Hi,
My previous company maintained its PF with EPFO, Mumbai but new company (its a foreign bank) has its own Trust.
I applied for transfer of PF from EPFO to my new firm's Trust, by filling up the relevant form and submitted to HR of my new firm, who in turn submitted to EPFO.
But EPFO rejected the request saying:
“AS EPF ACT IS NOT APPLICABLE TO THE BANK, MEMBER IS REQUESTED TO SUBMIT FORM 10C FOR WITHDRAWAL OF PF & FPF AMOUNT”.
My firm's HR explained that above comment is slightly confusing and actually EPFO means to say :
I can transfer the PF from EPFO to Trust. But since my firm's trust only takes care of EPF and not EPS (for pension), therefore EPFO wants me to withdraw the EPS amount by filling up form 10C, and then they'll allow transfer of EPF to my firm's Trust.
Now I wish to know:
1) In such case (PF transfer from EPFO to Trust), is it really mandatory to withdraw the EPS amount? If not mandatory, should i again contact EPFO?
2) I am in no need of surplus funds at the moment, so what is beneficial in long run (and how) - withdraw EPS or let it remain with them?
Kindly advise.
Regards,
Vaibhav
From India, Mumbai
My previous company maintained its PF with EPFO, Mumbai but new company (its a foreign bank) has its own Trust.
I applied for transfer of PF from EPFO to my new firm's Trust, by filling up the relevant form and submitted to HR of my new firm, who in turn submitted to EPFO.
But EPFO rejected the request saying:
“AS EPF ACT IS NOT APPLICABLE TO THE BANK, MEMBER IS REQUESTED TO SUBMIT FORM 10C FOR WITHDRAWAL OF PF & FPF AMOUNT”.
My firm's HR explained that above comment is slightly confusing and actually EPFO means to say :
I can transfer the PF from EPFO to Trust. But since my firm's trust only takes care of EPF and not EPS (for pension), therefore EPFO wants me to withdraw the EPS amount by filling up form 10C, and then they'll allow transfer of EPF to my firm's Trust.
Now I wish to know:
1) In such case (PF transfer from EPFO to Trust), is it really mandatory to withdraw the EPS amount? If not mandatory, should i again contact EPFO?
2) I am in no need of surplus funds at the moment, so what is beneficial in long run (and how) - withdraw EPS or let it remain with them?
Kindly advise.
Regards,
Vaibhav
From India, Mumbai
Dear Vaibhav, Greetings for the day, Enclosing the instruction for EPF accumaulation transfer for the reference , hope this be beneficial. Thanks & Regards, From, Sumit Kumar Saxena
From India, Ghaziabad
252From India, Ghaziabad
Hi Sumit,
Thanks for that document. It gives some useful info, but still doesn't ans my questions.
As per the doc, I assume my current employer falls under category 1c i.e. its exempted from EPF since it has own trust, and i suppose also from EPS since it doesn't maintain EPS amount.
In such a case, the doc says i should 'Apply to EPFO for transfer'. That is what i did, but it was rejected (details mentioned by me in original post).
So am not sure how to proceed. I am thinking of withdrawing my EPS (but not EPF) amount, but would like to know if its advisable to do so. And am I right in thinking that it is INDEED possible to withdraw EPS, without withdrawing EPF?
From India, Mumbai
Thanks for that document. It gives some useful info, but still doesn't ans my questions.
As per the doc, I assume my current employer falls under category 1c i.e. its exempted from EPF since it has own trust, and i suppose also from EPS since it doesn't maintain EPS amount.
In such a case, the doc says i should 'Apply to EPFO for transfer'. That is what i did, but it was rejected (details mentioned by me in original post).
So am not sure how to proceed. I am thinking of withdrawing my EPS (but not EPF) amount, but would like to know if its advisable to do so. And am I right in thinking that it is INDEED possible to withdraw EPS, without withdrawing EPF?
From India, Mumbai
Dear Vaibhav,
Greetings for the day,
You'r right that EPF trust manages only EPF accumulation i.e 12%+3.67%, rest EPS accumulation 8.33% was managed by EPFO . firstly, if you need to transfer the same you are required to fill form 13 which is enclosed, but if you want to withdraw the same you will have to fill form 10c.
Secondly , transfer of EPS accumulation is possible only when the the EPS a/c was managed by EPFO withdrawal can only be possible is service is less than 10years.
Thirdly, Forms were enclosed for the reference , choice is yours.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
Greetings for the day,
You'r right that EPF trust manages only EPF accumulation i.e 12%+3.67%, rest EPS accumulation 8.33% was managed by EPFO . firstly, if you need to transfer the same you are required to fill form 13 which is enclosed, but if you want to withdraw the same you will have to fill form 10c.
Secondly , transfer of EPS accumulation is possible only when the the EPS a/c was managed by EPFO withdrawal can only be possible is service is less than 10years.
Thirdly, Forms were enclosed for the reference , choice is yours.
Thanks & Regards,
From,
Sumit Kumar Saxena
From India, Ghaziabad
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