The First International Research Conference on Pension (IRCP) 2025 concluded successfully in New Delhi. Organized by the Pension Fund Regulatory and Development Authority (PFRDA) in collaboration with the Indian Institute of Management Ahmedabad (IIMA), the two-day conference was held at Bharat Mandapam. This landmark event brought together a wide spectrum of stakeholders—including policymakers, global experts, industry leaders, and academic scholars—to deliberate on pension reforms, financial preparedness for retirement, and strategies to ensure sustainable old-age income security.
The conference was inaugurated on April 3, 2025, by Shri Pankaj Chaudhary, Hon’ble Minister of State for Finance. In his keynote address, the Minister emphasized the urgency of inclusive pension reforms, noting that by 2050, one in five Indians will be aged 60 or above, with the elderly projected to outnumber children by 2047. He highlighted that nearly 19% of India’s population by mid-century will be elderly—most of whom will be women—making financial independence through accessible pension schemes not just a goal but a national imperative. He called for ‘Pension for All’ to become a priority on the policy agenda to secure the future of India’s aging population.
Shri Nagaraju Maddirala, Secretary, Department of Financial Services, underlined that India’s pension landscape is undergoing a critical transformation. He spoke about the Unified Pension System (UPS), which ensures an assured pension of 50% of the average basic pay in the final year of service. He also noted that while India’s pension assets currently constitute 17% of GDP, this figure falls significantly short of the OECD average of over 80%, highlighting the urgent need for accelerated pension reforms and broader coverage.
Welcoming the delegates, Dr. Deepak Mohanty, Chairperson, PFRDA, stressed that the National Pension System (NPS) has become a cornerstone of India’s retirement security framework, with a corpus of ₹14.4 lakh crore and 8.4 crore subscribers under NPS and Atal Pension Yojana (APY). He emphasized the authority’s commitment to leveraging technology, expanding coverage, and ensuring the financial sustainability of the pension ecosystem for future generations.
The opening day featured three thought-provoking panel discussions. The first session, titled “Pension for the Future: Building Resilient Old Age Income Security,” was moderated by Shri Somya Kanti Ghosh, Member of the 16th Finance Commission, and included global voices such as Ms. Astrid Ludin (South Africa), Ms. Omolola Oloworaran (Nigeria), Mr. William Price (D3P Global), and Dr. Mohanty. They explored strategies to broaden pension coverage, particularly for informal and gig economy workers. The second panel, “Global Lessons on New and Innovative Investment Practices,” moderated by Prof. Abhiman Das (IIMA) and Mr. Tushar Arora (World Bank), included insights from Vanguard, Hong Kong’s MPFSA, and Indian policy experts like Prof. Prachi Mishra. The final session, “Pension Forum for Regulatory Coordination,” moderated by Dr. M.S. Sahoo, saw participation from key regulatory authorities—DFS, EPFO, SEBI, IRDAI, and PFRDA—focusing on harmonizing pension product policies and enhancing accessibility.
On April 4, the second day of the conference began with research paper presentations from scholars across India. Two additional panel discussions enriched the day’s agenda. The first, “Promoting Financial Literacy for Sustainable Retirement Planning,” addressed the integration of financial education in the National Education Policy (NEP), gender inclusivity, and targeted awareness strategies. Moderated by Ms. Mamta Shankar (PFRDA), the panel featured leaders from SRCC, MDI, IIM Tiruchirappalli, IIM Udaipur, IIM Nagpur, and the Ministry of Finance. The second panel, “Pension Fund Investments: Focus on Risk and Return,” emphasized balancing risk and return in long-term pension investments and discussed incorporating AI/ML in investment strategies. Speakers included experts from IIT Bombay, MDI Gurgaon, and Grant Thornton Bharat LLP, with the session moderated by Prof. V. Ravi Anshuman (IIM Bangalore).
The conference concluded with an awards ceremony recognizing excellence in pension-related research. Mr. Rajan Raju (Invespar Pte Ltd), Mr. Ravi Saraogi (Samasthiti Advisors India), and Ms. Pankhuri Sinha & Mr. Lokanandha Reddy Irala (University of Hyderabad) were honored for their outstanding research contributions. In her valedictory address, Ms. Sumeet Kaur Kapoor, Executive Director, PFRDA, summarized the learnings and takeaways from the conference. Mr. P. Arumugarangarajan, Chief General Manager, PFRDA, delivered the Vote of Thanks, expressing gratitude to all speakers, panelists, researchers, and participants for their insightful contributions, marking the successful conclusion of this pioneering conference.
