My friends says "I am planning to quit my job after 8 years of service. How can i withdrawmy superannuation money? I am not going to join any company and i am going to do business from home"
How can my friend take his money. He wants all money from super annuationa doesn't want it as pension.
If that is not allowed what will happen after him to that money , wll his family get that pension ?
From India, Madras
How can my friend take his money. He wants all money from super annuationa doesn't want it as pension.
If that is not allowed what will happen after him to that money , wll his family get that pension ?
From India, Madras
Hi,
1) If your friend has worked in the same company for 8 years then it should not be a problem to withdraw this amount.
2) Usually many companies make it a rule of serving minimum five years to be eligible for withdrawing superannuation.
3) The company in which your friend is working must be running the superannuation with LIC or any other insurance agency. The withdrawal forms will be available with the company HR or finance department. The same needs to be filled.
4) The forms also will have option for receiving one time accrued payment or monthly/ quarterly/ half yearly/ yearly pension.
Your friend may chose any of the options and submit the form through the company to the respective agency. It takes about 45 days to receive the payment.
kind regards
Dayanand L Guddin
From Singapore, Singapore
291) If your friend has worked in the same company for 8 years then it should not be a problem to withdraw this amount.
2) Usually many companies make it a rule of serving minimum five years to be eligible for withdrawing superannuation.
3) The company in which your friend is working must be running the superannuation with LIC or any other insurance agency. The withdrawal forms will be available with the company HR or finance department. The same needs to be filled.
4) The forms also will have option for receiving one time accrued payment or monthly/ quarterly/ half yearly/ yearly pension.
Your friend may chose any of the options and submit the form through the company to the respective agency. It takes about 45 days to receive the payment.
kind regards
Dayanand L Guddin
From Singapore, Singapore
Thanks Dayanand L Guddin
In LIC website last twenty transaction of superannuation is only given and my team members were asking for confirmation regarding transfer of funds from previous employer. I had already sent mail to LIC but there is no reply.
Do you have idea on this?
From India, Madras
In LIC website last twenty transaction of superannuation is only given and my team members were asking for confirmation regarding transfer of funds from previous employer. I had already sent mail to LIC but there is no reply.
Do you have idea on this?
From India, Madras
Hi,
I am not aware about the LIC transactions. But the practice is the employer sends a regular half yearly / yearly list of employees to be covered under the superannuation along with the consloidated premium cheque.
If the employees are aware of the branch at Which the previous employer was making superannuation remittances, then they may directly approach the branch for details. This will also clarify whethere the prevoius employer has actually made the remittances or not.
kind regards
Dayanand L Guddin
From Singapore, Singapore
I am not aware about the LIC transactions. But the practice is the employer sends a regular half yearly / yearly list of employees to be covered under the superannuation along with the consloidated premium cheque.
If the employees are aware of the branch at Which the previous employer was making superannuation remittances, then they may directly approach the branch for details. This will also clarify whethere the prevoius employer has actually made the remittances or not.
kind regards
Dayanand L Guddin
From Singapore, Singapore
Dear , but first you have to confirm whether employer has deposited in direct in employees account or in trust account . Thanks Sunder Singh Assistant Manager -HR
From India, Bangalore
From India, Bangalore
Dear Sir,
Normally, the superannuation accumulation is not transferred from one employer to another as is done in case of PF accumulation.
You would need to apply for superannuation withdrawal to both the employers separately.
Thanks & Regards,
Avika
From India, New Delhi
Normally, the superannuation accumulation is not transferred from one employer to another as is done in case of PF accumulation.
You would need to apply for superannuation withdrawal to both the employers separately.
Thanks & Regards,
Avika
From India, New Delhi
Hi,
In my own case I have got it transferred from one employer to another.
The common thing was both of them had the Superannuation account with LIC it self.
It may be diffcult to transfer of the fund administrators are different.
Kind regards
Dayanand
From Singapore, Singapore
In my own case I have got it transferred from one employer to another.
The common thing was both of them had the Superannuation account with LIC it self.
It may be diffcult to transfer of the fund administrators are different.
Kind regards
Dayanand
From Singapore, Singapore
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