Can I withdraw pension fund?

According to the EPF Act, anyone who retires after finishing their service is eligible to receive a pension. If you are wondering can we withdraw pension contribution from PF, then I must say that, yes you can withdraw your pension contribution from PF, but this depends on a few criterias discussed below.

When can you withdraw your pension contribution?

Let us focus on the criterias that influences whether can we withdraw pension contribution after leaving the job or not;

• If you have ten years of employment and are 50 years old, you are eligible to claim your pension early. But in such a case, you would only get a reduced pension. Until you are 50, the rate of pension reduces by 4% per year.

• When you have served for less than ten years but more than six months, you can withdraw your pension contribution without any issues. But after around two months of being unemployed, you can withdraw it.

• In some instances, many individuals who are 58 years old and are eligible for retirement have not worked for at least ten years. These situations typically occur if one entered the organised sector after the age of 48. 

Employees in these situations are not qualified for a monthly pension. Although you won't get payments every month, you can still take the whole thing out of your EPS account at once.

How to withdraw pension contribution in EPF after leaving the job?

If you fall within this criteria then you can withdraw PF. Let us learn the process to withdraw PF;

• Log in to the

  Unified Member Sewa portal

  using your UAN and password.

• 'Claim (Form-31, 19 10C & 10D)' should be selected under the 'Online Services' option.

• The member information, KYC information, and other service information will be shown on the screen.

• Simply type in your bank account number and click "Verify."

• Choose the "Withdraw Pension Only" claim type.

• Select "Only Pension Withdrawal (Form 10C)" from the "I want to apply for" selection. 

• Fill out Form 10C with the permanent address and check the disclaimer box.

• Then, select "Get Aadhaar OTP." Your cell number associated with Aadhar will receive an OTP. 

• Enter the OTP, select "Validate OTP," and then "Submit Claim Form" to submit the form. 

After successfully filling Form 10C, an SMS notification will be issued to the registered telephone. Form 10C will be used to submit the pension claim, and the EPS pension sum will be deposited to the savings bank account.

I hope these steps would help you with your query about whether can we withdraw pension contribution from PF.

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What is National Pension Scheme: What is NPS? How to withdraw pension contribution in epf after leaving the job? Can I Open Both NPS and Atal Pension Yojana?   

An elderly couple visited the HDFC bank last month and wanted to know

how to withdraw pension contribution in EPF. They had some emergency so they wanted to withdraw the entire amount. I learnt that there are certain rules that one must be aware of to withdraw the entire pension amount and fortunately, they met them. As per the

Employee Provident Fund Act 1952, one can only withdraw the entire pension amount if he/she retires from the service after 58 years of age. Do note that the withdrawal can also be done online so let me share the steps as mentioned by the bank official there. 

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What are the pension withdrawal rules?

The requirements you should meet before withdrawing the pension amount entirely are

1. You must have reached the age of 55 or above. 

2. You must have completed at least 10 years of service. 

3. You must not have any outstanding EPF loans or advances. 

4. You must not have any pending EPF claims or withdrawal requests. 

5. You must have a valid bank account in your name.

 

The steps you need to follow to withdraw your pension money is

• Visit the E-Sewa portal or click on

https://unifiedportal-mem.epfindia.gov.in/memberinterface/

• Login with your UAN ID and password

• Select a claim form under the Online Services option

• Provide bank details

• Next click on

  “Proceed for Online Claim”

• Provide your address and then click on Get Aadhar OTP

• Your claim form will get submitted after you enter the OTP that you will receive on your registered mobile number

Can I withdraw pension contribution after leaving the job?

Disha has rightly stated the amount or per cent of pension you can withdraw after you leave a job. You can withdraw your pension amount only after you remain unemployed for 2 or more provided that you have completed less than 10 but more than 6 months of service. However note that before 58 years, you will not be able to withdraw the entire amount.

I think it is best to discuss the pension fund withdrawal after resignation with HR once you resign or join a new company.

I hope this answers

how to withdraw pension contribution in EPF and also what rules you will need to follow.

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Can we Withdraw PF while Working?

At times, you may want to leave your job due to unavoidable circumstances. And if you have invested in EPS, or PF you are eligible for retirement benefits. So, after leaving you will receive some amount to run your house. I will share with you can I withdraw my pension fund when I resign. Get home loans at the lowest interest rate from your preferred lender at NoBroker!

Can I withdraw my pension fund?

If an employee is out of a job for one month he/she can withdraw 75% of his/her EPF. The remaining 25% can be withdrawn if the member is out of a job for a period of 2 months. But the person is eligible for the withdrawal of EPF if the service period is less than 10 years. If the employee has completed 10 years of service he/she is directly eligible for a certificate of pension. Before withdrawing, it is important to merge all the accounts into one. Now, I will get back to answer you ‘can I withdraw pension fund?’ The answer would be yes! You can withdraw pension funds from PF without using your Aadhaar number. Check out the process below.

• If you have a PF number without Aadhaar, you need to fill the Composite Claim Form (Non-Aadhaar).
• https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form_CCF_nonAadhaar.pdf
• Visit the EPF office along with a cancelled cheque of your bank and fill up the form.
• Show your PAN number along with two copies of Form 15G/15H if applicable.
• If you do not have the UAN number, you need to mention the PF Number.

How to withdraw using an Aadhaar card number?

• If your UAN is linked to an Aadhaar card, you can easily claim your amount online.
• Visit the e-Sewa portal and fill up the composite form.
• https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form_CCF_Aadhaar.pdf
• If you want to visit the EPFO office when you need to submit the filled up form along with Form 11.

I hope this answers your question: ‘

can I withdraw my pension fund when I resign

?’ Read more: How to update IFSC code in EPFO ? How to raise grievance in EPFO? How to check EPF grievance registration number?