Hi,
Is there a way to transfer the pension fund from a previous employer to the current employer? In all my previous PF transfers, I've received only the PF amount. I am not sure where they keep that pension amount. Any help on the following points will be greatly appreciated:
i) Can we really transfer the pension fund from one account to another?
ii) In case the PF account was settled long back, are we still eligible to withdraw/transfer our pension fund associated with that PF account?
iii) Can somebody please help me with the process of withdrawing/transferring the pension fund (e.g., different forms)?
Thanks in advance!!!
Regards, Divesh
From India, Noida
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2Is there a way to transfer the pension fund from a previous employer to the current employer? In all my previous PF transfers, I've received only the PF amount. I am not sure where they keep that pension amount. Any help on the following points will be greatly appreciated:
i) Can we really transfer the pension fund from one account to another?
ii) In case the PF account was settled long back, are we still eligible to withdraw/transfer our pension fund associated with that PF account?
iii) Can somebody please help me with the process of withdrawing/transferring the pension fund (e.g., different forms)?
Thanks in advance!!!
Regards, Divesh
From India, Noida
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Once the PF is transferred, the EPS is also automatically transferred. Pon
From India, Lucknow
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From India, Lucknow
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But the PF passbook doesn’t show that EPS numbers. it’s only shows the PF amount which got transferred. Is there a way to cross check if its done or not?
From India, Noida
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From India, Noida
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Hello Divesh,
You have not mentioned the period of your service in the organization. If your service was more than 10 years in the organization, the pension fund is retained by the EPFO. In lieu of that retained fund, the EPFO issues a pension certificate to the member, which is submitted when the member is eligible for a pension. If you opted to transfer the EPF from the previous employer to the current employer, the pension fund is also transferred. In some cases, the pension fund is also retained if you are willing to accept Scheme Certificates in lieu of Withdrawal Benefits (S. No. 8, Form 10-C).
You can ask your organization to give you the acknowledgment of the PF form submitted, and accordingly, you can approach the PF authorities for your queries. The various PF forms are available on the EPFO website. All of the above is based on my experience with the PF Office.
Hello seniors and experienced members, please upgrade the issue if I am wrong.
Regards,
The
From India, Delhi
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You have not mentioned the period of your service in the organization. If your service was more than 10 years in the organization, the pension fund is retained by the EPFO. In lieu of that retained fund, the EPFO issues a pension certificate to the member, which is submitted when the member is eligible for a pension. If you opted to transfer the EPF from the previous employer to the current employer, the pension fund is also transferred. In some cases, the pension fund is also retained if you are willing to accept Scheme Certificates in lieu of Withdrawal Benefits (S. No. 8, Form 10-C).
You can ask your organization to give you the acknowledgment of the PF form submitted, and accordingly, you can approach the PF authorities for your queries. The various PF forms are available on the EPFO website. All of the above is based on my experience with the PF Office.
Hello seniors and experienced members, please upgrade the issue if I am wrong.
Regards,
The
From India, Delhi
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Thank you, Sir.
The duration of service was less than 3 years, so I am not sure if I am really eligible for a Pension certificate. In case someone applies for it, how can I check for Pension funds? Do I need to go to the PF office to know the status?
Regards,
Divesh
From India, Noida
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The duration of service was less than 3 years, so I am not sure if I am really eligible for a Pension certificate. In case someone applies for it, how can I check for Pension funds? Do I need to go to the PF office to know the status?
Regards,
Divesh
From India, Noida
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Yes, you can approach the PF authorities. First, ask your organization to provide you with the acknowledgment showing that your PF form was submitted to the PF office. If the PF office is in another state, you can send your query through post; it is better to send it through registered post.
Draft a letter and attach the acknowledgment copy. If you can personally visit the PF office, please go in person. In every PF office, there is a Public Relations Officer (PRO) who handles public grievances and directs them to the right person responsible for your organization's EPF settlements.
Regards,
From India, Delhi
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Draft a letter and attach the acknowledgment copy. If you can personally visit the PF office, please go in person. In every PF office, there is a Public Relations Officer (PRO) who handles public grievances and directs them to the right person responsible for your organization's EPF settlements.
Regards,
From India, Delhi
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Under the Employees' Pension Scheme (EPS), a member is eligible to receive a pension only when they complete at least 10 years of eligible service (as per Para 12 of EPS). Another condition is that a member can only receive a pension after attaining the age of 58 years.
Therefore, the question arises: what will happen to their contributions to the EPS if they leave a job without completing 10 years (i.e., without contributing to the EPS for at least 10 years)?
This is answered in Para 14 of EPS: If a member has not completed the eligible service by the date of exit or by attaining 58 years of age, whichever is earlier, they shall be entitled to a withdrawal benefit as specified in Table 'D' or may choose to receive the scheme certificate provided they have not yet reached 58 years of age.
The withdrawal benefit amount mentioned in Table D will not be the actual contribution made by the member to the fund; it will be significantly less. Therefore, it is advisable to opt for the Scheme Certificate. By collecting Scheme Certificates each time a member changes jobs, the certificates will document the pensionable service they have accrued, which can eventually be aggregated to receive a pension.
There is no direct transfer of the pension fund/account similar to the Employee Provident Fund (EPF). Instead, you receive a certificate because the fund is managed centrally for better returns.
Furthermore, there is no separate account number for the pension account; the EPF number applies to EPS as well (as per Para 23 of EPS).
This is the rule position. If you have not yet received your scheme certificate, please apply for it through the employer to whom you made contributions to the EPS for the relevant period.
From India, Madras
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Therefore, the question arises: what will happen to their contributions to the EPS if they leave a job without completing 10 years (i.e., without contributing to the EPS for at least 10 years)?
This is answered in Para 14 of EPS: If a member has not completed the eligible service by the date of exit or by attaining 58 years of age, whichever is earlier, they shall be entitled to a withdrawal benefit as specified in Table 'D' or may choose to receive the scheme certificate provided they have not yet reached 58 years of age.
The withdrawal benefit amount mentioned in Table D will not be the actual contribution made by the member to the fund; it will be significantly less. Therefore, it is advisable to opt for the Scheme Certificate. By collecting Scheme Certificates each time a member changes jobs, the certificates will document the pensionable service they have accrued, which can eventually be aggregated to receive a pension.
There is no direct transfer of the pension fund/account similar to the Employee Provident Fund (EPF). Instead, you receive a certificate because the fund is managed centrally for better returns.
Furthermore, there is no separate account number for the pension account; the EPF number applies to EPS as well (as per Para 23 of EPS).
This is the rule position. If you have not yet received your scheme certificate, please apply for it through the employer to whom you made contributions to the EPS for the relevant period.
From India, Madras
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Pugendhi,
One need not wait up to 58 years if their service is less than 10 years. I worked in a reputed company for 9 years and one month. I got back the EPS deductions within 2 months from EPFO (mentioning I am no longer employed).
Pon
From India, Lucknow
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One need not wait up to 58 years if their service is less than 10 years. I worked in a reputed company for 9 years and one month. I got back the EPS deductions within 2 months from EPFO (mentioning I am no longer employed).
Pon
From India, Lucknow
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Dear Divesh,
Please note that the account number of a member for EPF & EPS is always the same. If you want to transfer your Pension Fund to a new account, please note that only the pension fund will be transferred; the EPF Fund will also be transferred with it. However, if you wish to withdraw your EPF Fund and transfer the EPS Fund, that is not possible. Once the account is settled, it will be settled completely. Therefore, you can withdraw the EPF Fund and claim the EPS Certificate.
Since your service is only for 3 years, you can fill out Form 10C & 19 for the withdrawal. If you prefer to obtain a scheme certificate, you can select the same in Form-10C.
To check the Pension Fund, you can refer to your EPF Member Passbook, which also contains Pension Fund details in the last column.
I hope this information proves helpful to you.
From India, Delhi
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Please note that the account number of a member for EPF & EPS is always the same. If you want to transfer your Pension Fund to a new account, please note that only the pension fund will be transferred; the EPF Fund will also be transferred with it. However, if you wish to withdraw your EPF Fund and transfer the EPS Fund, that is not possible. Once the account is settled, it will be settled completely. Therefore, you can withdraw the EPF Fund and claim the EPS Certificate.
Since your service is only for 3 years, you can fill out Form 10C & 19 for the withdrawal. If you prefer to obtain a scheme certificate, you can select the same in Form-10C.
To check the Pension Fund, you can refer to your EPF Member Passbook, which also contains Pension Fund details in the last column.
I hope this information proves helpful to you.
From India, Delhi
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PF Online Transfer.pdf
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