T T H E E M P L O Y E E S P R O V D E N T F U N D TH HE EE EM MP PL LO OY YE EE ES SP PR RO OV VIIID DE EN NT TF FU UN ND D
AGE 55 YEARS WITHDRAWAL PURPOSE This withdrawal enables you to withdraw all your EPF savings upon attaining 55 years of age to provide financial support during your retirement period. You can withdraw your savings either in a lump sum or partially. APPLICATION ELIGIBILITY You have reached the age of 55 You still have savings balance in the EPF account Members who are eligible to apply: (i) A Malaysian Citizen; OR (ii) A Malaysian Citizen who has made Leaving the Country Withdrawal before 1 August 1995 and later opted to re-contribute to the EPF; OR (iii) A Non-Malaysian Citizen who: Has become an EPF member before 1 August 1998; OR Has obtained a Permanent Resident status (PR). TERMS OF WITHDRAWAL
Upon reaching the age of 55, you are eligible to withdraw your savings according to the following methods: (i)
A lump sum withdrawal; OR
A combination withdrawal from either one of or both of the following: Partial withdrawal; AND/OR Monthly payment withdrawal
The combination withdrawal method are as follows: (i)
Withdrawal of a partial amount of your savings and retain the balance in your EPF account
Withdrawal of a partial amount of your savings and transfer the balance for monthly payments
(iii) Withdrawal of a partial amount of your savings and transfer a partial amount for monthly payments while maintaining the balance in your EPF account; (iv) Transfer your entire savings amount for monthly payments. Members can submit the application within 6 months before the member reaches the age of 55, according to the date of birth. However, payment will be made within 5 working days after reaching the age of 55. WITHDRAWAL AMOUNT ELIGIBILTY Lump Sum Withdrawal You are eligible to withdraw all of your savings in your EPF account. If you are still working or have opted to re-contribute to the EPF after you have made your age 55 years withdrawal, the contributions/retirement benefits that you have received cannot be withdrawn within one year. However, if your contributions/retirement benefits have reached the amount of RM2,000.00 before the one year period, you are eligible to withdraw under partial withdrawal. Partial Withdrawal You may withdraw a minimum of RM2,000.00 for each withdrawal subject to the maximum withdrawal amount once in every 30 days; You are required to submit a fresh withdrawal application every time you wish to make the partial withdrawal. Monthly Payment Withdrawal You may choose monthly payments with the minimum amount of RM250.00 per month for a minimum period of 12 months. The minimum amount that can be transferred as monthly payments is RM3,000.00. You need to determine the total monthly payment amount, the amount per month, the number of months and the payment commencement month. The EPF will transfer the total withdrawn amount into a special account. Crediting will be made into your bank account every month according to the amount and number of months applied. Payments will be made on the 25th of every month. The number of months for the monthly payments do not go beyond your age of 75 years. You may cancel this withdrawal any time.
LIST OF REQUIRED DOCUMENTS MAIN DOCUMENTS 1.
KWSP 9B (AHL) Application Form Note: Members do not have to fill in the KWSP 9B (AHL) Application Form except for members who do not own MyKad, i.e. holders of Old Identification Card, Police/Military Identification Card, Passport or application submitted via mail or representatives.
Personal Identification Card a. MyKad / Military Identification Card / Permanent Resident Identification Card (MyPR) OR b. Police Identification Card AND Verification Letter from Employer stating that the Police number and Identification Card number refer to the same person (If member does not own MyKad/Police Identification Card without identification card number) OR c. Passport. If the member is not a Malaysian citizen and has become an EPF member before 1 August 1998 Note: Malaysian citizens who submit their applications from abroad and apply for payment via Foreign Bank Draft are required to submit an additional document, i.e. a copy of valid passport. Copy of identification card is not necessary if the member is a MyKad holder and Thumbprint Identification against the EPF Database or MyKad Reader is successful. Members who do not possess MyKad and/or application via mail/ via representative are still required to submit a copy of the identification document respectively.
Payment Via Direct Crediting to Member’s Bank Account Bank Passbook / Savings Account Statement OR Current Account Statement OR Verification Letter of Account Holder’s Details from Bank OR Account Holder’s Details Printed via Website OR Bank Account Holder’s Card Note: Owns an account with the panel bank appointed by EPF The bank account must still be active (The original document is not required if members are able to provide accurate information of the bank account without having to refer to the original document. The accuracy of the information is important to avoid failure of direct credit to members' accounts)
ADDITIONAL DOCUMENTS 1.
Application via mail Member’s Registration and Amendments of Member’s Particulars Application Form (KWSP 3)
If the member’s date of birth differs between Identification Card and the actual date of birth, please produce: • Birth Certificate OR Identification Card Verification Letter from the National Registration Department
If the member was a Malaysian citizen and has become an EPF member before 1 August 1998, please produce: • Letter of Renunciation of Citizenship (Form K / Form Y) OR Letter confirming surrender of Identification Card from Malaysian Embassy / High Commission of Malaysia / Malaysian Consulate in foreign country
NOTE: EPF reserves the rights to request any additional documents if required and reject any incomplete applications and do not comply to the terms and conditions. WITHDRAWAL CANCELLATION Withdrawal Cancellation Before Reaching Age 55 If you have submitted your application within the 6 months before your date of birth, you may cancel your withdrawal application and opt for a different withdrawal method. Cancellation After Receiving The Monthly Payments If you have opted for monthly payments withdrawal and you have already started receiving the payments, you may cancel your withdrawal at any time. Your cancellation will cause the available balance in the special account to be transferred back to your Main Account. Subsequently, you may opt to make full withdrawal or partial withdrawal or to restructure all monthly payments for the remaining balance in your EPF account. For cancellation purposes, you are required to complete the Withdrawal Cancellation Form (WDW 004) and submit a new withdrawal application form to state your new withdrawal option. DIVIDEND PAYMENT Dividend payment will be based on your options as follows: (i)
If you make a lump sum withdrawal of all your savings (Main Account now has zero balance): You will be paid dividend on the withdrawal of the entire savings.
If you transfer your entire savings in the Special Account for monthly payments (Your Main Account now has zero balance): You will be paid dividend on the amount withdrawn. The monthly payments amount you receive do not include dividend. Dividend will be paid separately to you when dividend is declared in the following year.
(iii) If you withdraw part of your savings and retain the balance in your EPF account (Your Main Account still has balance): Dividend is not paid to the partially withdrawn amount. The declared dividend in the following year will be credited into your Main Account.
(iv) If you make partial withdrawal and transfer a partial amount in your Special Account for monthly payments (Your Main Account has zero balance): The partial withdrawal made does not include dividend. The monthly payments receive do not include dividend. Dividend is declared in the following year and will be credited into your Main Account. ATTENTION AND NOTICE TO APPLICANT Advantages Of Contributing To The EPF After Reaching 55 years If you are still working even after reaching age of 55, it is still COMPULSARY to contribute to the EPF. The maximum period to contribute is until the age of 75. The contribution rate is 50% of the statutory rate before the age of 55. However, you can elect to contribute more than the statutory rate. Dividend will only be paid to your savings until you reach age 75. However, you can elect to contribute more than the statutory rate. Dividend will be paid on your savings amount until you reach age 75. After the age of 75, you are only eligible to apply for Lump Sum withdrawal.
Nomination Age 55 Years Withdrawal (all savings) made before February 2008 - the nomination made earlier is cancelled. Age 55 Years Withdrawal (part of or monthly payment) made before February 2008 - the nomination made still applies until you reach the age of 75 years. Age 55 Years Withdrawal (either all savings, part of or monthly payment) made after February 2008 - the nomination made still applies until you reach the age of 75 years.
Government Staff Who Have Opted For Pensionable Employee Scheme You are advised to ensure that the refund of government share has been made to the Public Service Department before making the Age 55 Years Withdrawal application. This is to avoid difficulties in gratuity and pension payments. Your savings may also include the government share which has not been deducted for refund to the Retirement Fund (Incorporated) or. The government share will only be deducted when the EPF receives a written instruction Kumpulan Wang Amanah Pencen (KWAP), KWAP from the Pension Division, Public Service Department. You are still eligible to apply for this withdrawal upon reaching age of 55, however, the government share that is paid to you will be recovered by the government from your gratuity and pension (if not sufficient) when you retire.
Incorrect or False Declaration or Furnishing False Documents If the applicant provides incorrect or false declaration or furnishes false documents, the applicant is considered as has committed an offence and shall, on conviction, be liable to imprisonment for a term not exceeding three years or to a fine not exceeding RM10,000.00 or to both [Section 59, EPF Act 1991 (Amendment) 2007]. MODES OF PAYMENT (i)
Payment in Malaysia All withdrawal payments will be credited directly into your account subject to the following: a. You have an account with a panel bank appointed by EPF; AND b. Your account is still active; AND c. Your identification number matches with the bank’s record AND d. Payment is made in Ringgit Malaysia (RM) However, if the payment cannot be credited into member’s bank account due to causes such as bank account is not active or your identification number does not match with the bank’s record, payment will be made via banker’s cheque.
Remittance of Payment to Foreign Countries Payment is made via Foreign Bank Draft. Types of currencies are as follows: Foreign currency as per member’s choice stated in the application form subject to the currency is available in EPF’s list for the purpose of payment via Foreign Bank Draft; OR In US Dollar if the currency stated by the member in the withdrawal form is not available in EPF’s list for the purpose of payment via Foreign Bank Draft Note: EPF will make a verification with the member again if the type of currency chosen in the application form is not available in the allowed list or before changing the type of currency to US Dollar.
MODES OF SUBMISSION Submission can be made at any EPF branch either at the counter OR via mail. SUBMISSION AT THE COUNTER Please bring along ALL original documents for verification purposes by the EPF Officer. However, if the photocopied documents have been verified, please ensure the photocopies have been verified by the authorised officer by EPF, complete with signature, name, designation and official stamp. SUBMISSION BY MAIL Please ensure that ALL documents have been verified by an officer authorised by EPF, complete with signature, name, designation and an official stamp. All applications by mail must be addressed to: THE EMPLOYEES PROVIDENT FUND Locked Bag No. 220 Jalan Sultan 46720 Petaling Jaya SELANGOR ENQUIRY Should you have any enquiry or require additional information regarding this withdrawal, kindly contact: Any EPF Office nearest to you; The EPF Call Management Centre (CMC) at: 03-8922 6000 Customer Feedback: http://enquiry.kwsp.gov.my
Please quote your EPF number or your Identification Card number and the type of withdrawal that you have applied for when you contact the EPF.
You Are Our Priorit y Print Date: October 2012