Hi,
My previous company maintained its PF with EPFO, Mumbai but new company (its a foreign bank) has its own Trust.
I applied for transfer of PF from EPFO to my new firm's Trust, by filling up the relevant form and submitted to HR of my new firm, who in turn submitted to EPFO.
But EPFO rejected the request saying:
“AS EPF ACT IS NOT APPLICABLE TO THE BANK, MEMBER IS REQUESTED TO SUBMIT FORM 10C FOR WITHDRAWAL OF PF & FPF AMOUNT”.
My firm's HR explained that above comment is slightly confusing and actually EPFO means to say :
I can transfer the PF from EPFO to Trust. But since my firm's trust only takes care of EPF and not EPS (for pension), therefore EPFO wants me to withdraw the EPS amount by filling up form 10C, and then they'll allow transfer of EPF to my firm's Trust.
Now I wish to know:
1) In such case (PF transfer from EPFO to Trust), is it really mandatory to withdraw the EPS amount? If not mandatory, should i again contact EPFO?
2) I am in no need of surplus funds at the moment, so what is beneficial in long run (and how) - withdraw EPS or let it remain with them?
Kindly advise.
Regards,
Vaibhav
My previous company maintained its PF with EPFO, Mumbai but new company (its a foreign bank) has its own Trust.
I applied for transfer of PF from EPFO to my new firm's Trust, by filling up the relevant form and submitted to HR of my new firm, who in turn submitted to EPFO.
But EPFO rejected the request saying:
“AS EPF ACT IS NOT APPLICABLE TO THE BANK, MEMBER IS REQUESTED TO SUBMIT FORM 10C FOR WITHDRAWAL OF PF & FPF AMOUNT”.
My firm's HR explained that above comment is slightly confusing and actually EPFO means to say :
I can transfer the PF from EPFO to Trust. But since my firm's trust only takes care of EPF and not EPS (for pension), therefore EPFO wants me to withdraw the EPS amount by filling up form 10C, and then they'll allow transfer of EPF to my firm's Trust.
Now I wish to know:
1) In such case (PF transfer from EPFO to Trust), is it really mandatory to withdraw the EPS amount? If not mandatory, should i again contact EPFO?
2) I am in no need of surplus funds at the moment, so what is beneficial in long run (and how) - withdraw EPS or let it remain with them?
Kindly advise.
Regards,
Vaibhav