Planning to Quit After 8 Years: How Can My Friend Access His Superannuation Funds?

My friend says, "I am planning to quit my job after 8 years of service. How can I withdraw my superannuation money? I am not going to join any company, and I am going to do business from home."

How can my friend take his money? He wants all the money from superannuation and doesn't want it as a pension. If that is not allowed, what will happen to that money after him? Will his family get that pension?

Hi,

If your friend has worked in the same company for 8 years, then it should not be a problem to withdraw this amount. Usually, many companies make it a rule of serving a minimum of five years to be eligible for withdrawing superannuation. The company in which your friend is working must be running the superannuation with LIC or any other insurance agency. The withdrawal forms will be available with the company's HR or finance department. The same needs to be filled.

The forms also will have the option for receiving a one-time accrued payment or monthly/quarterly/half-yearly/yearly pension. Your friend may choose any of the options and submit the form through the company to the respective agency. It takes about 45 days to receive the payment.

Kind regards,
Dayanand L Guddin

Thank you, Dayanand L Guddin, for your input. In the LIC website, only the last twenty transactions of superannuation are provided. My team members have been inquiring about confirmation regarding the transfer of funds from a previous employer. I have already sent an email to LIC, but unfortunately, there has been no reply.

Do you have any insights on this?

Hi,

I am not aware of the LIC transactions. The practice is that the employer sends a regular half-yearly/yearly list of employees to be covered under the superannuation along with the consolidated premium cheque.

If the employees are aware of the branch at which the previous employer was making superannuation remittances, they may directly approach the branch for details. This will also clarify whether the previous employer has actually made the remittances or not.

Kind regards,
Dayanand L. Guddin

Dear [Recipient],

First, you have to confirm whether the employer has deposited directly into employees' accounts or in a trust account.

Thanks,
Sunder Singh
Assistant Manager - HR

Dear Sir,

Normally, the superannuation accumulation is not transferred from one employer to another as it is done in the case of PF accumulation. You would need to apply for superannuation withdrawal to both employers separately.

Thanks & Regards,
Avika

Hi,

In my own case, I have had it transferred from one employer to another. The common thing was that both of them had the Superannuation account with LIC itself. It may be difficult to transfer if the fund administrators are different.

Kind regards,
Dayanand

If anyone wants to withdraw the accumulated superannuation while in the job, is it possible? If yes, how?

Regards,
Anand