Now moving funds from EPF to NPS account is very easy. However, we must know about EPF and NPS first. Here, EPF is Employees’ Provident Fund. Whereas NPS is short form for National Pension System. Moreover, as per NPS subscribers can make retirement corpus. In addition, NPS members will get tax benefits.

Key points about NPS vs EPF

If you are NPS member then tax benefit is up to Rs. 1.5 lakh. However, this will be under Sector 80C. In addition, there will be tax benefit of Rs. 50,000 as per Section 80CCD(1B). All these tax benefits are as per Income Tax Department.

How to move funds from EPF to NPS account

You can easily move funds from EPF to NPS accounts. Furthermore, to move funds you must follow some procedure. You can keep reading to know more. It is better if you have idea of EPFO employer UAN login payment portal.

Process to transfer funds from EPF to NPS accounts

Step 1: activate NPS account

Firstly, you must have activate Tier 1 account with NPS. Even employer may open this account. However, for this NPS must be implemented. In fact, you may go to POP or point of presence. Here, you should access e-NPS portal. Because this will only open NPS account. You may click on following link http://npstrust.org.in/. As this will take you to official website of NPS. You must check EPF transfer and withdrawal process UAN.

Step 2: request transfer of PF

If you wish to transfer PF. Then you must request recognized Employee Provident Fund. You may even request at Superannuation Fund. However, your current employer must make this request. Because then only will EPF account balance will transfer to NPS account. Moreover, Checking EPF balance is also very easy.

Step 3: start transfer

After receiving funds transfer application. Recognised Superannuation or Provident Fund will start transfer. Therefore, PF or Superannuation account balance transfers to new NPS account. However, knowledge of UAN login EPFO member portal will be helpful.

To begin process, Nodal Office of NPS receives cheque or draft. This is applicable for Government Employees. However, other people can send cheques or drafts to POP or point of presence.

Step 4: letter to employer

Superannuation or the Provident Fund sends letter to employer. This letter states transfer of amount from EPF account to NPS Tier 1 account of employee. In addition, either POP or nodal office will update collected amount. You can know about it in NPS Tier 1 account of employee. Finally, even EPF Pensioners will get Medical Benefits from now.