Hi,
This is my first post, and I would like to know from all the unique members about PF & Superannuation Fund. I left my job with my previous employer after more than 19 years. I want to know if I withdraw my PF, will I be eligible for a pension after my retirement? If I withdraw my complete PF, what will happen to my contribution to the pension scheme? I used to receive statements of the Superannuation Fund from my previous employer. How do I access my superannuation fund now that I have left my job before retirement? Please guide me.
Thanks,
Rajender
From India, New Delhi
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This is my first post, and I would like to know from all the unique members about PF & Superannuation Fund. I left my job with my previous employer after more than 19 years. I want to know if I withdraw my PF, will I be eligible for a pension after my retirement? If I withdraw my complete PF, what will happen to my contribution to the pension scheme? I used to receive statements of the Superannuation Fund from my previous employer. How do I access my superannuation fund now that I have left my job before retirement? Please guide me.
Thanks,
Rajender
From India, New Delhi
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Hi,
After 10 years of working, the employer contributions (8.33%) are transferred to the pension account. You can withdraw your PF, but for the remaining 8.33% contributed by your employer and 1.16% contributed by the central government, please read the following: if you're 48 years old, you are eligible for a pension.
Sir, there are three kinds of pensions:
1. Superannuation pension: if the employee has rendered service of 20 years or more and retires on attaining the age of 58 years.
2. Retirement Pension: if the employee has rendered service of 20 years or more and retired or ceases to be in employment before attaining the age of 58 years.
3. Short service pension: if the employee has rendered service of 10 years but less than 20 years.
There is a table for calculating pension value/period, etc., I am unable to find. I'll reply again as soon as I find it.
Have a great weekend, sir.
Best regards,
Umesh Chaudhary
umesh.chaudhary@ril.com
From India, Delhi
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141After 10 years of working, the employer contributions (8.33%) are transferred to the pension account. You can withdraw your PF, but for the remaining 8.33% contributed by your employer and 1.16% contributed by the central government, please read the following: if you're 48 years old, you are eligible for a pension.
Sir, there are three kinds of pensions:
1. Superannuation pension: if the employee has rendered service of 20 years or more and retires on attaining the age of 58 years.
2. Retirement Pension: if the employee has rendered service of 20 years or more and retired or ceases to be in employment before attaining the age of 58 years.
3. Short service pension: if the employee has rendered service of 10 years but less than 20 years.
There is a table for calculating pension value/period, etc., I am unable to find. I'll reply again as soon as I find it.
Have a great weekend, sir.
Best regards,
Umesh Chaudhary
umesh.chaudhary@ril.com
From India, Delhi
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Dear Sir,
I have applied for full and final settlement of Superannuation fund on 30.06.10 with Century Cement. However, to my utter surprise, my claim was rejected by the company on 29.7.10, stating that according to the rules of the superannuation fund, the member must complete a minimum of 5 years of service with the organization. I was covered under the superannuation scheme from 1.12.2006 to 28.8.2008 at the age of 54 years and resigned due to illness on 28.8.2008 after reaching the age of 56. During this period, I also received a yearly statement of contributions.
I am currently not employed by any organization. The company is now informing me that I am not eligible for the settlement. It appears that the company may have taken advantage of this situation and claimed Income Tax rebate from the IT department on the contributions made towards the Superannuation fund deposited in my name.
If the company is unable to pay this amount to me, then how can the company benefit from tax rebates on the funds deposited?
I kindly request your advice at the earliest.
It would be greatly appreciated to also receive responses via email - jha.kailashnath@gmail.com.
Regards, Kailash Jha
From India, Delhi
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I have applied for full and final settlement of Superannuation fund on 30.06.10 with Century Cement. However, to my utter surprise, my claim was rejected by the company on 29.7.10, stating that according to the rules of the superannuation fund, the member must complete a minimum of 5 years of service with the organization. I was covered under the superannuation scheme from 1.12.2006 to 28.8.2008 at the age of 54 years and resigned due to illness on 28.8.2008 after reaching the age of 56. During this period, I also received a yearly statement of contributions.
I am currently not employed by any organization. The company is now informing me that I am not eligible for the settlement. It appears that the company may have taken advantage of this situation and claimed Income Tax rebate from the IT department on the contributions made towards the Superannuation fund deposited in my name.
If the company is unable to pay this amount to me, then how can the company benefit from tax rebates on the funds deposited?
I kindly request your advice at the earliest.
It would be greatly appreciated to also receive responses via email - jha.kailashnath@gmail.com.
Regards, Kailash Jha
From India, Delhi
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PF guidleines for Pension fund.pdf