Procedure of Pension Fund Encashment/Transfer

Procedure of Pension Fund Encashment/Transfer

A. Company :

  1. Name of the company
  2. Postal address, Telephone number and Email Address.
  3. Details of Managing Director- Address , Ph No, Email Id
  4. Detail of authorize signatory (in case whose is signing in the place of Director)
  5. True copy of board resolution empowering company representatives as Authorized signatories.
  6. Incorporation Certificate of company in case of private limited company.
  7. MOA and AOA in case of private limited company.
  8. Pan card of the company
  9. Address Proof of Directors-lease / rental agreement.
  10. Id proof of Director- Pan Card /Election card/Passport/Driving license.

B. Partnership Firm

  1. Name of the partnership firm.
  2. Postal address , Telephone address and Email Address
  3. Details of partner – Address, Ph No, Email Id.
  4. Certificate of registration of partnership firm.
  5. Partnership deed in case of partnership firm.
  6. Pan card of the partnership firm.
  7. Address proof of Partners- lease/ rental agreement.
  8. Id proof of partner- Pan card / election Card / passport/ Driving License.
  9. List of partners.

C. Proprietor

  1. Name of the proprietorship
  2. Postal address, telephone address and email address.
  3. Detail of the proprietor –Address, Ph No, Email Id.
  4. Certificate of registration of proprietorship.
  5. Pan card of the applicant.
  6. Address proof of Proprietor –Aadhar card / lease / rental agreement.
  7. Id proof of proprietor – Pan Card/ Election Card/Passport/ Driving license.

D. Common requirements.

  1. Nature and date of commencement of business.
  2. Date of joining of employees, fathers name and date of birth.
  3. Salary , PF statement and bank account details of the company
  4. Registration copies with other department like VAT, PT , Labor Department.
  5. First invoice raised from the company / firm.

Withdrawal of Pension Fund

  1.  A member is eligible to apply for withdrawing his pension fund only after two months from the date of resignation, provided that he/she is not employed during the said two months.
  2. The member should submit form 10 c to withdraw his pension fund dues on leaving service / retirement / termination.
  3. The member need to be fill in form 10c and get it signed from the previous employer and submit it to the pension fund office. (In many cases , the employer will themselves help by submitting the forms).
  4. Normally it takes about 40 days to have the monies credited to the bank account of the member after submission of the relevant forms.

Transfer of pension fund money from previous employer to current employer

A resigned employee who joins another company is left with an option of transferring the PF money from his previous PF account to the current PF account, by filling the form 13.

 

  1. When an employee joins new company and he wishes to transfer his previous company provident fund amount, he should inform the HR department or Accounts department of the new company.
  2. The employer will issue Form 13, in which the member has to fill the details of previous company like – name, address, provident fund account number and address of the provident fund office where the account was held.
  3. On form 13, the signature of the previous employer is not required.
  4. Once he fills the required details and submit it to the current employer, the current employer will forward it to the provident fund office for transferring process.
  5. The time taken for transferring the fund from one account to other account normally takes about 40 days from date of submission.