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March 2011 to Sep 2021 where my pf amount was deducted.l have completed 10 years 5 months service and resigned but not withdrawn pf amount.I want to get pension after 60 years what should I do ?
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
