Can I Reclaim My Pension by Returning EPS Contributions? Seeking Advice on Next Steps

Past Service Details

My past service is as follows:

Organization Period of Service
1. Org 1: 1/1/1981 to 15/04/1995
2. Org 2: 2/5/1995 to 1/12/1998
3. Org 3: 4/1/1999 to 10/3/2003

There was no PF after March 2003. My date of birth is 14th November 1964. My total service spans from 1st January 1981 to 10th March 2003 across three different organizations.

In November 2004, I withdrew both my PF and FPS contributions and received two cheques.

Pension Claim Inquiry

When I approached EPFO to claim a pension (since my total service is about 22 years), I was informed that by returning the EPS contribution of Rs. 49,010.0 with interest from November 2004, I would be eligible for a pension based on my entire service from January 1981 to March 2003.

Queries

1. Can this be done?
2. If yes, is it worth pursuing this route, or should I forego the pension?
3. In the latter case, please provide details on the process and the amount to be returned, along with the interest.

**Location**: Mumbai, India

Returning EPS Contribution to EPFO for Pension Eligibility

1. Feasibility: Yes, it is possible to return the EPS contribution to EPFO to be eligible for pension based on your entire service period.

2. Worth Pursuing or Forgoing Pension: To determine if it's worth pursuing, consider the following factors:
- Calculate the potential pension amount you would receive if you return the EPS contribution.
- Compare this pension amount with other retirement options or investments you may have.
- Assess the long-term benefits of a pension from EPFO based on your service period.
- Consult with a financial advisor for personalized advice based on your financial goals.

3. Process and Amount to be Returned:
- Contact EPFO for the exact amount to be returned, including interest accrued on the EPS contribution since November 2004.
- Follow EPFO's guidelines for returning the EPS contribution to ensure proper documentation and processing.
- Request a detailed breakdown of the calculation to understand the total amount to be returned.
- Consider the impact on your current financial situation before making a decision.

Returning the EPS contribution may provide you with a stable pension income post-retirement, but it's essential to weigh the pros and cons based on your individual circumstances and financial goals. Consulting with EPFO officials and financial experts can help you make an informed decision regarding your pension eligibility.