How To Transfer Existing EPS Account To New Employer?

All employees part of the Employees' Provident Fund (EPF) Scheme and the Employees' Pension Scheme (EPS) need to transfer their EPF account when switching jobs. This can be done using Form 10C and the EPS scheme certificate to transfer or withdraw their pension amounts.

An Employee Pension Scheme (EPS) is a financial security plan offered to employees by the Employees Provident Fund Organisation (EPFO). It offers employees a pension once they reach 58 years and is open to eligible existing and new EPF holders.

However, when switching employers, you must transfer or withdraw your funds from your EPS account. To execute this transfer process, you will need two crucial documents —EPS Form 10C and the EPS Scheme Certificate. 

To ensure you don't miss out on transferring your pension amount, we have provided detailed instructions on the EPS transfer process. Read on to find out how to transfer EPS when changing jobs and what purpose these documents serve.

The Employee Pension Scheme (EPS) is a retirement benefit scheme launched by the Employees' Provident Fund Organisation (EPFO) to offer pension income to the employees after retirement. It is associated with the Employees' Provident Fund (EPF) and is intended to provide financial aid for the post retirement period of an individual's life. Some of an employer's contribution into the EPF is credited to the EPS account where the eligible employee can accumulate a pension corpus throughout his or her service relationship with the employer. A significant aspect of long-term financial security is the scheme's provisions for the employee's family if he or she dies or becomes permanently disabled.

The EPFO's official certificate to record the pensionable service and detail about the employee's membership to the EPS is known as an EPS Scheme Certificate. It is normally given when someone leaves their job and still wants the pension benefits. The certificate allows employees to carry forward their pension service to future employers covered under EPF and EPS. It can also be used to claim pension benefits upon reaching the eligible retirement age. By preserving service history, the Scheme Certificate helps employees maintain uninterrupted pension eligibility throughout their careers.

You can verify your membership in the Employee Pension Scheme through the following methods:

• Please review your EPF passbook and determine if a portion of the EPF contribution is being used for EPS. 

• Log in to EPFO member portal with your Universal Account Number (UAN) and check contribution details. 

• Review salary structure and employment history to see if billed in accordance with EPF/EPS provisions. 

• Check with your HR at work about your participation in EPS.

• Visit the nearest EPFO office or use EPFO's online services to verify your pension scheme status.

When you change jobs or employers, transferring your EPS funds is optional unless your service time is over 180 days but less than 10 years. Moreover, you can only withdraw your pension amount while changing jobs. The online EPS transfer procedure is given below:

Visit the EPFO website. 

• Enter your Universal Account Number (UAN) and password to access your EPF Member Portal.

• Choose 'Claim (Form 31, 19 and 10C)’ from the 'Online Services' menu.

• Check your employment KYC and member information on the next page.

• Provide your bank account number's last 4 digits for validation.

• Accept the terms and conditions for the 'Certificate of Undertaking'.

• Click 'Just Pension Withdrawal (Form 10C)' in the 'I Want to Apply For' area at the bottom of the next page.

• Type in your full address, and click 'Get Aadhaar OTP'.

• Click 'Validate OTP and Submit Claim Form' to validate the OTP you will get on your Aadhaar-registered cellphone number.

• Upon the EPFO's verification and approval, you will receive the money in your bank account.

To do this process in person, you can download Form 10C. Then, fill out the form and deliver it to the closest EPFO office. 

Procedure for attestation:

• Depending on the circumstances, you or your employer must certify the EPS Form 10C:

• If you have submitted your application using a form obtained from an EPFO centre, your former employer must certify it.

• If obtained online, you and your employer must certify Form 10C. 

If your prior previous organisation is closed and the authorised signatory/employer is not readily available, you can get the attestation of one of the authorised officials listed below:

• The Magistrate.

• A Gazetted Officer.

• The Post/Sub-postmaster.

• Head of a reputable academic institution.

• Member of the Legislative Assembly or Parliament.

• President of the village union. 

• President of the Village Panchayath, if and when the Union Board is not present.

• The Bank Manager of the bank where you hold a savings account.

• Chairman/Secretary/Member of Municipal/District Local Board.

• A Member of the Employees Provident Fund's Regional Committee and Central Board of Trustees.

• An unused/blank cheque.

• If the member is deceased, the original death certificate.

• Whenever requesting EPS withdrawal benefits through a bank, the legal heirs of the member must submit a succession certificate with a ₹1 stamp.

• While applying for a scheme certificate, children must submit birth certificates with their applications.

The Employee Pension Scheme provides a regular stream of income after retirement, but relying solely on EPS may not be enough to meet future financial requirements. Since many employees also want to understand how to transfer EPS to new employer when changing jobs, it is equally important to ensure that pension benefits remain uninterrupted while building additional retirement savings. The benefits paid under the scheme may be subject to regulatory limits and may not adequately support rising living expenses, healthcare costs, and lifestyle needs during retirement.

That is where additional retirement plans become important. Investing in retirement-focused financial products can help individuals build a larger retirement corpus and create multiple income streams after retirement. Employees who are wondering can we transfer EPS amount to new employer should know that EPS service records can be carried forward through the EPF transfer process, helping maintain continuity of pension benefits while strengthening their overall retirement strategy.

Retirement schemes (pension plans), annuity plans, long-term investment products can supplement the benefits provided by EPS. These enable people to save their money in a systematic manner and also help them to plan for unexpected expenses and inflation. Combining EPS with a comprehensive retirement plan helps employees plan for a retirement lifestyle they would like to maintain. 

People who review their retirement plans and investment portfolio regularly can be better prepared to tackle financial hurdles later in life. So, EPS should always be considered a part of an overall retirement plan and not an independent retirement plan.

There are three sets of people who are eligible for an EPS transfer or a Form 10C application:

Eligibility requirements set 1:

• An individual who left their company before serving for 10 years.

• People who reached 58 years before completing their 10 years of service. 

Eligibility requirements set 2:

• At the time of application, they have served for 10 years but are under 50 years.

• Individuals older than 50 but below 58 years who do not want to accept a lower pension. 

Eligibility requirements set 3:

• Nominees, Family members, and legal heirs of a deceased member who passed away after turning 58 but has less than 10 years of service.

• People who fall under sets 1 and 2 can apply for EPS withdrawal benefits:

• A member who falls under set 2 qualifies for a scheme certificate. 

• If a person falls under category 2(b), they can submit an application using Form 10D if they are prepared to accept a lower pension. A member who has left the military due to a persistent disability can request a disablement pension using EPS Form 10D.

• Members can withdraw their EPS prematurely after reaching 50 at a lower interest rate.

• Members are entitled to receive the pension at an increased rate of 4% p.a. if they put off receiving it by two years from maturity (until they reach the age of 60).

• Lastly, members of the EPFO who become disabled totally and permanently are entitled to a monthly pension, irrespective of whether they have or have not served the pensionable service period. 

• Their employer must deposit funds in their EPS account for at least one month to be eligible for a pension, and the employee must undergo a medical examination to assess their physical condition.

The following are the common problems in EPS transfers:

Incorrect or mismatched personal details: Differences in name, date of birth, father's name, or other personal information across employment records can delay or prevent successful EPS transfers.

UAN linking issues: Employees may face transfer difficulties when their Universal Account Number is not properly linked with previous EPF accounts or employment records.

Missing service history: Incomplete employment records or missing contribution details can affect the transfer of pensionable service and create discrepancies in pension calculations.

Delays in employer verification: EPS transfers often require verification from current or previous employers. Delays in approval or submission of required documents can slow down the transfer process.

Inactive or unupdated EPF accounts: Old EPF accounts that have not been updated or merged correctly may create complications during the transfer process.

Errors in form submission: Incorrect information, missing documents, or mistakes while submitting transfer requests can result in rejection or additional processing delays.

The Employee Pension Scheme plays an important role in providing financial support after retirement by offering pension benefits to eligible employees and their families. Understanding concepts such as EPS Form 10C, Scheme Certificates, and transfer procedures can help individuals make informed decisions regarding their retirement benefits. However, EPS should not be considered a complete retirement solution on its own. Combining EPS benefits with dedicated retirement plans and long-term investment strategies can help create a stronger financial foundation for the future. Proper planning, timely transfers, and regular monitoring of pension records can contribute significantly to achieving long-term retirement security.