EPFO Pension After Retirement: Step-by-Step Guide to Start Your EPS Pension and Withdraw EPF

Are you about to retire and wondering what happens to your EPF and EPS after retirement? Many people believe that their pension from the Employees' Pension Scheme (EPS) will start automatically after they retire. But that's not true. EPFO has been informing from time to time that members need to apply for pension by filling Form 10D.

If you're thinking your EPS pension will begin automatically after you retire, you're mistaken. To start receiving your pension, you need to apply online or manually using specific forms. Pension will start only after 58 years of age and after completion of 10 years of service.

What is EPS Pension Scheme?

The EPS is a is a type of social security scheme that helps employees get a pension after they retire. It is managed by the Employees' Provident Fund Organisation (EPFO), and is for employees to get pension who have reached 58 years of age.

Both new and current members of the Employees' Provident Fund (EPF) can get EPS benefits. Every month, both the employee and employer put in 12% of the employee's basic salary and dearness allowance.

The employee's full 12% goes into the EPF. From the employer's 12%, 8.33% goes into the EPS (pension), and the remaining 3.67% goes into the EPF (savings).

Important Forms to Submit

1. Form 10D - For Starting Your Pension

• If you want your pension to begin as soon as you retire, you must submit Form 10D.
• This form can be submitted online and offline.
• You can visit your nearest EPFO office physically to hand over the filled form.
• You should submit the form on or just before your retirement date to avoid delays.

2. Form 10C - For Scheme Certificate

• If you haven't completed 10 years of service, you can withdraw your EPS money using Form 10C.
• If you have completed more than 10 years, you'll receive a monthly pension, not a lump sum.
• Form 10C also helps you get a Scheme Certificate, which is useful if you change jobs and want to transfer your pension details.

Will You Receive Interest on EPF After Retirement?

Yes! Interest continues to be credited to your EPF account even after you retire for up to 3 years, provided you don't withdraw or deposit any money in that period.
For example:
• If you retire on June 30, 2025, you will continue to earn interest until June 30, 2028.
• After that, your account may become inoperative, and interest will stop unless you take action.

How to Withdraw EPF After 3 Years?

If you haven't touched your EPF account for 3 years after retiring, it may become inactive. You have to visit the EPFO office and submit the claim manually. But if your account is still active then you can withdraw online. However, KYC has to be updated in both the cases to withdraw the money.

Key Points to remember

• Pension doesn't start automatically - you must submit Form 10D.
• Withdraw EPS using Form 10C if you've worked less than 10 years.
• Interest continues on EPF for 3 years post-retirement.
• Update KYC to make online claims smoother.
• Visit your local EPFO office for form submission if online access is limited.

If you're nearing retirement, then timely submission of Form 10D to be done to start receiving your pension. Also, keep all other personal and professional documents handy as they can be required during the process.