The First International Research Conference on Pension (IRCP) 2025 held in New Delhi concluded yesterday. It   was inaugurated on 3rd April at Bharat Mandapam by Shri Pankaj Chaudhary, Minister of State for Finance, Government of India. The two-day event was organized by the Pension Fund Regulatory and Development Authority (PFRDA) in collaboration with the Indian Institute of Management Ahmedabad (IIMA), to mark a historic milestone in India’s journey toward robust old-age income security.

This platform brought together policymakers, scholars, industry leaders, and international experts to deliberate on the evolving dynamics of pension reforms, financial preparedness for retirement, and innovative strategies to secure the future of aging populations.

Highlighting a big change in India’s demographic landscape, necessitating urgent and inclusive pension reforms to secure a dignified future for its aging population, Shri Pankaj Chaudhary,  Minister of State for Finance in his key note stated that India’s demographic landscape is on the profound shift in the coming decades. By 2050, one in five Indians will be over 60, and by 2047, the elderly will outnumber children. With 19 percent of the population projected to be elderly by mid-century—predominantly women—securing financial independence through inclusive pension schemes is not merely a goal, but a vital need for the country. ‘Pension for All’ must become a national priority, requiring policy action to ensure a dignified and secure future for our aging population.

In his address, Shri Nagaraju Maddirala, Secretary, Department of Financial Services highlighted that India’s pension framework stands at a pivotal moment of transformation and through the launch of the Unified Pension System and efforts to broaden coverage, we are creating a robust foundation for secure retirement. UPS provides an assured pension of 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation. India's pension assets, constituting roughly 17 percent of GDP, fall far short of the OECD average, where they typically exceed 80 percent, revealing a stark disparity in retirement readiness.

Welcoming distinguished guests, global thought leaders, and industry stakeholder, Dr. Deepak Mohanty, Chairperson of PFRDA in his address stated that the National Pension System (NPS) has emerged as a cornerstone of India's pension sector, fostering financial security for millions, with an accumulated corpus of Rs 14.4 Lakh Cr and 8.4 crore subscribers under NPS and APY. As we embrace technology-driven initiatives and innovative policy solutions, our focus remains on expanding coverage, ensuring financial sustainability, and building a pension-inclusive society for future generations.

The opening day of the First International Research Conference on Pension (IRCP) 2025 at Bharat Mandapam was a resounding success, featuring three dynamic panel discussions that captivated attendees with their depth and diversity.

The first session, titled “Pension for Future: Building Resilient Old Age Income Security,” saw experts explore strategies adopted by various countries for enhanced pension coverage, building a sustainable pension system and challenges faced in inclusion of informal sector and gig economy workers. The panel was moderated by Somya Kanti Gosh, Member-16^th Finance Commission and was addressed by Dr Deepak Mohanty, Chairperson, PFRDA, Ms. Astrid Ludin, Deputy Commissioner, FSCA, South Africa,  Ms. Omolola Oloworaran, Director General, PENCOM, Nigeria and Mr. William Price, CEO, D3P Global.

This was followed by “Global Lessons on New and Innovative Investment Practices in the Pension Industry,” which showcased innovative investment methods, approaches for the product design and sharing of international success stories to inspire India’s pension sector. The session was moderated by Prof. Abhiman Das, Director , IIM Ahmedabad  and co-moderated by Mr. Tushar Arora, Senior Financial Sector Specialist, World Bank and was addressed by Mr. Brian M. Miller, Vanguard, Dr. Paul Yu, Director, MPFSA, Hong Kong, China, Mr. William Price, CEO, D3P Global, Prof. Prachi Mishra, Director and Head, Ashoka Isaac Center for Public Policy and Mr. R. Mark Davis, Senior Financial Sector Specialist, World Bank.

The first day concluded with the “Pension Forum for Regulatory Coordination and Development of Pension Products,” where a panel of regulators and government debated harmonizing policies for pension products across regulators and innovative strategies to drive the growth and accessibility of pension products in India. The session was moderated by Dr M S Sahoo, ex-Chairperson, IBBI and was addressed by Mr. Pankaj Sharma, Joint Secretary, DFS, Mr. Ramesh Krishnamurthi, CEO, EPFO, Mr. Amarjeet Singh, Whole Time Member, SEBI, Mr. Rajay Kumar Sinha, Whole Time Member, IRDAI, Dr. Manoj Anand, Whole Time Member (Finance), PFRDA, and other esteemed organizations enriched the discussions with their expertise, making Day 1 a true melting pot of global insights on pension sector.

The second day, scheduled for April 4, 2025, witnessed elevated discourse with a series of Research Paper Presentations showcasing innovative studies on pension systems. The concluding day featured two additional panel discussions.

The first panel discussion was focussed on "Promoting Financial Literacy for Sustainable Retirement Planning" by the esteemed scholars from leading educational institutions. The key topics explored included strategies to enhance coverage while ensuring persistency, changing demographic trends, social pressures and gender biases, integrating financial literacy courses into school curricula under the National Education Policy (NEP), adopting a targeted approach for various population segments, and leveraging influencer marketing strategies. The session was moderated by Ms Mamta Shankar, WTM, PFRDA and addressed by Prof. Simrit Kaur, Principal, SRCC, Dr. Arvind Sahay, Director, MDI, Dr. Pawan Kumar Singh, Director, IIM Tiruchirappalli, Dr. Ashok Banerjee, Director, IIM Udaipur, Dr. Bhimaraya Metri, Director, IIM Nagpur, Sh. S Karthikeyan, Director, DFS, Ministry of Finance.

The second session was aimed to discuss ‘Pension Fund Investments with a Focus on Risk and Return’ focused on identifying strategies by the Pension Funds to address long-term pension obligations while maintaining the portfolio's risk-return balance. Key considerations included optimizing asset allocation, diversifying investments, stress-testing, potential impact of AI/ML in investment decision making and incorporating liability-driven investing approaches to align cash flows with future pay-outs without compromising growth potential. The session was moderated by Prof. V Ravi Anshuman, IIM Bangalore and addressed by Prof. S.V.D. Nageswara Rao, Head, SOM, IIT Bombay, Prof. Rupamanjari Sinha Ray, Management Development Institute, Gurgaon and Mr. Vivek Iyer, Grant Thornton Bharat LLP

The panel discussion was followed by the award ceremony and Mr Rajan Raju, Invespar Pted Limited and Mr Ravi Saraogi, Samasthiti Advisors India and Ms. Pankhuri Sinha  and Lokanandha Reddy Irala, University of Hyderabad were honored as top honorees for best research papers. The event concluded on a commemorative note, highlighting the insightful discussions and learnings from the Conference by Ms. Sumeet Kaur Kapoor, Executive Director, PFRDA. The Vote of Thanks was delivered by Mr. P Arumugarangarajan, Chief General Manager, PFRDA, who expressed gratitude to the esteemed speakers, panelists, researchers and participants for their valuable insights and contributions, marking a successful conclusion to the event.

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