EPF: What is pension fund scheme certificate?

New Delhi: The Employees’ Pension Scheme is administered by the Employees’ Provident Fund Organisation (EPFO). Its purpose is to provide pension to employees. When employees switch jobs, they can transfer their EPF accounts to their new company. Employees contributing in both the Employees’ Provident Fund (EPF) Scheme and the Employees’ Pension Scheme (EPS) must transfer their EPF accounts accordingly with their new employment.

What is EPFO scheme certificate?

Employees need to obtain an EPS certificate from EPFO to transfer their pension funds.EPS scheme certificates are issued when an EPF member ceases to be a part of the EPF Scheme. This can happen when an employees leave their job and don’t join anywhere else or they join a company who does not contribute to EPF. They can completely exits from EPF by withdrawing money from the EPF account.EPFO issues a scheme certificate containing membership  details for the member and their family, facilitating future pension claims.

How does the EPS scheme certificate facilitate pension transfer?

If an EPFO member’s total service period exceeds 10 years, pension funds can only be transferred between accounts using the EPS scheme certificate. This certificate ensures that previous pensionable service is transferred with the current employment period.  It helps to provide pension benefits to family members in the event of the member’s demise. Employees changing jobs must submit their EPS scheme certificate (completed via Form 10C) to EPFO through their new employer. This process ensures the transfer of pension funds to the new account.

How to get EPS scheme certificate?

You can get an EPS scheme certificate (Form 10C) online by following this process:

Visit the Member Sewa portal
Log in universal account number (UAN)
Select “online service” and click on “claim (Form- 31, 19 and 10C)”.
Fill your bank account number. It should be registered with EPFO.
Click on “verify”
Click on “certificate or undertaking” and click on “yes”.
Choose “I want to apply for” section
Now, click on “only pension withdrawal (Form 10C)”.
Enter your address and then click on the disclaimer
After this select “get Aadhaar OTP”.
Enter the OTP received on your registered mobile number
Click on “validate OTP and submit form”.

Your Form 10C has been downloaded. Now you have to get it attested by both you and your employers, whose job you are leaving. Now submit the scanned copy with EPFO. After this, EPFO will provide you EPS pension scheme certificate. It is mandatory to complete Form 10C every time an employee changes jobs, regardless of whether they choose to withdraw or transfer their EPS funds.

 Employees need to obtain an EPS certificate from EPFO to transfer their pension funds. When individuals leave their jobs without joining somewhere else or have a employment in an EPF-inapplicable establishment, they must get EPFO scheme certificate.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today