PF Converted To Pension

Hi,
I joined a Pvt co in Aug 2002. In July 2012 we were moved to SEZ location due to which we were enrolled as new employee. Hence, I wanted to withdraw my PF accumulated so far and start a new PF account.
My co. says that since I have completed more than 9.5 years on my old id, my PF is converted to pension and I will be able to get it only after attaining the age of 58 yrs. I am 33 at present.
I want to know if there is any way I can withdraw my amount accumulated so far. I want to use this money to buy house.
Thanks

Dear sanju
In all of first WELCOME in citeHR area.
According to PF act if you serve 9.6 or more year continuous service in any organization then your pension part 8.33% (i.e., Rs.541.00) is bound in PF deptt. and that you will get it after attaining 58 yrs of age in the form of monthly pension. So you can fill form-19 and 10 C, by which you withdraw your 12% and 3.67% share and get pension certificate (Please tick Yes Box in Column No.8) for pension.

singhksanju,

With due respect to Drkumar let me give you the correct answer as under:

You are in continuous service even though you have enrolled as new employee upon moving to different location. You are not LEGALLY entitled to withdraw your PF accumulation as well as to withdraw the Pension. Your PF accumulation as well Pension service of 9.5 years will be transferred to your new PF account on your application in form 13.

I presumed your new employment is under the same management which is a part and parcel of your old one. In such case EPF Act is applicable to your new employment even-though it is in SEZ. You are also not entitled to opt as "excluded employee" within the meaning under EPF&MP Act.

In case person leaves the service after contributing to PF for 9.5 years and he does not take employment with in two months time where at EPF Act is applicable, then only he is entitled to settle his PF as well as Pension. On completing 10 years, there is no pension withdrawal. In such case Pension start at the age 58 but one can opt for early Pension at the age 50 at reduced rate.

Other members are requested to make comments on this.

Thanks and regards.

Keshav Korgaonkar

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