Understanding Pension Fund Withdrawal and Eligibility

Sir,

This is on behalf of my father. What can he do to withdraw his pension fund from the pension fund? He is not interested in availing the pension facility.

Dear Pradeepkumar,

You cannot withdraw from the Pension Fund as per your wish. If the service is 9 years and six months or more, you have to avail pension. Otherwise, you may avail withdrawal benefit.

Abbas.P.S

Dear Sir,

Thank you very much for your suggestion. Could you please provide information on the withdrawal benefit? My father's service was from October 2003 to December 2012. I would like to know if he is eligible for the same. Kindly clarify this for me.

Thank you.

Dear Pardeep,

Under Pension Fund Regulations, one can become a member of the pension fund, but cannot withdraw from it of their own accord. The only exception is that if one attains superannuation before completing 10 years of service, they will not be eligible for a pension; therefore, their contribution towards the pension will be returned. In your father's case, it seems he has completed 9 years of service. If he has retired upon attaining superannuation, he is not eligible for a pension, and his contribution towards the pension will be refunded to him. Has he or his employer contributed to the pension fund on his behalf before? If that is the case, his employer will return his contribution towards the pension fund.

Regards

Thanks, Mr. Verma.

Please guide me. In this case, what can we do to withdraw our pension fund? Your suggestion/opinion is highly appreciated.

Dear Pradeep,

In case your father retired upon reaching the age of superannuation before completing 10 years of service, he should apply to his organization for a refund of the amount contributed by him or his employer on his behalf. Was your father working in a government organization or a private company?

Regards

In addition to Ajeet's comment, I also suggest you apply for a scheme certificate under the EPF & Miscellaneous Provisions Act.

Thanks and Regards,

Sumit Kumar Saxena

Hello everyone,

I have gone through all the comments on this topic. One question I would like to clarify is if a person worked in any company for 10 years and then he leaves that company, will he be eligible to get a pension from his previous company? Kindly clarify this for me.

Regards, Nupur Shukla

Dear Nupur,

Greetings for the day.

First of all, that particular employee should have obtained a scheme certificate. This certificate assures that the fund deposited in EPS is with EPFO. After completing 58 years of age, the employee will be eligible to withdraw the pension by simply filling out Form 10D, duly attested by the previous employer.

Secondly, if the employee is working in another company, the same accumulation can be transferred by filling out Form 13 (revised), duly attested by the current employer, enclosing the scheme certificate for the surrender and transfer of accumulation.

Thanks & Regards,

Sumit Kumar Saxena