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Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Jul 27, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
sanjeev Question by sanjeev on Jul 26, 2023Hindi
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I was a member of epfo from March'2007 to April 2021 in two different companies, my dob is 20-04-1965, now i am 58+ age , am i eligible for pension and how can i apply for the same, i had not withdrawn my pf as yet, please guide on the same also.

Ans: You can start your pension from EPF in the following circumstances:
• At the age of 58: This is the normal age of retirement for EPF members. If you have completed 10 years of service, you will be eligible to start your pension at the age of 58.
• After the age of 60: If you defer your pension beyond the age of 58, you will be eligible to receive a higher pension amount. For every year that you defer your pension, you will receive an additional 4% of your pension amount.
To start your pension from EPF, you will need to fill out Form 10D and submit it to your EPFO office. You will also need to provide proof of your age and service.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Sir thank you for your prompt reply. I have the following queries: 1. As I have completed 10 years of service, can I still withdraw complete EPS amount. 2. For getting pension immediately after retirement as I understand I need to fill form 10D. Can this form be filed online also. 3. After I retire when should I submit the form 10D to EPFO Office to start getting pension. 4. I would be retiring on 30th April 2024 so for how many years can I earn interest on my EPF Account without withdrawing it and what would be my last date by which I should apply for the claim. 5. While applying for the EPF Account after the maximum extended period possible can I apply for the claim online. Thanking you in advance.
Ans: Certainly! Let’s address your queries regarding the Employees’ Pension Scheme (EPS) and the process for pension withdrawal:

EPS Withdrawal After 10 Years of Service:
If you have completed less than 10 years of service or have attained the age of 58 years (whichever is earlier), you are eligible for lump-sum withdrawal from your EPS account.
However, if you have completed 10 or more years of service, you cannot withdraw the EPS amount. Instead, you can opt for a Scheme Certificate by filling Form 10C along with the Composite Claim Form (Aadhaar or Non-Aadhaar).
The Scheme Certificate allows you to transfer your pension benefits if you join another employment later.
Pension will be paid to you after attaining the age of 58 years123.
Filing Form 10D for Immediate Pension:
To receive pension immediately after retirement, you need to fill Form 10D.
Unfortunately, Form 10D cannot be filed online. You’ll need to submit it physically to the EPFO Office.
Submission of Form 10D:
After your retirement, submit Form 10D to the EPFO Office to initiate the process of receiving pension.
Ensure that you complete all necessary documentation accurately.
Interest on EPF Account:
Until you decide to withdraw your EPF amount, it continues to earn interest.
As of now, the interest rate is determined by the EPFO and is subject to change periodically.
Since you are retiring on 30th April 2024, you can continue earning interest until you decide to claim your EPF.
Claiming EPF Account After Maximum Extended Period:
After the maximum extended period (usually 3 years of inactivity), you can still apply for EPF withdrawal.
While the process may not be available online, you can submit the necessary forms physically to the EPFO Office.
Remember to consult with your employer or the EPFO directly for any specific details related to your individual case. Best wishes for your retirement!

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