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A Chakrabarti   26 June 2023

Transfer of superannuation corpus from lic ngsca scheme to nps tier-1 account ...

Hello,

I am looking for advice and references on cases for  transfer of  Superannuation Fund corpus from LIC  NGSCA scheme  to  NPS Tier-1  account.  

I  understand  that  this transfer is possible  as per  provisions  laid out by GOI  and  PFRDA  through  Circular  no PFRDA/2017/11/PD/3 (  Dt. 6th March 2017),  circular no  PFRDA/2018/48/P&D/1  (Dt. 01-Jun-2018)  and   circular  no PFRDA/2019/1/P&D/1  (Dt.  1-Jan-2019).   However, I  could  not  locate any cases of  such  transfer  of  corpus.

Let me  present my  case here :

I  have worked  in Hewlett Packard India for 21 years.  Our company provided option for contributing  to Superannuation Fund Corpus under LIC  NGSCA  scheme maintained for HP.  Contribution  was deducted from directly from salary.  I  contributed  to the scheme  till  my  exit from HP in 2020.  However I  did not withdraw the Superannuation Corpus  till I  reach 60 years. 

Apart from the  said SAF  Fund,  I  have  opened an NPS Tier-1 account and regularly contributing .

Now  that I  have attained pensionable age,  I  requested  Hewlett Packard  SAF Fund  and LIC to  transfer  my  accumulated  SAF  corpus  to my  NPS Tier-1 account  as per  aforementioned  PFRDA  circulars.

Unfortunately ,  both  LIC  and  Hewlett Packard  SAF Fund  has not  honored  my  request.  

I   have  registered my  grievance to LIC  Grievance  redressal   authority ( scz_rmcrmps@licindia.com  and   co_crmgrv@licindia.com ) on 3rd Feb 2023 ,  but  unfortunately  they did not  even  respond to my  grievance.

Please  advise  what  should  be  my  next  course of  action.

Also  let me  know  if  you  know  about  any  precedent  case  involving  transfer of  SAF  Corpus to NPS Tier-1  account  as per  provisions in abofe  mentioned  PFRDA   circulars .

Thanking  in  anticipation  of  your valued  advice,
Abhijit Chakrabarti.



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