Can pension account be transferred to another person?

Ans:(a) Pensioner can transfer his/ her pension account from one Branch to another Branch of the same Bank within the same centre or at a different centre; All Central Government Pensioners and those State Governments which have accepted such arrangement can open Joint Account with their spouses.

What is the procedure to transfer pension after death?

Write to the Pension Disbursing Authority (PDA) i.e, the pension paying bank intimating them of the demise of the pensioner, asking them to discontinue the pension of the pensioner and commence payment of the family pension of the spouse / NoK / Heir, enclose an ink signed death certificate and copy of the original PPO …

Does family members get pension after death?

Family Pension is granted to the family of a Govt. servant in the event of his death while in service and also after retirement provided he was on the date of death in receipt of a pension or compassionate allowance. Widow or widower, upto the date of death or re-marriage, whichever is earlier.

Are parents eligible for family pension?

(i) Family pension to the parents shall be payable if the parents were wholly dependent on the Government servant and the deceased Government servant is not survived by a widow or an eligible child.

What are my options if I inherit a pension from my parents?

Payment options for children who inherit a pension from a parent depend upon the plan options originally selected by the parent. If your parent was retired but died before the required beginning date, then you have the option of receiving your payments over five years or less.

What happens if a parent elects a 20-year pension option?

For example, if a parent elected a 20-year period certain pension option and passed away after 10 years from the date the pension started paying, his beneficiaries would be entitled to split the monthly payment for the next 10 years. It will be important to find out what election was made by your parent prior to the payment start date.

Can a non-spouse be a beneficiary of a pension?

It depends on the plan options originally selected by the member, as well as your relationship to that member. Typically, pension plans allow for only the member—or the member and their surviving spouse—to receive benefit payments. However, in limited instances, some may allow for a non-spouse beneficiary, such as a child.

Can a beneficiary receive pension plan benefits when the member is deceased?

Can a Beneficiary Receive Pension Plan Benefits When the Member Is Deceased? It depends on the plan options originally selected by the member, as well as your relationship to that member. Typically, pension plans allow for only the member—or the member and their surviving spouse—to receive benefit payments.