting policies under Section 19(2) of the statements Comptroller and Auditor General’s (Duties, PFRDA’s management is responsible for the Powers & Conditions of Service) Act, 1971 read preparation and fair presentation of the financial with Section 42 of Pension Fund Regulatory and statements in accordance with PFRDA (Form Development Authority Act, 2013. of Annual Statement of Accounts and Records) This Audit Report contains the comments of the Rules, 2015 as amended by PFRDA (Form of Comptroller and Auditor General of India (CAG) Annual Statement of Accounts and Records) on the accounting treatment only with regard to Amendment Rules, 2022, and for internal control classification, conformity with the best accounting as management determines is necessary to enable practices, accounting standards, disclosure the preparation of financial statements that are norms, etc. Audit observations on financial free from material misstatement, whether due to transactions regarding compliance with the Law, fraud or error. Rules and Regulations (Propriety & Regularity) and efficiency cum performance aspects, etc., if any, are reported through inspection reports/ CAG’s audit reports separately. In our opinion, the accompanying financial statements of Pension Fund Regulatory and Development Authority (PFRDA), read together with the accounting policies and Notes thereon and matters mentioned in the Separate Audit Report, which follows, give a true and fair view of the financial position of the autonomous body as at March 31, 2025 and its financial performance and its cash flows for the year then ended in accordance with PFRDA (Form of Annual Statement of Accounts and Records) Rules, 2015 as amended by PFRDA (Form ofAnnual Statement ofAccounts and Records) Amendment Rules, 2022. Basis for Opinion We conducted our audit in accordance with CAG’s auditing regulations/standards/ manuals/guidelines/guidance-notes/orders/ circulars etc. Our responsibilities are further described in the Auditor s Responsibilities for the section of our Audit of the Financial Statements report. We are independent of the autonomous 215170ANNUAL REPORT: 2024-25 215181ANNUAL REPORT: 2024-25 Separate Audit Report on the Accounts of Pension Fund Regulatory and Development Authority for the year 2024-25 2024-25, internal audit up to 3rd Quarter ended on A. Balance Sheet 31.12.2024 has been completed. Further for the A.1 Balance Sheet as at 31 March 2025 year 2024-25, the concurrent audit of accounts of Current Assets, Loans, Advances etc (Schedule PFRDA was conducted by a Chartered Accountant 11): ` 76.98 crore firm, UCC & Associates, LLP. The findings were reported to the PFRDA management. The Current Liabilities and Provisions (Schedule 7): ` management submitted the action taken report 37.76 crore on the observations given by the Con-current Pension Fund Regulatory and Development Auditor. Authority (PFRDA) booked accrued income of `16.93 crore1 on account of Annual Fee Thus, internal audit system in PFRDA was receivable for the quarter ended 31 March 2025. satisfactory. The GST invoices for the said annual fees were issued between 9th April to 15th April 2025 (i.e. (iii). System of Physical Verification of Fixed prior to finalisation of accounts). However, the Assets: GST amount of `3.05 crore was not shown as The department-wise physical verification of receivable from the agencies and payable to custodian departments namely IT, Administration the GST authorities in violation of Para 8.2 of and F&A for the year 2024-25 was conducted by Accounting Standard 4 (Contingencies and Events the departmental heads in respect of fixed assets occurring after Balance Sheet Date) which states available with them. that “Adjustments to assets and liabilities are required for events occurring after the balance (iv). System of Physical Verification of Inventory: There were Nil inventories during the financial year sheet date that provide additional information 2024-25. materially affecting the determination of the amounts relating to conditions existing at the (v). Regularity in Payment of Statutory Dues: balance sheet date.” As per the records furnished to the audit, no statutory dues over six months were outstanding This has resulted in understatement of both as on 31.03.2025. Current Liabilities and Provisions (Statutory Liabilities) and Current Assets, Loans, Advances (vi). Other Matters Relating to Functioning of etc. (GST recoverable from Intermediaries) by Nil. Entity: `3.05 crore each. D. Grants in Aid B. Management Letter Out of the grants in aid of `494.72 crore including Deficiencies which have not been included in this opening balance, interest earned on grants and Separate Audit Report have been brought to the grants received (`465.05 crore) during the year notice of the Management through a Management 2024-25, PFRDA utilised an amount of `470.70 Letter issued separately for remedial correction crore leaving a balance of `24.02 crore as on 31 action. March 2025. C. Assessment of Internal Controls (i). Adequacy of Internal Control System: The internal control system is adequate and commensurate with the size and nature of PFRDA. (ii). Adequacy of Internal Audit System: Internal Audit Wing of PFRDA has completed the internal audit of Finance & Accounts department of PFRDA for the year 2023-24. For the year 1` 12.98 crore from Trustee Bank and ` 3.95 crore from Central Recordkeeping Agencies 215192ANNUAL REPORT: 2024-25 PFRDA Comments to the Separate Audit Report (to be published in Annual Report): Further, in view of the provisions of Section 39 (7), “For Point A of SAR: the due date for making payment of tax is the last In terms of Section of 13(2) of the CGST Act, 2017, date of furnishing the GST return of the month in the time of supply of services shall be the earliest which the time of supply occurred i.e. the month in of the following dates: which the invoice has been issued. (a). The date of issue of invoice by the supplier, if The relevant month in the current case is April the invoice is issued within the period prescribed 2025. Accordingly, the GST on the unbilled revenue under section 31 or the date of receipt of payment, on 31st March 2025 for which time of supply whichever is earlier; or occurred in the month of April 2025 will be payable (b). The date of provision of service, if the invoice on 20th May 2025 i.e. the last date of furnishing is not issued within the period prescribed under the GST return for the month of April 2025. section 31 or the date of receipt of payment, As the liability to pay GST on the above-mentioned whichever is earlier; or unbilled services has been occurred in the next FY (c). The date on which the recipient shows the i.e. 2025-26 and the GST was not payable on the receipt of services in his books of account, in a said unbilled services on 31st March 2025, the GST case where the provisions of clause (a) or clause liability on the same cannot be booked as on 31st (b) do not apply. March 2025. Further, Provisions regarding due date of payment As per para 8.2 of AS 4 - Contingencies and of tax are given under Section 39. Relevant extract Events Occurring After the Balance Sheet Date, of section 39 is reproduced as under: adjustment is required only for those events that provide additional information about the “As per Section 39 (1) of the CGST Act, 2017: Every conditions existing at the balance sheet date. registered person, other than an Input Service However, in the current case, the GST liability does Distributor or a non-resident taxable person or a not exist as on 31st March 2025, since the time of person paying tax under the provisions of section supply occurred only after the balance sheet date 10 or section 51 or section 52 shall, for every and the same is non-adjusting event. Therefore, calendar month or part thereof, furnish, in such no adjustment is required under AS-4. form and manner as may be prescribed, a return, electronically, of inward and outward supplies of Hence, the provisional booking of income without goods or services or both, input tax credit availed, GST is aligned with the provisions of GST and AS 4, tax payable, tax paid and such other particulars as ensuring that no liability is prematurely recognized may be prescribed. which could affect the accuracy and reliability of the financial position. As per Section 39 (7) of the CGST Act, 2017: Every registered person, who is required to furnish a The actual invoices were raised and services were return under sub-section (1) or sub-section (2) or conclusively determined and billed subsequently sub-section (3) or subsection (5), shall pay to the in the month of April’25. Consequently, the Government the tax due as per such return not corresponding GST liability has been recognized later than the last date on which he is required to and paid in compliance with both applicable furnish such return. accounting standards and GST law. The said accounting treatment has been duly confirmed by In accordance with the provisions of Section 39 (7), external Tax and Accounting consultant. the due date for making payment of tax is the last date of furnishing the GST return. In the given case, the time of supply is in the month of April 2025 in view of the provision of section 13 as explained above. 216103ANNUAL REPORT: 2024-25 FORM A [See Rule 3(a)] PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY BALANCE SHEET AS AT 31st March 2025 (Unit-Indian Rupee) As at 31st As at 31st As at 31st As at 31st Liabilities Schedule Assets Schedule March 2025 March 2024 March 2025 March 2024 1. Corpus/Capital 1 6,040,716,416 4,152,526,194 1. Fixed Assets 8 - - Fund Gross block 2,123,077,778 2,032,941,398 2. Reserves and 2 - - Less: 109,550,281 31,390,201 Surplus Depreciation Net Block 2,013,527,497 2,001,551,197 3. Earmarked/ 3 302,836,490 334,209,489 Endowment funds 2. Investments 9 27,866,657 31,489,135 from Earmarked/ Endowment Fund 4. Secured loans 4 - - and borrowings 3. Investments- 10 3,910,000,001 2,630,100,001 Others 5. Unsecured loans 5 - - and borrowings 4. Current assets, 11 769,764,787 1,039,893,004 Loans, Advances etc. 6. Deferred credit 6 - - liabilities 5. Miscellaneous - - - expenditure (to the extent not written off or adjusted) 7. Current liabilities 7 377,606,036 1,216,297,654 - - - - and provisions Total 6,721,158,942 5,703,033,337 Total 6,721,158,942 5,703,033,337 Significant 24 Accounting Policies Contigent 25 Liabilities and Notes on Accounts Note:- All Schedules to Income and Expenditure Account shall form part of account. Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 216114ANNUAL REPORT: 2024-25 FORM B [See Rule 3(b)] PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 (Unit-Indian Rupee) Year ended 31st Year ended 31st Year ended 31st Year ended 31st Expenditure Schedule Income Schedule March 2025 Marc h 2024 March 2025 March 2024 1. Establishment 20 561,370,691 472,768,095 1. Income from 12 - - Expenses Sales/ Services 2. Other 21 372,706,651 278,797,409 2. Grants/ 13 - - Administrative Subsidies expenses etc. 3. Expenditure on 22 - - 3. Fees/ 14 2,649,936,106 2,177,833,623 Grants, Subsidies Subscriptions etc. 4. Interest 23 7,107,712 417,997,862 4. Income from 15 - - Investments (Income on investment from earmarked/ endowment funds transferred to Funds) 5. Depreciation 90,211,262 10,059,819 5.Income 16 - - ( Net Total at the from Royalty, year Publications etc. end- corresponding to Schedule 8) 6. Interest Earned 17 269,502,951 179,573,164 7. Other Income 18 147,481 358,497 8. Increase/ 19 - - (decrease) in stock of Finished goods and Work-in- progress TOTAL 1,031,396,316 1,179,623,185 TOTAL 2,919,586,538 2,357,765,284 1,888,190,222 1,178,142,099 Balance being excess of Income over Expenditure Transfer to Special - - - - - - Reserve (specify each) Transfer to/from - - - - - - General Reserve BALANCE BEING 1,888,190,222 1,178,142,099 SURPLUS/ (DEFICIT) CARRIED TO CORPUS/ CAPITAL FUND Significant 24 Accounting Policies Contigent Liabilities 25 and Notes on Accounts Note:-All Schedules to Balance Sheet shall form part of Account. Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 216125ANNUAL REPORT: 2024-25 FORM C [See Rule 3(c)] PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY RECEIPT AND PAYMENT ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 (Unit-Indian Rupee) Year ended Year ended Year ended Year ended Sl Sl Receipts 31st March 31st March Payments 31st March 31st March No No 2025 2024 2025 2024 1. 1. Opening Balances Expenses (a) Cash in hand 40,000 40,000 (a) Establishment 551,181,419 444,757,602 Expenses (b) Bank Balances (b) Administrative 279,891,464 240,629,707 Expenses (i) In Current accounts - - 2. Grants Utilised (ii) In Time Deposit - 270,000,000 (a) Swavalamban (36,312,338) 11,609,848 accounts Contribution (Net) (iii) In Saving Bank 417,617,392 176,903,444 (b) Swavalamban 42,500 244,300 deposit accounts Promotion 2. (c) Grant to National - - Grants Received Pension system Trust (i) (d) APY Contribution (Net) (320,203) 131,133 From Government of India (a) Grant-in-aid Salaries - - (e) APY Promotion and 1,997,012,877 1,922,500,708 Development (b) Grant-in-aid-General - - (f) Refund of Grant - - (c) Grant-in-aid- - - (g) Refund of Interest 10,913,087 9,231,086 Swavalamban Contribution (d) Grant-in-aid- - - (h) Others APY GAP Fund 2,710,000,000 2,710,000,000 Swavalamban Promotional & Development activities (e) Grant-in-aid APY - - 3. Investments and Contribution deposits made (f) Grant-in-aid 1,940,500,000 2,100,000,000 (a) Out of Earmarked/ (3,622,478) 200,000 APY Promotional & Endowment funds Development activities (g) Others (GAP Fund 2,710,000,000 2,710,000,000 (b) Out of Own Funds 1,282,600,000 1,401,602,000 Grant under APY) (Investments-Others) (ii) 4. From State Government Expenditure on Fixed Assets and Capital Work-in-progress (a) Grant-in-aid Salaries - - (a) Purchase of Fixed 299,018,330 6,298,919 Assets (b) Grant-aid-General - - (b) Expenditure on Capital 48,829,792 327,177,343 Work-in-progress (c) Grant-in-aid- - - 5. Refund of surplus Swavalamban money/ Loans Contribution (d)Grant-in-aid- - - (a) Recoverable from 256,038 410,757 Swavalamban National pension Promotional & system trust Development activities (e) Others - - (b) To the State - - Government (iii) - - (c) To other providers of - - From Other Sources funds 3. 6. Income on Investments Finance Charges (Interest) 216136ANNUAL REPORT: 2024-25 Year ended Year ended Year ended Year ended Sl Sl Receipts 31st March 31st March Payments 31st March 31st March No No 2025 2024 2025 2024 (a) Earmarked/Endowment - - (a) Bank charges 22,658 19,433 Funds (b) Own Funds (other - - (b) Interest on GST paid 425,063,483 - investment) 4. 7. Interest Received Other Payments (Specify) (a) On Bank deposits 241,905,340 133,388,335 (a) Prepaid 12,325,919 34,058,917 (b) Loans, Advances etc. - - (b) Loan/ Advance to 190,000 - employees (Net) (c) Others (Interest on - - (c) Advance against 1,384,154 8,845,120 Loan) Expenses 5. (d) Security Deposits 3,690 1,550,000 Other Income (Specify) (a) Annual Fees 2,652,798,022 2,141,710,845 (e) Payments made out of 9,850,002 - SEPF funds (b) Fees from Miscellaneous 1,224,025 3,962,638 8. GST liability paid 730,896,946 850,106,846 Services (c) Miscellaneous Income 147,481 141,778 (a) Security/Earnest 304,316 - Money Received (Net) 6. - - (b) Amount Borrowed Closing Balances 7. s Cash in hand 40,000 40,000 Any Other receipt (a) Security/Earnest Money - 524,957 Bank Balances Received (Net) (b) Refund of Advance - - (i) In Current accounts - - (c) Transfer of Assets 1,579,213 111,675 (ii) In Time Deposit 70,000,000 - accounts (d) Subscribers Education 266,566 64,788 (iii) in Saving Bank 304,495,496 417,617,392 and Protection Fund deposit accounts (e) Loan/ Advance to - 40,000 employees (Net) (f) GST received 727,989,112 850,106,846 (g) Subscriber Pension - 35,805 Contribution Protection Account TOTAL 8,694,067,151 8,387,031,111 TOTAL 8,694,067,151 8,387,031,111 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 216147ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 1 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 CORPUS/ CAPITAL FUND (Unit-Indian Rupee) Particulars As at 31st March 2025 As at 31st March 2024 Balance as at the beginning of the year 4,152,526,194 2,974,384,095 Add : Opening Balance of unutilized corpus fund - - Less: Closing Balance of unutilized corpus fund - - Add/Deduct: Balance of net income/expenditure transferred 1,888,190,222 1,178,142,099 from the Income and Expenditure Add : Government Grant to be received from - - government/transferred from the Income and Expenditure Account BALANCE AS AT THE END OF YEAR 6,040,716,416 4,152,526,194 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 216158ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 2 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 RESERVES AND SURPLUS (Unit-Indian Rupee) Particulars As at 31st March 2025 As at 31st March 2024 1. Capital Reserve a) At the beginning of the year - - b) Addition during the year - - c) Less: Deductions during the year - - 2. Revaluation Reserve a) At the beginning of the year - - b) Addition during the year - - c) Less: Deductions during the year - - 3. Special Reserve a) At the beginning of the year - - b) Addition during the year - - c) Less: Deductions during the year - - 4. General Reserve a) At the beginning of the year - - b) Addition during the year - - c) Less: Deductions during the year - - Total - - Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 216169ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 3 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 EARMARKED/ ENDOWMENT FUNDS (Unit-Indian Rupee) Fund wise break up Subscriber Subscriber GAP Fund Pension Particulars Atal Pension Education Swavalam- Grant under As at 31st As at 31st Contribution Yojana and Protec- ban Atal Pension March 2025 March 2024 Protection tion Fund Yojana Account 1. Opening balance 298,006,747 27,375,812 5,130,106 3,696,824 - 334,209,489 169,458,907 of the funds 2. Additions to the funds (a). Donations / 1,940,500,000 - - - 2,710,000,000 4,650,500,000 4,810,000,000 grants (b). Income on - 1,870,827 - 77,137 - 1,947,964 2,104,336 Investments made on account of funds (c). Receipts 848,505,268 271,420 47,482,062 90,455 - 896,349,205 253,234,114 during the year (d). Other - - - - - - - Additions (Specify nature) TOTAL (1+2) 3,087,012,015 29,518,059 52,612,168 3,864,416 2,710,000,000 5,883,006,658 5,234,797,357 3. Utilisation/ Expenditure towards objectives of funds (a). Capital Expenditure (i). Fixed assets - - - - - - - (ii). Others - - - - - - - - - - - - - - Total (b). Revenue Expenditure (i). Salaries, wages - - - - - - - and allowances, etc. (ii). Rent - - - - - - - (iii). Other - 12,280,989 - - - 12,280,989 5,000,000 Administrative expenses * (iv). Others * 2,846,540,559 - 11,348,621 - 2,710,000,000 5,567,889,179 4,895,587,868 2,846,540,559 12,280,989 11,348,621 - 2,710,000,000 5,580,170,168 4,900,587,868 Total TOTAL (3) 2,846,540,559 12,280,989 11,348,621 - 2,710,000,000 5,580,170,168 4,900,587,868 NET BALANCE AT THE YEAR END 240,471,456 17,237,070 41,263,547 3,864,416 - 302,836,490 334,209,489 (1+2-3) *Refer Note 4 of Schedule 25 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 216270ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 4 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 SECURED LOANS AND BORROWINGS (Unit-Indian Rupee) Particulars As at 31st March 2025 As at 31st March 2024 1. Central Government - - 2. State Government - - 3. Financial Institutions a) Term Loans - - b) Interest accrued and due - - 4. Banks a) Term Loans - - -Interest accrued and due b) Other Loans (specify) - - -Interest accrued and due 5. Other Institutions - - 6. Debentures and Bonds - - 7. Others - - Total - - Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 216281ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 5 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 UNSECURED LOANS AND BORROWINGS (Unit-Indian Rupee) Particulars As at 31st March 2025 As at 31st March 2024 1. Central Government - - 2. State Government - - 3. Financial Institutions 4. Banks a) Term Loans - - b) Other Loans (specify) - - 5. Other Institutions - - 6. Debentures and Bonds - - 7. Fixed Deposits - - 8. Others (specify) - - Total - - Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 216292ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 6 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 DEFERRED CREDIT LIABILITIES (Unit-Indian Rupee) Particulars As at 31st March 2025 As at 31st March 2024 1. Acceptances secured by hypothecation of Capital - - Equipment and Other Assets 2. Others - - Total - - Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 217203ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 7 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 CURRENT LIABILITIES AND PROVISIONS (Unit-Indian Rupee) As at 31st March As at 31st March Particulars 2025 2024 Current Liabilities 1. Acceptances - - 2. Sundry Creditors & Payables 324,593,327 317,186,962 3. Advances Received - - 4. Interest Accrued but not due on: (a). Secured Loans / Borrowings - - (b). Unsecured Loans/ Borrowings - - 5. Statutory Liabilities: (a). Overdue - - (b). Others: Tax Deducted at Source (TDS) 13,067,045 6,346,863 TDS under Goods & Service Tax (GST) 252,273 391,997 Goods and Service Tax 1,343,698 185,674,855 Goods and Service Tax liability from 01st July 2017 to 31st July 2022 - 252,859,606 Interest on Goods and Service Tax liability from 01st July 2017 to - 417,978,429 31st July 2022 6. Other Current Liabilities (a). Others: (i). Security Deposits 5,968,141 5,774,257 (ii). MAF Fund: Rs 96,32,339 (PY:Rs.70,89,000) 432,339 589,000 Investments from MAF Fund: Less: Rs.92,00,000 (PY: Rs.65,00,000)" TOTAL 345,656,823 1,186,801,969 Provisions 1. For Taxation - - 2. Gratuity (2,478,153) (3,283,709) 3. Trade Warranties/ Claims - - 4. Accumulated Leave encashment 33,562,450 32,040,914 5. Pension Contribution Payable - - 6. Leave salary payable - - 7. Others - CAG Audit fee payable 864,916 738,480 TOTAL 31,949,213 29,495,685 GRAND TOTAL 377,606,036 1,216,297,654 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 217214ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 8 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 FIXED ASSETS (Unit-Indian Rupee) Gross Block Depreciation Net Block Cost/ Valua- Description tion as at the Additions Deductions Cost/ Valua- As at begin- On Deductions Total upto the As at 31st As at 31st during the tion as at the ning of the For the year beginning of during the year during the year year end March 2025 March 2024 year year end year the year Fixed Assets - 1. Land: - (a) Freehold - - - - - - - - - - (b) Lease- - - - - - - - - - - hold 2. Buildings: (a) On Free- - 1,926,521,702 - 1,926,521,702 - 60,967,546 - 60,967,546 1,865,554,156 - hold Land (b) On Lease- - - - - - - - - - - hold Land (c) Ownership - - - - - - - - - - flats/ prem- ises (d) Super- - - - - - - - - - - structures on Land not belonging to the entity 3. Plant Ma- - 5,717,021 - 5,717,021 - 1,085,640 - 1,085,640 4,631,381 chinery and Equipment 4. Vehicle 2,514,356 - - 2,514,356 1,330,773 349,376 - 1,680,149 834,207 1,183,583 5. Furniture & 5,235,453 34,194,101 3,356,529 36,073,025 4,176,670 6,713,032 3,000,925 7,888,777 28,184,248 1,058,783 Fixtures 6. Office 10,530,579 32,923,040 6,072,824 37,380,795 7,187,257 7,444,947 4,725,449 9,906,755 27,474,040 3,343,322 Equipments 7. Computer/ 24,771,475 14,013,022 4,421,737 34,362,760 17,833,490 7,344,122 4,206,121 20,971,491 13,391,269 6,937,985 Peripherals 8. Electrical 71,792 28,433,463 60,860 28,444,395 47,805 5,401,475 47,469 5,401,811 23,042,584 23,987 Installations 9. Liabrary 71,216 - 71,216 - 71,217 - 71,217 - - - Books 10. Intangi- 1,547,388 1,686,544 - 3,233,932 742,989 905,124 - 1,648,113 1,585,819 804,399 bles Total Of 44,742,259 2,043,488,893 13,983,166 2,074,247,986 31,390,201 90,211,262 12,051,181 109,550,281 1,964,697,705 13,352,059 Current Year Previous Year 46,604,889 6,265,926 8,128,556 44,742,259 28,609,927 10,059,818 7,279,544 31,390,201 13,352,059 17,994,961 Capital work- 1,988,199,139 99,074,305 2,038,443,652 48,829,792 - - - - 48,829,792 1,988,199,139 in-progress Total 2,013,527,497 2,001,551,198 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 217225ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 9 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 INVESTMENTS FROM EARMARKED/ ENDOWMENT FUNDS (Unit-Indian Rupee) Particulars As at 31st March 2025 As at 31st March 2024 1. Government securities - - 2. Other approved securities - - 3. Shares - - 4. Debentures and Bonds - - 5. Subsidiaries and Joint ventures - - 6. Fixed Deposits 27,866,657 31,489,135 7. Others - - TOTAL 27,866,657 31,489,135 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 217236ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 10 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 INVESTMENTS - OTHERS (Unit-Indian Rupee) As at 31st March As at 31st March Particulars 2025 2024 1. Government securities - - 2. Other approved securities - - 3. Shares (Unquoted) Shares of National Center for Financial Education (NCFE) 10,00,00,000/- Less: Invest made from Government Grants* 9,99,99,999/-" 1 1 4. Debentures and Bonds - - 5. Subsidiaries and Joint ventures - - 6. Fixed Deposits (With Scheduled Commercial Banks) (Refer Note 9 of 3,910,000,000 2,630,100,000 Schedule 25) 7. Others - - TOTAL 3,910,000,001 2,630,100,001 *Refer Note 5 to Schedule 25. Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 217247ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 11 ATTACHED TO AND FORMING PART OF BALANCE SHEET AS AT 31st MARCH 2025 CURRENT ASSETS, LOANS AND ADVANCES (Unit-Indian Rupee) Particulars As at 31st March 2025 As at 31st March 2024 (A) Current Assets 1. Inventories : a) Stores and Spares - - b) Loose Tools - - c) Stock-in-trade Finished goods - - Work-in-progress - - Raw Materials - - 2. Sundry Debtors : a) Debt outstanding for a period exceeding six months - - b) Others: - - 3. Cash in hand 40,000 40,000 4. Bank Balances : a) with Scheduled Banks: i) On Current Accounts - - ii) On Time Deposit Accounts 70,000,000 - iii) On Savings Bank Deposit Account 304,495,496 417,617,392 b) with Non- Scheduled Banks: - i) On Current Accounts - - ii) On Time Deposit Accounts - - iii) On Savings Bank Deposit Account - - 5. Post Office- Savings Accounts - - 6. Others - - TOTAL (A) 374,535,496 417,657,392 (B) Loans, Advances And Other Assets : 1. Loans: a) Staff 1,175,000 985,000 b) Other Entities engagaed in activities/objectives similar to - - that of the Entity c) Others (specify) - - 2. Advances and Other Amounts Recoverable in cash or in kind or for value to be received: a) On Capital Account - - b) Prepayments (Prepaid expenses) 23,719,263 34,056,068 c) Security Deposits 22,223,190 22,237,500 d) GST recoverable from Intermediaries 678,459 252,554,521 e) Others (Refer Note 2(i) of Schedule 25) 47,547,062 48,106,347 3. Income Accrued: a) On Investments from Earmarked/ Endowment funds 420,834 687,073 b) On Investments- Others 130,203,709 90,261,388 c) On Loans and Advances - - d) Annual fees (Refer Note 2(ii) of Schedule 25) 169,261,774 173,347,715 4. Claims Receivable - - Total (B) 395,229,291 622,235,612 Grand Total (A)+(B) 769,764,787 1,039,893,004 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 217258ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 12 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 INCOME FROM SALES/SERVICES (Unit-Indian Rupee) As at 31st March As at 31st March Particulars 2025 2024 1. Income from Sales a) Sale of Finished goods - - b) Sale of Raw Materials - - c) Sale of Scraps - - 2. Income from Services a) Labour and Processing Charges - - b) Professional/ Consultancy Services - - c) Agency Commission and Brokerage - - d) Maintenance Services(Equipment/Property) - - e) Others(specify) - - TOTAL - - Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 217269ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 13 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 GRANT/ SUBSIDIES (Unit-Indian Rupee) As at 31st March As at 31st March Particulars 2025 2024 Irrevocable Grants and Subsidies Received 1. Central Government - - 2. State Government - - 3. Government agencies - - 4. Instituition / Welfares bodies - - 5. International Organisations - - 6. Others : (Specify) - - Total - - Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 217370ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 14 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 FEES / SUBSCRIPTIONS (Unit-Indian Rupee) Particulars As at 31st March 2025 As at 31st March 2024 1. Entrance Fees - - 2. Annual Fees 2,648,712,081 2,173,877,785 3. Seminar/ Program Fee - - 4. Consultancy Fees - - 5. Licence Fees - - 6. Fees from Miscellaneous Services 1,224,025 3,955,838 7. Others (Specify) - - Total 2,649,936,106 2,177,833,623 Note: Refer Note 13 of Schedule 25 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 217381ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 15 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 INCOME FROM INVESTMENTS (Income on investment from Earmarked / Endowment funds transferred to Funds) (Unit-Indian Rupee) Investment From Earmarked Fund Investment- Others Particulars Year ended 31st Year ended 31st Year ended 31st Year ended 31st March 2025 March 2024 March 2025 March 2024 1. Interest a) On Govt. Securities - - - - b) Other Bonds/ - - - - Debentures c) Others* 1,870,827 2,104,336 - - 2. Dividend a) On Shares - - - - b) On Mutual Funds - - - - c) Others - - - - 3. Rents - - - - 4. Others (specify) - - - - Total 1,870,827 2,104,336 - - 1,870,827 2,104,336 Less: Transferred to - - Earmarked/Endowment Funds Net balance - - - - * Interest on Fixed deposits with Scheduled Bank Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 217392ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 16 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 INCOME FROM ROYALTY, PUBLICATION ETC. (Unit-Indian Rupee) As at 31st March As at 31st March Particulars 2025 2024 1. Income from Royalty - - 2. Income from Publications - - 3. Others (specify) - - Total - - Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 218303ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 17 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 INTEREST EARNED (Unit-Indian Rupee) As at 31st March As at 31st March Particulars 2025 2024 1. On Term Deposits Accounts a) with Scheduled Banks 265,598,843 175,939,899 b) with Non-Scheduled Bank - - c) with Institutions - - d) Others - - 2. On Savings Bank Deposits Accounts a) with Scheduled Banks 3,904,108 3,633,265 b) with Non-Scheduled Bank - - c) Post Office Savings Accounts - - d) Others: - 3. On Loans: a) Employees/Staff - - b) Others - - 4. Interest on Debtors and Other Receivables - - Total 269,502,951 179,573,164 Tax deducted at source - - Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 218314ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 18 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 OTHER INCOME (Unit-Indian Rupee) As at 31st March As at 31st March Particulars 2025 2024 1. Profit on Sale/ Disposal of Assets (a). Owned Assets - - (b). Assets acquired out of grants or received free of cost" - - 2. Export Incentives Realized - - 3. Fees for Miscellaneous Services - - 4. Miscellaneous Income 147,481 358,497 Total 147,481 358,497 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 218325ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 19 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 INCREASE/(DECREASE) IN STOCK OF FINISHED GOODS AND WORK IN PROGRESS (Unit-Indian Rupee) As at 31st March As at 31st March Particulars 2025 2024 A) Closing Stock 1. Finished Goods - - 2. Work-in-progress - - B) Less: Opening Stock 1. Finished Goods - - 2. Work-in-progress - - Net Increase/(Decrease) (A-B) - - Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 218336ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 20 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 ESTABLISHMENT EXPENSES (Unit-Indian Rupee) As at 31st March As at 31st March Particulars 2025 2024 1. Salaries and Wages* 192,587,642 171,550,668 2. Allowances and Bonus 270,734,292 218,365,302 3.Contribution to Provident Fund - - 4. Contribution to National Pension Scheme 31,957,788 29,054,341 5. Staff Welfare Expenses 4,243,449 3,470,976 6. Expense on Employee Retirement and Terminal Benefits - - 7. Leave Salary 41,994,345 35,737,930 8. Tution Fees reimbursement 7,321,800 3,909,743 9. Medical reimbursement 7,659,600 7,338,441 10. Gratuity Contribution 4,015,575 2,548,244 11. Others: Contribution to Medical Assistance Fund (MAF) 856,200 792,450 Total 561,370,691 472,768,095 *Salaries and Wages consists of only basic salary and dearness allowance. Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 218347ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 21 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 OTHER ADMINISTRATION EXPENSES (Unit-Indian Rupee) Particulars As at 31st March 2025 As at 31st March 2024 1. Purchases - - 2. Labour and Processing Expenses - - 3. Cartage and Carriage Inwards - - 4. Electricity and Power 2,785,068 2,197,806 5. Water Charges 534,638 950,126 6. Insurance 7,851,303 4,111,880 7. Repair and Maintenance 22,822,369 4,293,935 8. Excise Duty - - 9. Rent, Rates and Taxes 1,669,972 75,458,773 10. Vehicles Running and Maintenance 1,617,052 973,689 11. Postage, Telephone and Communication Charges 5,870,812 7,160,097 12. Printing and Stationary 1,884,968 2,418,211 13. Travelling and Conveyance Expenses 27,911,872 24,882,626 14. Expenses on Seminar/ Workshops/ Meetings and conferences 42,214,343 29,878,074 15. Subscription Expenses 561,945 443,072 16. Expenses on Fees - - 17. Auditors Remuneration 520,466 223,020 18. Hospitality Expenses - - 19. Professional Charges 45,552,797 31,666,329 20. Books and Periodicals 680,410 686,673 21. Recruitment Expenses 2,300 81,084 22. Provision for Bad and Doubtful Debts/ Advances - - 23. Incentive to Point of presence - - 24. Irrevocable balances Written off - - 25. Packing charges - - 26. Freight and Forwarding Expenses - - 27. Distribution Expenses - - 28. Advertisement and Publicity Expenses 191,004,670 90,831,417 29. Others: a. Consultancy expenses 3,347,360 4,122,310 b. Others (Website fee expense, Fund management expense, 15,874,306 (1,581,713) Computer consumables, Membership fees etc) Total 372,706,651 278,797,409 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 218358ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 22 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 EXPENDITURE ON GRANT SUBSIDIES ETC. (Unit-Indian Rupee) As at 31st March As at 31st March Particulars 2025 2024 1. Grants given to Instituitions/ Organisations/National Pension System - - Trust 2. Subsidies given to Instituitions/ Organisations - - 3. Others : Total - - Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 218369ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 23 ATTACHED TO AND FORMING PART OF INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2025 INTEREST (Unit-Indian Rupee) Particulars As at 31st March 2025 As at 31st March 2024 1. On Fixed Loans - - 2. On Other Loans - - 3. Bank charges 22,658 19,433 4. Others* 7,085,054 417,978,429 Total 7,107,712 417,997,862 *Interest on Goods and Service Tax liability from 01st July 2017 to 31st July 2022 Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 218470ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 24 ATTACHED TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2025 manner prescribed in the respective regulations, SIGNIFICANT ACCOUNTING POLICIES unless otherwise stated. 1. Basis of accounting and preparation of financial (ii). Registration or renewal fees from the statements intermediaries are accounted in the first year of Pension Fund Regulatory and Development registration/renewal, irrespective of the validity of Authority (“Authority”) prepares its annual the registration or renewal period. financial statements in the format prescribed by the Government of India in consultation with the (iii). Interest Income is recognized on an accrual Comptroller and Auditor General of India (C & AG) basis except in cases where Authority is in receipt and the accounts are audited by the C & AG every of Government Grants, the interest income year. received on such grants is on cash basis. The financial statements of the Authority are (iv). Other Income represents income earned prepared in accordance with the Pension Fund from the activities incidental to the authorities’ Regulatory and Development Authority (Form of activities and is recognised when the right to Annual Statement of Accounts and Records) Rules, receive the income is established. 2015 and Pension Fund Regulatory and Development (v). Interest income on investments made out Authority (Form of Annual Statement of Accounts of Subscribers Education and Protection Fund and Records) Amendment Rules, 2022. and Subscriber Pension Contribution Protection The financial statements have been prepared Account (Earmarked funds) are recognized on on accrual basis under the historical cost accrual basis and the same is reported under convention except the accounts for the schemes Schedule 11. of Government of India namely Atal Pension (vi). Unbilled revenue is recognized for services Yojana Scheme, Swavalamban Scheme and Gap rendered by PFRDA upon establishment of right Fund Grant under APY which are maintained on to receive and the entitlement of PFRDA to raise cash basis. The Earmarked/ Endowment fund are invoice to intermediaries for the corresponding reported under Schedule 3 of the Annual Accounts. services. The preparation of financial statements requires PFRDA to make accounting estimates and 3. Government Grants assumptions that impact the reported amounts (i). Government grants are received for schemes of assets, liabilities (including capital commitment such as Atal Pension Yojna, Swavalamban, and contingent liabilities disclosures), income and GAP Fund Grant under APY. These grants, and expenditure in the financial statements. along with their associated expenditures, are Though it is believed that the estimates used in accounted for on a cash basis. the preparation of the financial statements are (ii). Government grants relating to specific prudent and reasonable, actual results could assets equals the whole, or virtually the whole, differ from these estimates. Differences between of the cost of the asset, have been shown as a actual results and the estimates are recognised deduction from the gross value of the assets as income/expenditure in the relevant account concerned, in arriving at their book value and the head, in the period in which the results are known related assets have been shown in the balance / materialised. sheets at a nominal value. 2. Revenue Recognition 4. Investments (i). Annual/Quarterly Fees from all the Investments are in the fixed deposits of Banks intermediaries in the NPS architecture are and are carried at acquisition cost. recognised on accrual basis as income in the 218481ANNUAL REPORT: 2024-25 integral part of existing assets, are depreciated on 5. Fixed Assets and Depreciation a pro-rata basis for the actual number of days to (i). Cost of an item of fixed asset is recognised as which the asset has been put to use. an asset if, and only if (vi). Cost of an item of Intangible asset is recognised (a). It is probable that future economic benefits as an asset if, and only if associated with the item will flow to the authority; And (a). It is probable that future economic benefits associated with the item will flow to the authority; (b). The cost of the item can be measured reliably. and Fixed assets are stated at their original cost (b). The cost of the item can be measured reliably less accumulated depreciation and provision for Costs relating to acquisition of software is impairment, if any. The cost includes expenditure capitalised as “Intangible Assets” and amortised incurred on acquisition and construction/ within a period of three years on straight-line installations and other related expenses, method from the date of capitalization. including taxes for which benefits cannot be claimed elsewhere and other incidental (vii). Capital work-in-progress is recognised at expenses related to acquisition, in bringing the cost, net of accumulated impairment loss, if any. assets to working condition for its intended use. It comprises of fixed assets that are not yet ready for the intended use at the reporting date. Depreciation is provided based on Straight Line Method (SLM) as under: Depreciation is not recorded on capital work-in- progress until construction and installation are complete and the asset is ready for its intended Assets Estimated Useful Life use by the management. Building, Office premises and 30 years Residential Flats 6. Employee benefits Computers, Servers and 3 years The Authority has funded the Gratuity and Leave networks (End user devices), Telephone/ Mobile Handset & encashment liabilities in respect of its employees accessories by contributing to Group Gratuity Scheme and Group Leave encashment scheme respectively, of Furniture and Fixtures, Office 5 years Equipment, Vehicles, Other LIC of India and the treatment of the same is done electrical installations and all as per AS-15. Actuarial gains/losses are charged other items not covered above to Income and Expenditure account. Renovation expenses of 5 years or lease leasehold premises period whichever is 7. Cash and Cash Equivalent shorter Cash and cash equivalents in the receipt and payment account comprises cash at bank, cash on (ii). Minimum cost of an item to be considered for hand and short-term investments with an original capitalisation shall be of `10,000/-. Accordingly, maturity of three months or less. any items costing less than `10,000/- are considered as revenue expenditure and charged 8. Foreign Currency Transactions to Income and Expenditure Account in the year Transactions arising in foreign currencies during of purchase. the year are recorded at the exchange rate prevailing on the date of the transactions. (iii). Library books are recognised as revenue expenditure and charged to Income and 9. Provisions Expenditure account in the year of purchase. The Authority recognises a provision when there (iv). As per the approved depreciation policy, the is a present obligation as a result of past event residual value of the fixed assets is considered as 5% and it is probable that an outflow of resources will of the original cost and accordingly fixed assets are be required to settle the obligation in respect of depreciated up to 95% of their original cost. which reliable estimate can be made. Provisions are reviewed at each balance sheet date and (v). All the assets purchased/sold during the year, adjusted to reflect the current best estimates. which is of capital nature and which becomes 218492ANNUAL REPORT: 2024-25 10. Contingent liability A disclosure for contingent liabilities is made where there is: (a). a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or (b). a present obligation that arises from past events but is not recognized because: (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliability. Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 219403ANNUAL REPORT: 2024-25 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY SCHEDULE 25 ATTACHED TO AND FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2025 includes the fee of `12.98 Cr. to be received CONTINGENT LIABILITIES AND NOTES TO from Trustee Bank and of `3.95 Cr. from Central ACCOUNTS Recordkeeping Agencies for the Quarter 4 of FY 1. Contingent Liabilities 2024-25 which is accounted on accrual basis. There is a contingent liability of `8.78 Cr. of the Authority as on 31st March 2025. 3. Taxation The details of Contingent Liabilities are as under: (A). Direct Taxes In view of the Section 34 of The Pension Fund (i). Interest on GST on acquisition of premises Regulatory and Development Authority Act 2013, : As of the date of the financial from NBCC the Authority shall not be liable to pay wealth-tax, statements, an application has been submitted income-tax or any other tax in respect of its wealth, to the Delhi Authority of Advance Ruling to seek income, profits or gains derived. Accordingly, no clarification on certain aspects of Goods and provision for the same has been provided in the Services Tax (GST) related to the acquisition of new books of accounts. office premises from NBCC such as the method of charging GST i.e., Reverse Charge Mechanism or (B). Indirect Taxes Forward Charge Mechanism, value of supply to be Goods and Services Tax Input Tax Credit (GST considered on which GST is payable etc. One of the ITC) has been recognised in the books in the key areas under consideration is the applicability corresponding period in which the supply of goods of interest on GST liability on these transactions. or service received is recognised. The application is currently pending for approval. Additionally, the total interest liability on GST up to The unutilised Government grants as on 31st 4. 31st March 2025, amounts to `8.74 crores. March 2025 has been reported under Schedule 3 Earmarked/Endowment Funds. The Earmarked/ – Disputed (ii). Payment of employee benefits Endowment Funds are reported under Schedule claims related to legal cases concerning payment 3 which includes Atal Pension Yojana (APY), of retirement benefits, leave encashment etc., Subscriber Education and Protection Fund (SEPF), totalling `0.035 crores, have been disclosed as Swavalamban, Subscribers’ Pension Contribution contingent liabilities. These claims remain pending Protection Account (SPCPA) and Gap Fund Grant on account of the matter being sub-judice as on under Atal Pension Yojana. Expenditure reported date of financial statements. under “Utilisation/Expenditure towards objectives of funds” in Schedule 3. Earmark Funds comprises 2. Current Assets, Loans & Advances of the following: The Current assets, Loans and advances have a value on realisation equal at least to the aggregate – `284.65 Cr represents (i). Atal Pension Yojana amount shown in the Balance Sheet. payment towards a) Advertisement expense for APY; b) Incentive paid to APY Service Providers - Advances and other (i). Schedule 11(B)(2)(e) (APY-SPs); c) Refund of interest to GOI and; amounts recoverable from “Others” of `4.75 Cr (FY d) Refund of Government Co-contribution on 2023-24: `4.81 Cr) majorly consist of the advances account of premature withdrawal from APY paid to DAVP, National Informatics Centre Services scheme to Government of India (GOI). Incorporated (NICSI), PBBCI Central Sales Unit All India Radio, NPS Trust and GST Input Tax credit – `1.23 (ii). Subscriber Education Protection Fund (ITC). Cr is payment for fostering financial literacy and awareness among NPS/APY subscribers through - An amount of `16.93 (ii). Schedule 11(B)(3)(d) media as per SEPF committee recommendations. crores (FY 2023-24: `17.33 Cr), which is shown as Income accrued on account of “Annual fees” 219414ANNUAL REPORT: 2024-25 – `1.13 Cr represents payment (iii). Swavalamban (iii). Capital Commitment towards a) Incentive paid to Aggregators; b) refund (a). Estimated amount of Contracts in respect of interest to Department of Financial Services to “Capital Work In Progress” remaining to be (DFS); c) Refund of Government Co-contribution executed on Capital Account (net of advances) on account of premature withdrawal from APY and not provided for is `0.65 Cr approx. (FY 2023- scheme to GOI 24: `4.42 Cr) with M/s NBCC Services Limited. – (iv). Gap fund grant under Atal Pension Yojana (b). As of 31st March 2025, PFRDA has committed to `271 Cr represents payment towards Gap fund. certain capital expenditures related to information technology (IT) development projects. These PFRDA has contributed `10 Cr towards Share 5. commitments represent future cash outflows for Capital of ‘National Center for Financial Education an agreement of `85.58 Cr (FY 2023-24: `14.93 (NCFE)’ from the Grants received from Central Cr). These IT development projects are critical Government in the FY 2019-20. Hence, this to the PFRDA’s digital transformation efforts investment has been shown at a notional value and are expected to contribute to long-term of Re.1 under Schedule 10 as per the accounting competitiveness and growth. policy adopted by the Authority regarding the treatment of Government grants. The value of Investments from Earmarked / 7. Endowment funds of `2.79 Cr (FY 2023-24: `3.15 6. Fixed Assets Cr) reported in Schedule 9 of the annual accounts, The own (i). Capitalisation of own premises: corresponds to the Term Deposits made from the premises for PFRDA got ready for intended use on funds received in the Subscribers’ Education and 01st April 2024 and depreciation has been charged Protection Fund (SEPF) Account and Subscriber on the respective assets from the said date. Pension Contribution Protection Account (SPCPA). - A total cost of (ii). Capital work-in-progress 8. Gratuity and Leave encashment: `4.88 Cr cost has been incurred up to 31st March Based on the actuarial valuation report dated 2025 towards the IT infrastructure projects. The 17th April 2025, provided by the Life Insurance same has been reported as ‘Capital Work-in- Corporation of India, changes in present value of progress’ in Schedule 8. obligations and fair value of plan assets are shown in the table below: ` Table 1 - Present Value of Obligation (In Crore) Gratuity Leave Encashment Particulars F.Y. 2024-25 F.Y. 2023-24 F.Y. 2024-25 F.Y. 2023-24 4.61 3.99 12.25 8.71 Present Value of obligations as at beginning of year 0.33 0.29 0.89 0.64 Interest cost 0.21 0.17 0.32 0.38 Current Service cost (0.18) - (1.33) (0.68) Benefits paid 0.22 0.16 3.30 3.20 Actuarial (gain)/ Loss on obligations 5.19 4.61 15.43 12.25 Present value of obligations at the end of year 219425ANNUAL REPORT: 2024-25 ` Table 2 - Fair Value of Plan Assets (In Crore) Gratuity Leave Encashment Particulars F.Y. 2024-25 F.Y. 2023-24 F.Y. 2024-25 F.Y. 2023-24 4.93 4.48 9.05 7.66 Fair value of plan assets at beginning of year 0.36 0.31 0.82 0.64 Expected return on plan assets 0.32 0.14 3.54 1.39 Contributions (0.18) - (1.33) (0.64) Benefits paid - - - - Actuarial (gain)/ Loss on plan assets 5.44 4.93 12.07 9.05 Fair value of plan assets at the end of year Method of valuation used is ‘Projected Unit Credit Method’ Principal Actuarial Assumptions Assumption Gratuity Leave Encashment 7.25% 7.25% Discount Rate As on 31st March 2025 7.00% 7.00% Salary Escalation 7.25% 7.25% Discount Rate As on 31st March 2024 7.00% 7.00% Salary Escalation The Investments reported under Schedule 10(6): Investments - Others includes fixed deposits with 9. Scheduled Banks are as under – Fixed deposits (Amounts in Rs. crores) S.No Name of the Bank As at 31st March 2025 As at 31st March 2024 1 Bank of Baroda - 102.01 2 State Bank of India - 91.00 3 Canara Bank 145.50 36.00 4 Axis Bank - 34.00 5 HDFC Bank 98.00 - 6 Punjab National Bank 97.00 - 7 Kotak Mahindra Bank 12.00 - 8 Union Bank of India 38.50 - Total 391.00 263.01 10. Medical Assistance Fund Scheme The Authority had implemented the Medical Assistance Fund (MAF) Scheme during the FY 2022-23 to provide financial assistance to the employees of PFRDA for meeting any medical expenses incurred by them. The balance shown under the Medical Assistance Fund under Schedule 7 corresponds to the initial contribution made by the Authority, the subsequent contributions received from the employees along with the matching contribution made by the Authority and the interest earned on such contributions thereon. Any claim received under the Medical Assistance Fund is paid from the fund. Investments made out of Medical Assistance funds have been reported as a deduction from the balance of Medical Assistance Fund. Details of MAF balance as on 31st March 2025 has been given below: 219436ANNUAL REPORT: 2024-25 Particulars Amount (Rs. in Cr) Opening Balance in MAF A/c as on 01st April 2024 0.78 Add: Monthly contributions & Interest earned on Savings and Fixed 0.23 deposits A/c Less: Payments made out of MAF funds (0.06) Closing Balance in MAF A/c as on 31st March 2025 0.95 Fixed deposit balance as on 31st March 2025 0.92 Balance in Savings Bank A/c 0.03 Total (FD+Savings) 0.95 11. GAP Fund Grant under Atal Pension Yojana An amount of Rs 271 crore was received, as the fourth instalment, from Government of India under “GAP Fund Grant under Atal Pension Yojana” during FY 2024-25 to bridge the gap between the projected pension liabilities and pension assets under APY. Amount received under this head was invested in the “NPS Trust A/C APY Fund Scheme” as per the existing APY investment guidelines and asset allocation. The corresponding figures have been under Schedule 3 of the annual accounts. “Swavalamban Contribution” and “APY Contribution” figures (under Grants utilized) under 12. Receipts and Payments are showing negative balance in the current FY 2024-25 on account of refund of Government co-contribution due to pre mature closure of accounts by the subscribers from the respective Government schemes. Annual Fee received from intermediaries – As shown in Schedule 14, the intermediary wise annual 13. fee received during FY 2024-25 is as under – Fees/ Subscriptions (Amounts in Rs. Crores) S.No. Particulars FY 2024-25 FY 2023-24 1 Trustee Bank 52.48 50.65 2 Central Recordkeeping Agencies 14.61 13.07 3 Custodian 5.22 4.11 4 Pension Funds 192.56 149.56 Retirement Advisor/ POP/ASP/Application/Registration 0.12 0.40 5 fees etc Total 264.99 217.78 The savings bank balances reported under Schedule 11 comprises of the following – 14. Bank Balance (Amounts in Rs. crores) S.No. Nature of the Account As at 31st March 2025 As at 31st March 2024 1 Swavalamban Kosh* 4.13 0.51 2 Atal Pension Yojana* 24.05 29.80 3 General Administrative Account of PFRDA 2.21 10.93 4 SEPF 0.02 0.02 5 SPCPA 0.01 0.37 6 Gap Fund under APY - - 7 MAF 0.03 0.13 Total 30.45 41.76 *Grants from GOI and Govt Co-contribution on account of premature closure of accounts under respective schemes and payment out of the same. 219447ANNUAL REPORT: 2024-25 The Schedules 1 to 25 are annexed to and form an integral part of the Balance sheet as at 31st March 15. 2025 and the Income and Expenditure account for the year ended on that date. Previous year’s figures have been reclassified/regrouped, wherever necessary. 16. Place: New Delhi Manju Bhalla Date: 14th May 2025 Chief Accounts Officer Randip Singh Jagpal Mamta Shankar Dr. Deepak Mohanty Member Member Chairperson _______________________________________________________________________________________________________________________ 219458