When Can a Worker/Contributor Withdraw His/Her Accrued Benefits under the Third Tier?

When Can a Worker/Contributor Withdraw His/Her Accrued Benefits under the Third Tier?

A worker/contributor may withdraw his/her accrued benefits under the Third Tier under the following conditions: A member who has attained the retirement age is entitled to the entire accrued benefits in the scheme in the form of a lump sum. A member who has not attained retirement age may withdraw all or part of the […]

A worker/contributor may withdraw his/her accrued benefits under the Third Tier under the following conditions:

  1. A member who has attained the retirement age is entitled to the entire accrued benefits in the scheme in the form of a lump sum.
  2. A member who has not attained retirement age may withdraw all or part of the member’s accrued benefits from a scheme:
  3. after ten years from the date of first contribution in the case of the Provident Fund or Personal Pension Scheme for contributors in the formal sector;
  4. after five years from the date of first contribution in the case of Personal Pension Scheme for contributors in the informal sector;
  • following certification by a medical board that the contributor is incapable of any normal gainful employment by virtue of physical or mental disability.
  1. The beneficiaries of the estate of a deceased contributor may withdraw the accrued benefits of the deceased from the scheme.

Also Read

©2022 GLICO Pensions

crossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram