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.
