GEPF

How Do I Access My Pension Funds

I will be thrilled to assist you on how to access your pension funds. The procedures consistently depend on the type of pension plan you have such as workplace pension, personal person, or government pension and other related pension plan we may have. Below are some steps which will guide you to access your pension funds.

ALSO READ: Can I check my GEPF balance online?

Steps On How To Access Pension Funds

1. Determine Your Pension Class

Workplace Pension: This is what the employer sets up a pension plan for you.
Personal Pension: This is a plan you set up privately with a provider.
State/Government Pension: Frequently based on your contributions to national insurance or social security

2. Check Your Pension Age: For most pension plans you can start to access your pension funds from the age of 55 -65 years old depending on your country and plan. You are likely to also face penalties for withdrawing early.

3. Contact Your Pension Provider: Make sure you get in contact with the financial institution managing your pension. You will likely need to provide your ID and details of your account before you can access the funds.

4. Select How You Want To Access Your Funds:

Lump Sum Payment: Either you take part of your funds or all at a go. Be conscious of tax implication
Regular Payment: Settle on monthly or quarterly payments.
Annuity: You can decide to also buy an annuity with your pension fund to get a guaranteed income for life.

5. Complete All Legal Paperwork: Most pension providers will need you to fill out forms or complete the online procedures. Take precautions about your Identification, pension account number, and if possible proof of age or retirement status.

6. Seek Financial Advice: Consider speaking with a financial service advisor to ensure you with the best decision on how and when to access your pension.

Benefits Of GEPF Funds

Below are some benefits GEPF employees enjoy

Unclaimed Benefits
Child Pension
Spouse Pension
Retirement Benefits
Resignment Benefits
Death Benefits
Funeral Benefits
Divorce Benefits

To access your pension funds all you need is to follow the steps outlined in this post and if you need more information do not hesitate to contact the GEPF directly or visit the official website HERE

Linda Nartey