I was employed for 8 years in India. I resigned in 2010 and am now an NRI/British citizen. I am trying to withdraw the complete superannuation amount, but the payroll/HR team is not able to assist - they do not seem to have a clue on the process.
Has anyone known a case where an employee withdrew the entire superannuation amount upon resignation? What I found online is: "In the case of resignation of the employee, the employee has the option to transfer his amount to the new employer. If the new employer does not have a Superannuation scheme, then the employee can withdraw the amount in the account, subject to deduction of tax and approval of the IT department, or retain the amount in the Fund, till the superannuation age."
This is referring to the group superannuation policy the employer had with LIC (this is separate from PF/EPS/Gratuity).
From United Kingdom, London
Acknowledge(0)
Amend(0)
1Has anyone known a case where an employee withdrew the entire superannuation amount upon resignation? What I found online is: "In the case of resignation of the employee, the employee has the option to transfer his amount to the new employer. If the new employer does not have a Superannuation scheme, then the employee can withdraw the amount in the account, subject to deduction of tax and approval of the IT department, or retain the amount in the Fund, till the superannuation age."
This is referring to the group superannuation policy the employer had with LIC (this is separate from PF/EPS/Gratuity).
From United Kingdom, London
Acknowledge(0)Amend(0)
Please contact Trustees of the Superannuation Fund. Whether 100% withdrawal is provided under the Scheme? Please clarify what do you mean by withdrawing the complete superannuation amount (are you planning to withdraw the balance Annuity amount invested?)
From India, New Delhi
Acknowledge(0)Amend(0)
From India, New Delhi
Acknowledge(0)Amend(0)
Thanks for your response, Srinath. I got in touch with my ex-employer, but they are not able to guide me - I'm not getting any useful answers after chasing for a month! :( The scheme was bought by the employer and only had employer contribution. I wish to claim the entire contribution plus any interest. I have been given an LIC form, but they are unable to provide me with the group/master policy number or LIC ID and no guidance on how to claim all of it. The form has options for yearly payment which I do wish to use.
From United Kingdom, London
Acknowledge(0)Amend(0)
From United Kingdom, London
Acknowledge(0)Amend(0)
Dear Mr. Sejaln,
You resigned from your job in 2010. Have you not submitted your claim post-resignation? Your employers are the trustees of the fund. You have not categorically stated - first time, are you opting for withdrawal?
Please frame your question properly by giving all relevant details and address it to your employer/trustees, not the payroll team.
From India, New Delhi
Acknowledge(0)Amend(0)
You resigned from your job in 2010. Have you not submitted your claim post-resignation? Your employers are the trustees of the fund. You have not categorically stated - first time, are you opting for withdrawal?
Please frame your question properly by giving all relevant details and address it to your employer/trustees, not the payroll team.
From India, New Delhi
Acknowledge(0)Amend(0)
Hi Srinath,
No, I did not claim post-resignation. I reached out to the HR team but am not getting anywhere. I do not have any other contacts in that organization.
Has anyone here claimed full superannuation? If so, which option do I need to select in the form I attached in an earlier post?
Thanks,
Sejal
From United Kingdom, London
Acknowledge(0)Amend(0)
No, I did not claim post-resignation. I reached out to the HR team but am not getting anywhere. I do not have any other contacts in that organization.
Has anyone here claimed full superannuation? If so, which option do I need to select in the form I attached in an earlier post?
Thanks,
Sejal
From United Kingdom, London
Acknowledge(0)Amend(0)
Dear Sejal,
You have to find out from the Trustees/Employer whether there is a provision for full withdrawal of the Group Superannuation Fund. If yes, you can opt for it. Alternatively, you can choose partial withdrawal and the remaining amount can be received by opting for monthly/quarterly/half-yearly/annual interest. The balance fund lying in the account will normally be returned to your nominee after your death.
Please contact the HR Head/Trustees via written communication with the assistance of your colleagues/ex-employees to gain more clarity. It is high time to initiate action without any further delay. You should have taken action immediately after resignation. Your HR team should have advised you to submit your claim.
Thank you.
From India, New Delhi
Acknowledge(0)Amend(0)
You have to find out from the Trustees/Employer whether there is a provision for full withdrawal of the Group Superannuation Fund. If yes, you can opt for it. Alternatively, you can choose partial withdrawal and the remaining amount can be received by opting for monthly/quarterly/half-yearly/annual interest. The balance fund lying in the account will normally be returned to your nominee after your death.
Please contact the HR Head/Trustees via written communication with the assistance of your colleagues/ex-employees to gain more clarity. It is high time to initiate action without any further delay. You should have taken action immediately after resignation. Your HR team should have advised you to submit your claim.
Thank you.
From India, New Delhi
Acknowledge(0)Amend(0)
Hi Sirnath,
Thank you for your message. Please note that I have contacted my employer but I am not receiving advice or help from them regarding full withdrawal. They have also not provided me with the group policy number, membership number, or LIC ID.
The form they gave me (attached in my previous response) does not have an option for full withdrawal, and I have not received any response from the employer or HR team.
Best Regards,
Sejal
From United Kingdom, London
Acknowledge(0)Amend(0)
Thank you for your message. Please note that I have contacted my employer but I am not receiving advice or help from them regarding full withdrawal. They have also not provided me with the group policy number, membership number, or LIC ID.
The form they gave me (attached in my previous response) does not have an option for full withdrawal, and I have not received any response from the employer or HR team.
Best Regards,
Sejal
From United Kingdom, London
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
Employee Appraisal Form new.doc