Higher Pension

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This discussion explores eligibility for a higher pension, particularly for individuals whose Provident Fund (PF) was managed by a PF trust and later transferred to EPFO. The user has 23 years of work history, with 20 years under a PF trust, and a current balance exceeding £60 lakh. They seek clarity on whether opting for a higher pension is beneficial compared to maintaining their current PF balance, and if the application process differs for those previously with a PF trust. The conversation also touches upon alternative LIC pension schemes, with some suggesting they might be more beneficial than the higher pension option, especially for retired individuals.

Purva Shah

Purva Shah (Querist)

09 June 2023 Hi, I have 23 years of work history. Out of which 20 years were in the organization where pf was managed by pf trust. My pf balance was shifted to epfo from the trust in 2020. My current balance is >60L. Please let me know if I am eligible for higher pension, is it beneficial over keeping the higher pf balance and is the process of applying different for previous pf trust organization employees.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

09 June 2023 Most of the serving employees not opting for the scheme as it's not beneficial for them.
Opt for alternate scheme of LIC.
It's beneficial only for the already retired employees

Purva Shah

Purva Shah (Querist)

09 June 2023 Thanks. Please help me with the name of alternate LIC scheme.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

09 June 2023 Invest 30 lacs in senior citizen monthly payment scheme. Higher interest provided.

LIC pension plans.

Sr. No. Product Name Plan No. UIN No.
2 LIC's Jeevan Akshay - VII 857 512N337V04
3 LIC's New Jeevan Shanti 858 512N338V04
4 LIC's Saral Pension 862 512N342V04

Last modified date : 4/5/2023

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