AIBEAs Pension Helpline for Retirees

"We are getting anxious queries through
letters and emails from retired employees and officers about the
implementation of the pension option settlement, the modalities thereof,
procedure for refund, how much they have to refund and how much they will be
getting as monthly pension, etc.


Implementation :-


Even though the settlement has been signed
by the unions, the Pension Regulations also needs to be amended. However,
since it will take time to comply with the procedure for such amendments,
the IBA has recommended to the Government that pending such formal
amendment, the settlement can be implemented by inviting the options, etc.


We learn that Government has considered the
IBA’s recommendation favourably and instructions are awaited by IBA from the
Government. We may also inform that there are no stay order, etc in any
court on implementation of the option for the retired employees. Once the
Government approval is received, the IBA will issue instructions.


60 days time limit :-


The 60 days time for submitting the option
would be from the date of offer in each Bank ( and not the date of
Settlement ). Circulars / Notifications will be issued by the Banks after
they receive the instructions from IBA. Only after the offer notification is
issued, the retirees have to submit their option letters in the prescribed
form.


When to refund :-


The offer of the Banks will be open for 60
days from the date of notification. The refund of PF has to be done within
30 days after completion of the 60 days time from notification. The Banks
will inform the retirees about the amount to be refunded.


How much to refund :-


The retired employees will refund the
following.


a) Actual amount of Bank’s contribution to
PF with interest thereon paid to the employee at the time of retirement (No
interest is payable on this amount after the retirement) plus


b) Additional 56% of this amount towards
share in the 30% contribution of the gap in the fund required for the
option.


What is receivable by the retired employees
:- 


a) Commutation amount. 1/3 of Basic pension
can be commuted. Commutation amount will be based on factor relating to
present age.

b) Arrears of full Basic Pension + DA is payable from 27.11.2009 till
monthly pension payment commences.

c) Thereafter 2/3 of Basic Pension will be paid as monthly pension. But DA
is payable on full Basic Pension even after commutation. DA will be revised
in February & August every year.

d) For Family Pensioners, arrears of Family Pension from 27.11.2009 will be
paid.


Period of Arrears :-


Since 60 days time will have to be given
for submitting the option letters and thereafter another 30 days time will
be given for refund of the amount, it will take minimum of 3 months from the
date of notification of offer. This means that pension payments on monthly
basis cannot in any case commence before October, 2010. Hence arrears of
pension is payable atleast for 10 months from 27.11.2009 till September,
2010.


How much to pay & how much to get :-


Many individual retirees are writing to us
asking for the calculations for amount to be refunded by them and amount of
commutation/pension arrears and monthly pension receivable by them, etc.
Hence we have developed a special software for this purpose. Retirees can
write to us the details and we shall send them the worksheet.


Please send us details & we will let you
know the worksheet :-


Retirees may send us the following
particulars by email or letter and we shall send them the worksheet which
will show the amount payable to the Bank and commutation/ pension arrears
receivable and the monthly pension.


Details to be furnished :-


1. Name

2. Bank

3. Date of Birth

4. Date of Joining

5. Date of Retirement

6. Designation at the time of retirement

7. Mode of Retirement - on Superannuation or on Special VRS

8. Basic Pay on Retirement ( last 10 months average ) Rs.

9. Spl. Pay/FPP/PQP, if any drawn at the time of retirement ( last 10 months
average ) Rs.

10. Bank’s PF contribution received at the time of Retirement Rs.

11. Address for Communication

12. e Mail address


The above details may be sent to our office
address or to our exclusive email address knowyourpension@gmail.com If
the retirees give the above details, the worksheet will be sent within 48
hours."

Published exactly as per AIBEA website.