Sir,I have worked in private company from March 2011 to Sep 2021 where my pf amount was deducted.l have completed 10 years 5 months service and resigned but i have got it transferred to the new company where I have joined. I want to get pension after 60 years what should I do ?

Ans: You can only get pension under the Employees' Pension Scheme (EPS) if you have completed at least 10 years of service. However, you can still withdraw your EPF amount even if you have not completed 10 years of service. To redeem your EPF amount, you can follow these steps:

1. Merge all your previous PF accounts. This can be done online through the EPFO website or at any EPFO office.
2. Fill the Composite Claim Form (Aadhaar based) and submit it to your previous employer.
3. Attach the following documents:

•Copy of your Aadhaar card.
•Copy of your PAN card.
•Bank account statement showing your IFSC code and account number.
•Cancelled cheque from your bank account.

4. Your previous employer will verify the details and submit the form to the EPFO.
5. The EPFO will process your claim and transfer the EPF amount to your bank account.

If you have not worked for more than two months after resigning from your job, you can withdraw the entire balance in your EPF account. If you have worked for more than two months after resigning from your job, you can withdraw only 75% of the balance in your EPF account. The remaining 25% can be withdrawn after two months of unemployment.

Note – If you will continue your services in another company for next 6 month you will be eligible for the pension.

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: The pension status after retirement depends on various factors, and it can vary based on the policies of the specific companies you worked for and the pension scheme they offer. Here are some general points to consider:

Previous Employment Pension: If your first company had a pension scheme, you might be entitled to a pension from that organization. The amount could depend on factors like the number of years you worked, your salary, and the terms of the pension plan.

New Employment Pension: Your current company may also have a pension scheme in place. The terms and conditions would be outlined in the pension plan of the current employer, including factors like years of service, salary, and the pension formula.

Government Pension Schemes: Depending on your country, there may be government pension schemes that you are eligible for, such as the Employees' Pension Scheme (EPS) in India. Check the specific rules and eligibility criteria for such schemes in your region.

Private Pension Plans or Provident Fund (PF): If you withdrew your PF from the first company, it might impact your pension status. In some cases, withdrawing PF may affect your eligibility for certain benefits. Check the policies of both companies and any relevant regulations in your country.

Retirement Savings and Investments: If you have personal savings, investments, or other retirement accounts, these will contribute to your overall financial well-being after retirement.

It's crucial to review the terms and conditions of your pension plans with both the previous and current employers. You may want to consult with the human resources department or the pension administrator of each company to get a clear understanding of your entitlements and how they will be calculated. Additionally, consulting with a financial advisor can help you plan for a comfortable retirement based on your specific financial situation.

Ans: Hello;

You should withdraw your EPF corpus immediately and invest elsewhere.

After 3 continuous years of no contribution, except interest, the EPF account becomes inoperative.

If you have opted for deferred pension you may receive EPS pension after completing 60 years of age.