Confused About Pension Withdrawal? Help Needed for Contributions in Two States

I am a permanent resident of Calcutta. My present age is 44 years. I have been working at Bata Company since 16th October 2000. From 16.10.2000 to 31.03.2006, I was posted at "Bata Calcutta factory." During that period, my contributions to the Pension scheme were deposited in the "Calcutta Pension Fund Office" (West Bengal). Since 01.04.2006, I have been transferred and am working at "Bata Patna Factory" to date. Here, my contributions to the Pension scheme are being deposited in the "Patna Pension Fund Office" (Bihar).

Now, I have decided to submit my resignation letter in January 2011. I plan to start a Private Tuition Coaching Centre in my home in Calcutta. I am confused about where I will receive my Pension from since my contributions have been deposited in both the Calcutta and Patna Offices. Additionally, could you please advise me on the necessary steps to take to receive my pension as I am leaving my job before reaching the retirement age of 60 years? Your assistance would be greatly appreciated.

First of all, you have to transfer your previous EPS to the present service so that it will be added to a total of 10 years against pensionable service. To do this, fill out form 13 and submit it to the previous RPFC through your present employer. After the transfer, you need to apply for a scheme certificate at the Patna RPFC. Since you have only reached the age of 44, you are currently not eligible for PF pension. The minimum age to qualify for a pension is 50 years. If you opt for a pension before the age of 58, you will lose 4% of the pensionable amount for each year below 58.

Once you surrender the scheme certificate, you can proceed to apply for a pension using form 10D from the Patna RPFC.

Pension Calculation:

Pensionable Service x Pensionable Salary / 70

Pensionable Service: 10 years (16.10.2000 to Jan 2011)

Pensionable Salary: Not provided, assuming it as 6500

Pension at 58 years: 10 x 6500 / 70 = 929

Pension at 50 years: 929 x 0.721 = 670

(The factor 0.721 is calculated as 0.96 to the power of 8. Here, 0.96 is the reduced factor for one year. 8 represents the difference between 58 and 50).

In conclusion, you are eligible for a pension of Rs. 670 at the age of 50, which will continue unchanged for life. If you choose to receive the pension at 58 years, the amount will be Rs. 929.

Regards,
Abbas.P.S