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Transfer PF to NPS

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Vinay verma

CA FINAL STUDENT

71 Points Posted on 19 March 2020

Can anyone transfer their PF fund to NPS.
One of my colleague, left job from Pvt. ltd. co. and join Govt. sector.
I have circular of PFRDA for procedure for how to transfer.
But company said, no circular issued by EPFO yet. So that no poosible to transfer.
Have you seen any case of transfer.

Replies (6)

Quick Summary

This discussion explores the possibility of transferring Provident Fund (PF) to the National Pension System (NPS). While PFRDA has issued circulars outlining a procedure, the employee's current employer claims it's not practically possible as the Employees' Provident Fund Organisation (EPFO) hasn't issued a corresponding circular. The main concern is avoiding tax implications on withdrawal, especially if employment has been less than five years. Options like providing NPS details to the previous employer or keeping funds in the PF account for interest are discussed.

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 19 March 2020

Yes.If the employee has tier-1 NPS account then it is possible to transfer PF balance to NPS..

If there is any practical issue then you may withdraw PF and deposit it to NPS

Vinay verma

CA FINAL STUDENT

71 Points Posted on 19 March 2020

Govt opened NPS tier 1 for all employees. Company said EPFO not yet issued any circular, so that practically not possible for transfer.
but I have circular of PFRDA, which is NPS regulatory authority.
If I will withdraw amount then TDS and Tax applicability will apply. I want to transfer/withdraw without Tax implications.
plz reply

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 19 March 2020

How much is the PF amount ?
How many years of continuous employment??

If you have employed for more than 5 years then there won't be any tax on withdrawal of PF

Vinay verma

CA FINAL STUDENT

71 Points Posted on 20 March 2020

Less than 5 years.... amount is more than 6 lac.... Now, Is this possible to transfer amount to NPS... or any other option to avoid tax implications.

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 22 March 2020

Then provide NPS account details to previous employer..They will do it .

Else keep it in PF account only.You will get annual interest..

Vinay verma

CA FINAL STUDENT

71 Points Posted on 22 March 2020

Ok..... I have given NPS account No. (in Govt. Job) to previous employer alongswith circular of PFRDA of how to transfer amount to PF to NPS. They said, PFRDA is regulatory authority of NPS and PFRDA given procedure. But Regulatory authority of PF, EPFO not yet issued any circular. They said, practically not possible to transfer PF to NPS.
I think they don't know.
Plz suggest