Kolkata: The Pension Fund Regulatory and Development Authority has approved four new pension funds taking the total count to 14, chairman Sivasubramanian Ramann said in Kolkata Friday.Pension funds collect and invest money contributed by employees and employers to build a large financial pool with an endeavour to pay regular income streams to workers after they retire. Bank of Baroda, Bajaj Finance, Parag Parikh and Motilal Oswal are the four new funds joining the system, Ramann said.Also read: Higher EPS-95 pension: Government clarifies rule for employees of exempted, unexempted establishmentsSubscribers to the National Pension Scheme (NPS) can choose any of the pension funds to invest in. NPS is aimed at ensuring long-term financial security for workers both in organised and unorganised sectors.Ramann said PFRDA has a set target of growing non-government NPS subscribers to 35-40 crore in five years from about 90 lakh at present.With the new digital push, we expect 2-3 crore subscribers every year, he said, highlighting the importance of building a robust and inclusive pension ecosystem by leveraging technology and trusted distribution networks.He emphasised that expanding pension coverage requires greater accessibility, simplified onboarding and stronger last-mile outreach. "Our conservative schemes have delivered 9.2-9.3% annual returns over 15 years," he said"Atal Pension Yojana has shown us that scale is achievable, with 10 crore people joining through bank and RRB networks. I am confident NPS can now build on that same distribution strength through digital onboarding,” he added.