Scheme Certificate and Pension Eligibility
There is no issue with obtaining a scheme certificate for 4 years of service. However, since she is already 54, if she obtains employment at this age, she may accumulate another 4 years of service, totaling 8 years, which is still 2 years short of qualifying for a pension. Therefore, opting for a scheme certificate holds no significance.
Advantages of Holding a Scheme Certificate
On the other hand, there is an advantage of a pension for the family in the event of the unfortunate death of the member holding a scheme certificate. In other words, if the PF and Pension fund are withdrawn, she ceases to be a member of the PF. In such a scenario, if something happens to her, her family will not receive any benefits. Conversely, if she holds a scheme certificate, she will receive the withdrawal benefit now, and she can withdraw the pension fund upon retirement. In case of any unfortunate circumstances, her family will be entitled to receive the pension.