LIC’s super annuation scheme

POSTED BY sachin uppal ON April 12, 2013 2:07 pm COMMENTS (2)

Hi 

 

My company has been aquired by another compnay which does not have Super Annuation so Management/Trustees has decided to close the scheme. I have the following queries:

 

1. If I opt to withdraw 1/3 amount. How much tax (percentage) will be deducted?

2. when the pension will start? Will it start immediately or after the age of 58-60?

3. How pension I am going to get assuming total corpus amount is Rs1.6lacs?

4. Pension option is the best? I am given various pension options out which I feel below mentioned 2 options are good:

 

Option 1

” i)     Joint Life Pension with 100% of Annuity payable to the Spouse and Return of Corpus to the Nominee on the death of the Spouse “

 

Option 2

 

“f)      life with return of Corpus : In this , the pensioner will get the pension money till his life, & after his life, the corpus would be paid to the nominee in lump sum. Therefore in this option the pension amount is comparatively less”

 

 

5. Last but not least, do you advice me to withdraw 1/3 amount now or should I keep 100% amount in the pension fund.

 

Also, pls explain me following options in superannuation withdrawal.

1. Life pension
2. pension guaranteed for 5/10/15/20/years + life
3. Life pension with return of corpus
4. Joint life pension.
i am an young person of 35 years which option is best for me.

my Balance is 160000/-

 

Rgds

Sachin 

2 replies on this article “LIC’s super annuation scheme”

  1. sachin uppal says:

    Thanks for the advice Ashal.

  2. Dear Sachin, please check with your old co. as well as the superanuation providor, that for your age are you eligible for Pension or not. Can you redeem in full from your superannualtion fund?

    Thanks

    Ashal

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