Compulsory pension funds

Question ID: 27761

As-Salaamu-Alaikum Mufti,

Hope all is well.

First Question is that I am in the process of joining an I.T. company, and they have a compulsory Pension Fund which has with it something called Group life insurance. The company says it is life insurance, so can i join it? or the other alternative they say is to work as a contractor for them with no benefits.

Second question is that My current company also had a compulsory pension fund. Must i Cancel the fund and take the money from them or can i transfer the fund to the new It company.

Please advise!

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Asked on January 6, 2009 12:00 am
Private answer
Work as a contractor with no benefits. Take the money. Life insurance is not allowed.
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Answered on January 6, 2009 12:00 am