The First International Research Conference on Pension (IRCP) 2025 concluded in New Delhi, following its inauguration on April 3rd by Pankaj Chaudhary, Minister of State for Finance, Government of India. Organized by the Pension Fund Regulatory and Development Authority (PFRDA) and the Indian Institute of Management Ahmedabad (IIMA), this two-day event served as a critical platform for discussing pension reforms and strategies for enhancing financial preparedness for retirement in light of India’s shifting demographic landscape.
In his keynote address, Pankaj Chaudhary underscored the need for urgent pension reforms, as India is expected to experience a significant demographic transition by 2050, where one in five Indians will be over 60 years old, with women making up a majority of the elderly. He emphasized that achieving ‘Pension for All’ is imperative for ensuring a dignified life for the aging population, requiring robust policy action.
Nagaraju Maddirala, Secretary of the Department of Financial Services, remarked on the transformative potential of the pension framework in India, particularly through the introduction of the Unified Pension System (UPS). This system promises an assured pension equivalent to 50% of the average basic pay from the last year of service. Currently, India’s pension assets represent around 17% of GDP, significantly lower than the OECD average of over 80%. This highlights the urgent need for comprehensive pension schemes to enhance retirement readiness.
Dr. Deepak Mohanty, Chairperson of PFRDA, welcomed distinguished guests and highlighted the National Pension System (NPS), which has become a cornerstone for financial security, with a cumulative corpus of Rs 14.4 lakh crore and 8.4 crore subscribers. He reiterated the role of technological innovations in promoting financial sustainability and expanding pension coverage to create a pension-inclusive society.
The first day’s proceedings featured dynamic panel discussions on various topics. The initial session focused on strategies for building resilient old-age income security. Moderated by Somya Kanti Gosh from the 16th Finance Commission, it involved international experts, including representatives from South Africa and Nigeria, discussing challenges related to informal sectors and gig economies.
Following this, discussions on innovative investment practices showcased global success stories to inspire India’s pension sector. The session was moderated by Prof. Abhiman Das from IIM Ahmedabad and featured contributions from global finance specialists.
The discussions culminated in a session on regulatory coordination and the development of pension products encompassing insights from various regulatory bodies. This vibrant exchange of ideas established the conference as a melting pot of global insights into the pension sector.
On the second day, research paper presentations highlighted innovative studies tackling pension systems. Notable discussions addressed financial literacy and sustainable retirement planning, focusing on enhancing coverage and integrating financial education within the National Education Policy. A panel moderated by Mamta Shankar critiqued strategies targeting different demographic segments using influencer marketing.
The second session, concerning pension fund investments, delved into balancing risk and return in reaching long-term pension obligations. Moderated by Prof. V Ravi Anshuman from IIM Bangalore, it aimed to identify optimization strategies in asset allocation and the impact of AI/ML in investment decisions.
The conference concluded with an award ceremony celebrating outstanding research papers, followed by remarks encapsulating the event’s insights and contributions. The closing ceremony highlighted the importance of the discussions and expressed gratitude to all participants for their valuable contributions, marking the event as a significant step forward in addressing the complexities of pension systems in India and beyond.
