Dear Friends,
I have resigned from a company after working there for around 5.5 years. I have received the Employee Pension Scheme 1995 form from my HR department. I am not able to decide whether I should go for the withdrawal of the pension fund or should I opt for the Scheme Certificate. Can you please guide me regarding the pros and cons of opting for a Scheme Certificate.
Thanks & Regards,
Sameer S Gupte
From India, Bangalore
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I have resigned from a company after working there for around 5.5 years. I have received the Employee Pension Scheme 1995 form from my HR department. I am not able to decide whether I should go for the withdrawal of the pension fund or should I opt for the Scheme Certificate. Can you please guide me regarding the pros and cons of opting for a Scheme Certificate.
Thanks & Regards,
Sameer S Gupte
From India, Bangalore
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Sameer,
In case you opt for the scheme certificate, you will not receive the amount standing to the credit of the pension fund. However, you will receive the pension upon reaching the age of 58 years, upon production of the above certificate to the department. This process is lengthy, and departing employees generally prefer to withdraw the entire amount (both PF and the amount under the pension fund). Therefore, if you wish to withdraw the full amount, do not choose the scheme certificate.
It is now mandatory for everyone to transfer the PF amount into a new PF account during a job change.
Dear members, please provide suggestions regarding the clarity of the above information.
From India, Jaipur
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35In case you opt for the scheme certificate, you will not receive the amount standing to the credit of the pension fund. However, you will receive the pension upon reaching the age of 58 years, upon production of the above certificate to the department. This process is lengthy, and departing employees generally prefer to withdraw the entire amount (both PF and the amount under the pension fund). Therefore, if you wish to withdraw the full amount, do not choose the scheme certificate.
It is now mandatory for everyone to transfer the PF amount into a new PF account during a job change.
Dear members, please provide suggestions regarding the clarity of the above information.
From India, Jaipur
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Scheme certificate can be used for both withdrawal benefit (one time) or monthly pension, in accordance with the contributory period. If you have a service of 9 years and six months or more, you will be eligible for a pension. Otherwise, you will get withdrawal benefit only.
The scheme certificate will neither deny withdrawal benefit nor enable pension.
Abbas.P.S
From India, Bangalore
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The scheme certificate will neither deny withdrawal benefit nor enable pension.
Abbas.P.S
From India, Bangalore
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I have a scheme certificate that was issued on 15/02/2006. I want to withdraw it now. Is it possible? I joined another organization in 2007. Can I add this to my existing PF account? If yes, then how? What is the procedure?
From India
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From India
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Dear All, Can any one explain how one can withdrawn his Pension amount in EPS, if he/she has worked more that 10 Yrs. what is the process to get teh scheme certificate from the EPF office.
From India, Delhi
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From India, Delhi
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Dear All,
Can anyone explain how one can withdraw their Pension amount in EPS if he/she has worked more than 10 years? What is the process to get the scheme certificate from the EPF office?
As far as I know, once you complete 10 years of service, EPS cannot be withdrawn. The only option you have is to receive the pension after attaining retirement at the age of 58 or after Voluntary Retirement (VRS). Note: The pension amount would be lesser if you opt for VRS.
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Can anyone explain how one can withdraw their Pension amount in EPS if he/she has worked more than 10 years? What is the process to get the scheme certificate from the EPF office?
As far as I know, once you complete 10 years of service, EPS cannot be withdrawn. The only option you have is to receive the pension after attaining retirement at the age of 58 or after Voluntary Retirement (VRS). Note: The pension amount would be lesser if you opt for VRS.
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Dear sirs,
One of my employees claimed both Pension Scheme (Form 10-C) and Fund Scheme (Form 19) but he has completed 62 years of age. I want to know if he is eligible to receive a pension or not. If he is eligible, what are all the processes that need to be completed?
Kindly do the needful and oblige.
From India, Chennai
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One of my employees claimed both Pension Scheme (Form 10-C) and Fund Scheme (Form 19) but he has completed 62 years of age. I want to know if he is eligible to receive a pension or not. If he is eligible, what are all the processes that need to be completed?
Kindly do the needful and oblige.
From India, Chennai
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Dear sir, I worked in a company from nov 2005 to aug 2015.i want to wirthdraw my pf.pls suggest what should do & i need pension scheme certificate.
From India, Pune
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From India, Pune
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Pension as a Retirement Fund
Let me put it this way: Pension is a Retirement Fund. It is expected that one would not make a withdrawal from this fund and allow it to grow, drawing benefits at the age of 58. It is the decision of the pensioner to opt for a one-time withdrawal or go for the payment of a monthly pension, considering the time value of money.
Scheme Certificates and Eligibility
"Scheme Certificates" issued by different organizations one serves during a career show the "Date of Membership" of the Pension Fund and continuity or breaks in between, which decide one's eligibility for the amount of pension. You may keep collecting those Scheme Certificates and submit all to the department when you reach 58.
Regards,
Sameersgupte
From India, Pune
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Let me put it this way: Pension is a Retirement Fund. It is expected that one would not make a withdrawal from this fund and allow it to grow, drawing benefits at the age of 58. It is the decision of the pensioner to opt for a one-time withdrawal or go for the payment of a monthly pension, considering the time value of money.
Scheme Certificates and Eligibility
"Scheme Certificates" issued by different organizations one serves during a career show the "Date of Membership" of the Pension Fund and continuity or breaks in between, which decide one's eligibility for the amount of pension. You may keep collecting those Scheme Certificates and submit all to the department when you reach 58.
Regards,
Sameersgupte
From India, Pune
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Employee Pension Scheme, 1995.doc
Form10C.PDF for Employee Pension Scheme 1995.PDF