What is Family Pension? After retirement, a pension is a means of financial support for you and your family. Today, we’ll tell you about family pension. Let’s find out what it is.
What is Family Pension? Everyone wants to ensure that they and their families don’t face any financial difficulties upon retirement. Therefore, most people arrange for a pension well in advance, so that they can live happily with their families even after retirement. In this series on pensions, today we’ll tell you about family pension. Let’s learn what family pension is and how it helps your family.
What is Family Pension?
Family pension is a pension scheme in which, if a husband dies, his pension is transferred to his wife. This is because he has nominated his wife. Under this scheme, if the husband dies after the age of 60, the wife will receive half of his pension. However, if the husband dies before the age of 60, the wife receives the full pension.
If there is no wife, who will receive the pension?
If a pensioner dies without a wife, the pension is passed on to their children. However, according to the rules, the children must be under 25 years of age. According to the EPFO, if the pensioner has two children, the pension will be divided equally between the children after their death. Furthermore, if a pensioner’s children are physically disabled, they will receive 75 percent of the pension for their entire lives.
If there are two wives, who will receive the pension?
If there is more than one wife in the family, the right to family pension will be available only to the wife whose marriage is legally valid and who has been designated as the nominee. According to government rules, the pension is paid only to the spouse who is in a valid marriage and is registered in government records.
