Blog / May 18, 2020

Can I access my pension fund?

You may withdraw your benefit in cash, bearing in mind that the funds will be taxed as per the withdrawal benefit table. This option is suitable for individuals who may be in need of funds for various reasons.

How long does it take to payout pension fund?

It typically takes between 4 and 12 weeks to process a retirement fund pay-out (21 business days at 10X Investments), from the time your last contribution is invested or the required instruction forms are received by the administrator (whichever is the later).

How much does employer contribute to pension fund?

The employer currently contributes at a rate of 16% of pensionable salary in respect of “services” members and 13% in respect of “other” members, reflecting the differences in the benefit structure of these two categories of members. All members of the Fund contribute at a rate of 7.5% of pensionable salary.

Is it possible to withdraw pension early?

Early pension release, or pension unlocking, means withdrawing money from your pension before the minimum age of 55 (57 from 2028). Unless you meet specific conditions, you’ll be charged a substantial amount of tax and could risk losing all of your savings to scammers.

How can I check my provident fund payout?

You can check your EPF balance using any of these facilities- Umang App, EPFO Member e-Sewa portal, SMS or a missed call. If your EPF is managed by the exempted establishment (i.e., a Trust), then you should contact your employer to check your provident fund balance.

Can I withdraw my pension fund before 55?

Pension release under 55 It’s not against the law to access the money in your pension before the age of 55, but it’s not recommended due to the large fees you’ll be charged. You also risk running out of money before retirement and having to work much longer than you’d planned.

What happens to my pension fund if I resign?

If you resign, or you are retrenched, you are allowed to withdraw from your employer-sponsored retirement fund (that is a pension or provident fund). The “benefit” you can claim is the balance in your retirement account. Once you have withdrawn, you have no other claim against that fund.

What is employer pension fund?

The EPS is a scheme by the Employee’s Provident Fund Organization (EPFO), which aims at social security. This scheme is for the pension of the employees working in the organized sector, after their retirement at 58 years.

How can I get my pension statement online?

How can I generate a pension slip? You need an Internet banking user name and password. The savings or current account which serves as the pension account must be mapped to the username. After you login to Internet banking you can generate a pension slip for any month in the previous or current year.

How do I log into my pension account?

Enter valid User Name.
Enter valid Password.
Enter Security Code.
Click on Login Button.

How do I withdraw my pension amount?

EPS Withdrawal The individual can withdraw the savings of EPS on the EPFO portal by claiming Form 10C. The employee should have an active UAN and link it to the KYC details to withdraw the savings from the employee pension scheme. Based on the years of service one can only withdraw a percentage of the EPS amount.