The First International Research Conference on Pension (IRCP) 2025, held in New Delhi, concluded yesterday after two impactful days of discussions, presentations, and debates on global pension reform trends, financial preparedness for retirement, and strategies for securing the future of aging populations. The event, which took place at Bharat Mandapam, was inaugurated on April 3rd by Shri Pankaj Chaudhary, Minister of State for Finance, Government of India.
Organized by the Pension Fund Regulatory and Development Authority (PFRDA) in collaboration with the Indian Institute of Management Ahmedabad (IIMA), this conference marked a significant milestone in India's journey toward ensuring robust old-age income security. It brought together policymakers, scholars, industry leaders, and global experts to deliberate on pension reform strategies and the need for inclusive solutions for aging populations.
A Vision for the Future: "Pension for All"
In his keynote address, Shri Pankaj Chaudhary highlighted the urgent need for inclusive pension reforms in India, citing the nation’s changing demographic landscape. By 2050, one in five Indians will be over 60, and the elderly population is expected to outnumber children by 2047. Given these trends, securing financial independence through inclusive pension schemes is more critical than ever. “Pension for All” must become a national priority, he emphasized, calling for comprehensive policy actions to ensure a dignified and secure future for India's aging population.
Creating a Robust Foundation for Retirement Security
Shri Nagaraju Maddirala, Secretary, Department of Financial Services, discussed India’s pivotal moment in transforming its pension framework. He elaborated on the Unified Pension System (UPS), which aims to provide an assured pension of 50% of the average basic pay drawn over the last 12 months before superannuation. The system’s broad coverage efforts aim to create a strong foundation for secure retirements in the country.
India's pension assets, constituting roughly 17% of GDP, remain well below the OECD average of over 80%. This disparity underscores the need for reform in the nation's retirement preparedness. Through the UPS and other pension initiatives, the government aims to broaden coverage and improve financial security for all.
National Pension System: A Cornerstone of India’s Pension Sector
Dr. Deepak Mohanty, Chairperson of PFRDA, emphasized the National Pension System (NPS) as a cornerstone of India's pension sector, fostering financial security for millions of Indians. As of now, NPS has an accumulated corpus of Rs 14.4 Lakh Crore, with 8.4 crore subscribers across various pension products, including the Atal Pension Yojana (APY). The continued expansion of NPS is crucial for building a pension-inclusive society for future generations.
Day 1 Highlights: Global Insights on Pension Systems
The first day of the IRCP 2025 featured three dynamic panel discussions on a range of critical topics. The opening session, titled “Pension for Future: Building Resilient Old Age Income Security,” addressed strategies to enhance pension coverage, especially for the informal sector and gig economy workers. It also explored global examples of building sustainable pension systems.
The second session, “Global Lessons on New and Innovative Investment Practices in the Pension Industry,” showcased the latest global investment strategies in pension funds, including success stories from around the world to inspire India’s pension sector.
The day concluded with the “Pension Forum for Regulatory Coordination and Development of Pension Products,” which discussed harmonizing pension product policies across regulators and innovative strategies for increasing the accessibility of pension products in India.
Day 2: A Deeper Dive into Research and Financial Literacy
On the second day, a series of Research Paper Presentations showcased cutting-edge studies on pension systems. These papers offered innovative insights into pension coverage, financial sustainability, and emerging challenges. Two additional panel discussions followed, focusing on financial literacy and pension fund investments.
The session on "Promoting Financial Literacy for Sustainable Retirement Planning" explored strategies for increasing financial literacy, addressing gender biases, and integrating financial literacy courses into school curricula under the National Education Policy (NEP). Another key discussion, "Pension Fund Investments with a Focus on Risk and Return," focused on balancing risk and return in pension fund investments, optimizing asset allocation, and incorporating artificial intelligence and machine learning in decision-making.
Recognition of Excellence in Pension Research
The event concluded with an awards ceremony recognizing outstanding contributions to pension research. Mr. Rajan Raju, Mr. Ravi Saraogi, Ms. Pankhuri Sinha, and Mr. Lokanandha Reddy Irala were honored for their exemplary research papers.
The closing remarks were delivered by Ms. Sumeet Kaur Kapoor, Executive Director of PFRDA, who highlighted the rich discussions and the value they brought to India’s pension landscape. Mr. P Arumugarangarajan, Chief General Manager of PFRDA, expressed gratitude to the speakers, panelists, researchers, and participants, marking the successful conclusion of IRCP 2025.
Conclusion
The First International Research Conference on Pension (IRCP) 2025 successfully brought together global thought leaders to shape the future of pension systems, exploring inclusive reforms, financial security for aging populations, and the role of innovative investment strategies. With the growing need for comprehensive pension solutions in India, this event marks an important step towards building a financially secure future for millions of Indians.
As India’s pension sector continues to evolve, the conversations, insights, and research presented at IRCP 2025 will play a vital role in shaping policies that ensure a dignified and secure future for the country’s aging population.
