PFRDA

What are the differences between Pension fund and Provident fund ?

Public Comments

1. Pension funds vs Provident funds: http://www.blonnet.com/iw/2001/12/16/stories/0716g055.htm "The main difference between a pension and provident fund is the following: * Under a pension fund at least two-thirds of the final benefit must be paid as a pension for the rest of the pensioner's life. A maximum of one-third of the final benefit may be taken as cash. * Under a provident fund, the full amount of the benefit available at retirement may be taken as a lump sum cash payment, irrespective of whether the benefit is calculated on a defined benefit or a defined contribution basis." http://www.pension.co.za/prod_employee_difference.asp