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Pension System Growth Milestones*
National Pension System (NPS)
Total Subscribers (in Cr)
2.23
Total AUM (in Cr)
₹16,77,514
Atal Pension Yojana (APY)#
Total Subscribers (in Cr)
7.64
Total AUM (in Cr)
₹55,509
* Data as on 07-06-2026
# Figure pertains to active APY accounts only
Pension Ecosystem
Custodian of Securities
A Custodian of Securities is an entity registered under the PFRDA Act to provide custodial and depository participant services for pension schemes regulated by the Authority. The Pension Fund Regulatory and Development Authority (Custodian of Securities) Regulations, 2015, issued on 14th May 2015, govern the operations of the Custodian of Securities. The entity must comply with these regulations and any subsequent amendments to ensure regulatory adherence.
Central Record Keeping (CRA)
The Central Recordkeeping Agency (CRA), registered under the PFRDA Act, 2013, plays a crucial role in recordkeeping, administration, and customer service for National Pension System (NPS) subscribers. As the primary interface for intermediaries, the CRA ensures compliance with the 2015 regulations and subsequent directives, maintaining efficient service delivery.
Trustee Banks
A Trustee Bank is a banking company registered by the Authority under the PFRDA Act, 2013, facilitating fund transfers among intermediaries within the National Pension System (NPS) using a technology-based platform. The Pension Fund Regulatory and Development Authority (Trustee Bank) Regulations, 2015, issued on 23rd March 2015, govern the operations of Trustee Banks, who must adhere to these regulations and any subsequent amendments for compliance.
Know morePoint of Presence (PoPs)
Point of Presence (POPs) refers to intermediaries registered with the Authority under the PFRDA Act, 2013, capable of electronic connectivity with the Central Recordkeeping Agency (CRA). They facilitate the transfer of funds and instructions, serving as the interaction point between the subscriber and the National Pension System (NPS) architecture. POPs handle subscriber registration, KYC verification, contributions, and instruction transmission within the NPS. Compliance with the Prevention of Money Laundering Act, 2002, and related rules is mandatory for both POPs and their authorized branches (POP-SPs).
Pension Funds
Pension funds are intermediaries registered by the Pension Fund Regulatory and Development Authority (PFRDA) under specific regulations to receive contributions, manage them, and make payments to subscribers following specified regulations. These funds manage pension assets through various schemes within the National Pension System (NPS) or other regulated pension schemes. They use allocated access codes to handle assets and communicate fund information regularly to the Central Recordkeeping Agency (CRA) and custodian. The Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2015, issued on 14th May 2015, govern their operations and have since been amended.
Annuity Service Provider
As per Regulation 22 of the PFRDA (Exits and Withdrawals under NPS) Regulations, 2015, Annuity Service Providers (ASPs) empaneled with PFRDA are entrusted with critical functions to support National Pension System (NPS) subscribers at the time of exit and annuity purchase.
National Pension System Trust (NPS Trust)
The National Pension System Trust (NPS Trust) was established by PFRDA under the Indian Trusts Act of 1882 on 27th February 2008, through the NPS Trust Deed. The NPS Trust manages and safeguards the assets and funds of the National Pension System (NPS) for the benefit of subscribers. While the NPS Trust is the registered owner of the assets, pension funds purchase securities on its behalf. Subscribers retain beneficial ownership of the securities, assets, and funds under the NPS.
Pension Fund Regulatory and Development Authority (PFRDA)
In 1999, the Indian government launched the "OASIS" project to enhance old-age income security. Subsequently, a Defined Contribution Pension System replaced the Defined Benefit Pension System for new Central/State Government employees in 2003. The Interim Pension Fund Regulatory & Development Authority (PFRDA) was established on 23rd August 2003 to oversee the pension sector. The contributory pension system, now named the National Pension System (NPS), began on 1st January 2004 after being notified on 22nd December 2003. The NPS was expanded to all citizens, including those in the unorganized sector, from 1st May 2009 on a voluntary basis. The Pension Fund Regulatory & Development Authority Act was enacted on 19th September 2013 and enforced on 1st February 2014. PFRDA regulates the NPS for employees across various sectors, contributing to the advancement of the pension market.
Know moreMedia Corner
Last updated on 15-05-2026
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