Pension
is often the only source of livelihood for the aged. Aging is one
reality of life that we all are meant to face. If you do not want to
be dependent on anyone financially in your old age then make sure you
have a good pension amount in hand. Apart from the monthly salary
given to employees, an organization also sets aside pension funds. A
fixed amount from an employees salary regularly goes into these
funds. And this process continues for as long as you are working with
that particular firm. Once that you retiree, you will be granted with
this pension money.
People
these days tend to change jobs for various reasons. Some change it
because they want a hike in their monthly salary, while others are
bond to leave a particular company for he/she might be moving to a
new place. In cases like these the employees usually leave behind
their stored pension. You should know that your previous employer has
the right to declare the amount
as frozen pension. Provided that you have left the job, you
naturally cannot keep adding to your pension fund with that company
hence, your money is frozen.
It
certainly is not all that easy to get back your the frozen amount
because there are few rules and regulations which the every firm
follows. As they say ‘nothing is impossible’, so yes even you can
regain your money. Though it might not be easy to regain your frozen
pension,
but
there are certain ways through which you it can be made possible.
Know
that its your money which you have earned with your hard work and it
entirely belongs to you. No matter it has been frozen, you still have
ways to melt it down .
Take
a look at some solutions that will help you recover your frozen
pension-
1)
Its alright if your old firm withholds your pension amount, you can
always get your previous fund transferred into a new one. The old
pension fund will be transferred to the current fund of your new
company. In this manner you can keep making contributions and make
the most of your money.
2)
In case the amount is not too big and you feel it is not worth
dealing with so many hassles, then you can simply leave it. But this
option should be preferred only when the stored amount is small.
3)
Section 32 helps you buy out your previous pension plans. This
section is especially designed to help people who are stuck with the
issues of frozen
pension. You can go ahead and buy out your pension funds through
a reliable insurance company. Now that you once again own your
old pension fund, you can continue adding money to it.
Due
to lack to knowledge you may or may not be successful in getting your
money back. Therefore, it is ideal to take help from professionals.
Yes, there are experts who help people with cases relating to frozen
and lost pension. So, if you too have fallen prey to a similar
situation then do not hesitate in seeking professional help.
