NEW DELHI | JUNE 30, 2026 – The Pension Fund Regulatory and Development Authority (PFRDA) and the Institute of Actuaries of India (IAI) today executed a landmark Memorandum of Understanding (MoU) aimed at deepening institutional collaboration in actuarial research, pension policy formulation, technical knowledge exchange and professional capacity building.

The MoU was formally signed and exchanged during the inaugural session of the two-day Joint Conference on Pensions (JCP) 2026 at the India International Centre, New Delhi. Organized around the central theme, “Sustainable Pension Systems – A Socio-Economic Imperative to Viksit Bharat,” the high-level forum has brought together senior government dignitaries, regulators, international experts, actuaries and economists to chart the future of retirement income security and pension expansion in India.

Under this strategic alliance, PFRDA and IAI will pool their respective expertise to drive research-backed policymaking, cultivate technical proficiency and spearhead product innovation. The partnership is uniquely positioned to design sustainable, long-term retirement solutions that align with India’s shifting macroeconomic and demographic landscape.

Addressing the assembly as the Chief Guest, Dr. V. Anantha Nageswaran, Chief Economic Advisor, Government of India, emphasized that building resilient pension structures today is imperative to shield a future aging population. He underscored that moving forward, the industry must solve for steady, predictable post-retirement income streams alongside asset accumulation. Dr. Nageswaran further highlighted that achieving universal pension coverage, especially within the vast informal sector, requires absolute product simplicity, robust digital delivery and the preservation of long-term public trust.

Delivering the keynote address, Shri S. Ramann, Chairperson, PFRDA, observed that while the National Pension System (NPS) has successfully established a formidable framework for retirement savings, the subsequent challenge rests on optimizing the decumulation phase. He noted that the PFRDA-IAI collaboration will foster research-led, flexible and easily understood financial instruments designed around consumer realities, ultimately encouraging consistent long-term financial security over short-term market speculation.

Ms. Preeti Chandrashekhar, President, Institute of Actuaries of India, stated that escalating life expectancies demand that retirement security be elevated to a paramount national priority. She emphasized that collaboration between regulators, actuaries, economists and technologists will help create personalized products and solutions to help enhance society’s ability to manage longevity and uncertainty challenges with confidence.

Highlighting the global perspective, Ms. Ayako Inagaki, Senior Sector Director, Asian Development Bank (ADB), remarked on India’s unparalleled potential to scale pension inclusion by leveraging its world-class digital public infrastructure. She called for deep multi-stakeholder coalitions bridging governments, tech innovators and civil society, reiterating the ADB’s continued commitment to anchoring India’s journey through technical expertise and knowledge sharing.

The inaugural day concluded with intensive technical sessions examining goal-based decumulation frameworks, longevity risks and the newly launched Retirement Income Scheme under the NPS. A dedicated panel on “Linking the Missing Middle” explored scalable, affordable and digitally-driven social security models explicitly targeted at India’s burgeoning platform and informal workforces.

The Joint Conference on Pensions 2026 will proceed tomorrow with sessions dedicated to analyzing innovation in products, distribution and technology, using AI and data analytics, for new-age retirement income solutions, Investment practices and asset mix for pension investments with long-term horizon, Global pension trends, risk-mitigation frameworks and structural policy innovations designed to fortify India’s comprehensive retirement security roadmap to establish a fully pensioned society for Viksit Bharat 2047.

Notably, the NPS subscriber base in India has grown significantly, surpassing 9 crore (90 million) by October 2025 while its combined Assets Under Management (AUM) along with Atal Pension Yojana (APY) crossed ₹16 lakh crore. The well-rounded subscriber base includes government (central & state), corporate, and all-citizens (including those in the informal sector). The subscriber base further received a momentous impetus in terms of growth owing to initiatives like financial inclusion for gig/platform workers and farmers.

NPS encourages regular contributions throughout a person’s working life much like a systematic investment plan (SIP) that builds a sizeable retirement corpus through compounding over decades. These disciplined savings besides serving as a tax saving instrument while being employed help beneficiaries prepare for a stable post-retirement financial planning without being dependent on sporadic investments, mortgaging gold or uncertain post-retirement income.

Addressing media personnel, Shri Sivasubramanian Ramann, Chairperson PFRDA said, “PFRDA is committed to the vision of a pensioned society, ensuring that pension coverage reaches all sections of the private sector. With a target to bring 25 crore private-sector citizens under the pension net over the next five years, PFRDA is focusing on key segments such as platform workers, agripreneurs and MSMEs.Over the last six months, PFRDA has undertaken several measures to enhance subscriber flexibility, organised awareness programmes across 30 Tier-II and Tier-III cities, and plans to expand outreach to 100 cities by March 2026. These efforts are complemented by strengthening distribution channels, including the introduction of the Multiple Scheme Framework (MSF), which enables pension funds to design segment-specific schemes and permits up to 100% equity investment under MSF.NPS has consistently delivered competitive returns since inception, with even the composite scheme carrying only 15% equity exposure generating returns of over 9%, reinforcing NPS as a robust and reliable retirement solution.

Pension Fund Regulatory and Development Authority (PFRDA) has notified the PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025 to enhance flexibility, simplify exit procedures, and provide greater choice to NPS subscribers.

Key amendments include increase in entry and exit age up to 85 years, allowing non-government NPS subscribers to withdraw up to 80% of their retirement corpus as lump sum at exit, and reduction in the mandatory annuity purchase requirement to a minimum of 20% of the accumulated pension wealth in specified cases. The revised regulations also allow normal exit after completion of 15 years of subscription or attainment of 60 years of age, whichever is earlier for both common scheme and MSF, removal of lock-in period for All Citizen subscribers, simplified continuation and exit processes, and permission to avail financial assistance by marking lien on NPS contributions, within prescribed limits.

The revised regulations aim to make NPS more inclusive, subscriber-friendly, and aligned with the evolving retirement needs of citizens.Bottom of Form.

Basis this development, India’s pension fund regulator, Pension Fund Regulatory and Development Authority (PFRDA) has felicitated Kolkata-based Bandhan Bank and 11 Regional Rural Banks (RRBs) from the East Zone were felicitated for having surpassed their pension fund targets.

While Bandhan Bank, achieved 101% of its target, Jharkhand Rajya Gramin Bank led among the RRBs, achieved 393% of its annual target, followed by Tripura Gramin Bank- 351%, Odisha Gramya Bank- 154% and Assam Gramin Vikash Bank- 149%.

Similarly, Chhattisgarh Rajya Gramin Bank- 144%, Uttar Bihar Gramin Bank – 131%, Bangiya Gramin Vikash Bank– 131%, Utkal Grameen Bank- 121%, Manipur Rural Bank- 118%, Uttarbanga Kshetriya Gramin Bank- 118% and Dakshin Bihar Gramin Bank – 116%.  Amongst Cooperative Banks, Mizoram Co-op Apex Bank achieved 125% of its target.

Felicitating these financial institutions for their outstanding performance and for their partnering and engaging with Government of India’s big push to financial security and financial inclusion, the PFRDA recently organised a felicitation-cum-strategy review programme for the Atal Pension Yojana (APY) in Kolkata.

PFRDA honoured top- performing banks, RRBs and Cooperative Banks from the East Zone for their exceptional contribution to APY’s growth and outlined strategic priorities to further expand its reach in FY 2025–26.

Chairing the session, Dr. Deepak Mohanty, Chairperson, PFRDA, emphasised on the East Zone’s leadership in APY expansion, lauded banks’ contributions, and urged collective efforts to build a pensioned and financially secure India. He was joined by Ms. Mamta Shankar, Whole Time Member (Economics), and Shri Pravesh Kumar, Chief General Manager, PFRDA, along with senior representatives from participating banks and SLBCs/UTLBCs.

In FY 2024–25, new enrolments under Atal Pension Yojana crossed 1.17 crore, recording an 18% growth, pushing total coverage to 7.61 crore. Of these new enrolments, a record 55% were women, reflecting increasing financial awareness and gender balance. APY has seen strong momentum with more than 1 crore new subscribers in each of the past three financial years. Eastern zone’s banks played a pivotal role, with Public Sector and Regional Rural Banks driving grassroots enrolments.

The SLBCs of the East Zone have played a pivotal role in the success of APY, with most states surpassing the annual targets for FY 2024-25. Jharkhand led the way with an outstanding 184% achievement, followed by Bihar (175%), Tripura (158%), West Bengal (148%), Assam (130%), Chhattisgarh (115%) and Odisha (111%).

With APY emerging as a trusted retirement solution for millions, PFRDA reaffirmed its commitment to working closely with banks and post offices to ensure every eligible citizen is covered under the scheme, securing a dignified future for all.