Confused About Pension Scheme Certificate? How to Help a Colleague Withdraw Funds

Sir,

One of our colleagues is receiving a pension scheme certificate under the mistaken belief that it is a tick mark on the certificate. Now, he wishes to withdraw the pension amount as he does not want the scheme certificate. What should be done to resolve this issue? He is 33 years old.

Thank you.

Upon completion of 10 years of EPF, a pension certificate is mandatory.

Dear M/s Kavita,

If your form is marked as "Scheme Certificate," you cannot withdraw the EPS amount until age 58. If your PF service is more than 10 years, including future service in EPF, you will get a Pension. If at age 58 your PF service is less than 9.5 years, you can withdraw the EPS amount.

Thanks,
Vidyadhar Bhat

The original Scheme Certificate received from the EPFO should be kept in safe custody and submitted to EPFO when claiming pension after completing 20 years of pensionable service and reaching 58 years of age (or 50 years in the case of reduced pension). Sending it to EPFO before that date may result in it getting lost, and the employee could lose the benefit of adding those completed pensionable years to the scheme certificate.

M. Venkatraghavan

If you are employed somewhere right now and covered under EPF, then seed that scheme certificate to your new employer. The department will call back the certificate and credit the proceeds to your new employer's pension account. This will reduce a lot of hassle from the employee's mind.