Withdrawing PF and Pension: Should I do it?

Ans: Securing Pension Benefits from EPF After Retirement
Planning for pension benefits from your EPF account after retirement requires careful consideration and proactive steps. Let's outline a strategy to ensure you receive pension benefits after turning 60.

Understanding EPF Pension Eligibility
Assessing Eligibility Criteria

Confirm eligibility for EPF pension benefits by ensuring you have completed at least 10 years of eligible service, which you have accomplished.
Verifying EPF Account Details

Verify that your EPF account reflects your entire service duration accurately, including the period from March 2011 to September 2021.
Retaining EPF Account for Pension Benefits
Maintaining EPF Account

Avoid withdrawing your EPF amount upon resignation to retain eligibility for pension benefits.
Let your EPF account accrue interest and remain active until you reach the age of 60.
Ensuring Continuous Contributions

If you join another organization, ensure that your new employer continues contributing to your EPF account, maintaining the continuity of your EPF membership.
Applying for Pension Benefits
Submitting Pension Application

Upon reaching the age of 60, submit an application for pension benefits to the Employees' Provident Fund Organization (EPFO).
Provide necessary documents, such as identity proof, EPF account details, and pension application form, as per EPFO guidelines.
Completing Formalities

Fulfill any additional formalities required by EPFO, such as verification of service details and submission of supporting documents.
Seeking Professional Advice
Consulting Certified Financial Planner (CFP)

Seek guidance from a Certified Financial Planner (CFP) specializing in EPF matters to ensure compliance with EPF regulations and optimize pension benefits.
A CFP can assist in navigating the pension application process and addressing any complexities or queries that may arise.
Regular Monitoring
Monitoring EPF Account

Periodically monitor your EPF account statements to ensure accuracy and track the accumulation of pension benefits over time.
Following Up with EPFO

Follow up with EPFO authorities regarding the status of your pension application and address any delays or discrepancies promptly.
Conclusion
By retaining your EPF account and completing the necessary formalities upon reaching the age of 60, you can secure pension benefits from your EPF account after retirement. Seeking professional advice and maintaining regular communication with EPFO authorities will help streamline the process and ensure a smooth transition to pension benefits.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: No.

The pension(EPS) amount is withdrawable only if the employee's service period is less than 10 years.

Ans: Hello;

You may approach the HR department of your previous employer and discuss possible way out of the situation.

Regret if your exit was abrupt and improper.

Their is no harm in apologising for any wrong action especially if it can help build bridges and resolve open issues amicably.

All the best;

Ans: Hello;

Since you have completed more than 10 years of uninterrupted service while being a member of EPFO, you cannot withdraw the EPS contribution now.

You may get a EPS scheme certificate from your ex-employer.

Also you are eligible for reduced pension under EPS after you complete 50 years of age.

You may enquire with EPFO about your pension contribution.

Best wishes;