Mismanagement of Pension funds bythe Banks – where is accountability?

[Srinivasa Murti Devulapalli]

My Dear Friends,

Re:  Mismanagement of Pension funds by the Banks – where is accountability?

 

Referring to the above, Please refer to my following communication dated JANUARY 14, 2020 in this regard followed by the letter dated 29 08 2020 addressed to THE CHIEF EXECUTIVE, IBA BY ALL KERALA BANK RETIREES FOURM on the above subject.

This assumes lot of importance in the wake of ongoing BP negotiations:  

 

The contents are self-explicit.

With greetings and Regards,
I remain – Yours,
“|| यतो धर्मस्ततो जयः ||” IS THE ULTIMATE......  
I remain – Yours,
 దేవులపల్లి శ్రీనివాస మూర్తి  
DEVULAPALLI SRINIVASA MURTI
devulapa...@gmail.com Ramavarappadu (PO)
VIJAYAWADA 521108
 AUGUST 31, 2020
 9989318300

 

 

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QUOTE:

 

 

Srinivasa Murti Devulapalli <devulapa...@gmail.com>

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RE: EMBEZZLEMENT OF FUNDS IN THE PENSION CORPUS OF BANK EMPLOYEES 1 message

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Srinivasa Murti Devulapalli <devulapa...@gmail.com>

14 January 2020 at 16:37

TO: All my friends on mailing list Devulapalli Srinivasa Murti VIJAYAWADA, AP, India 14 JAN 2020 —      My Dear Friends, RE: EMBEZZLEMENT OF FUNDS IN THE PENSION CORPUS OF BANK EMPLOYEES REFERRING TO THE ABOVE,  YOU MIGHT BE QUITE AWARE THAT I FILED A SERIES OF COMPLAINTS / GRIEVANCES WITH THE HON’BLE SUPREME COURT OF INDIA ENUNCIATING THE ACTS OF MISDEEDS ON THE PART OF VARIOUS BANK MANAGEMENTS / TRUST BOARDS IN THE PENSION CORPUS FUNDS OF BANK EMPLOYEES / RETIREES.    YOUR KIND REFERENCE IS INVITED TO MY RECENT COMMUNICATION FOR MORE DETAILS IN THIS BEHALF: https://drive.google.com/file/d/1xWCQCH1BIeSvKuSBeubMgrI2g5BxdrlV/view?usp=sharing  IT WAS INDEED A STRANGE COINCIDENCE THAT MY ABOVE COMPLAINTS REACHED THE SUPREME COURT REGISTRY AT A TIME WHEN  OFFICERS DRAWN FROM THE CENTRAL BUREAU OF INVESTIGATION (CBI ) WERE OVER SEEING THE DAY-TO-DAY FUNCTIONING THE OFFICE OF THE REGISTRAR AT THE SUPREME COURT -  OWING TO CERTAIN  SERIOUS MALPRACTICES  HAVING BEEN NOTICED IN THE REGISTRY'S DAY-TO-DAY FUNCTIONING AT THAT POINT OF TIME.   THANKS TO SRI RANJAN GOGAI, THE THEN CHIEF JUSTICE OF INDIA ,  FOR HIS LORDHIP’S  BOLD STEP WHO CAUSED TO INDUCT THE OFFICIALS  DRAWN FROM  CBI FOR INVESTIGATION  OF THE SUPREME COURT REGISTRY, ON DAY-TO-DAY BASIS TO ENSURE TRANSPARENCY IN THE ADMINISTRATION OF JUDICIARY. https://drive.google.com/file/d/12cJ-gt1q_kOkGt94UxY5AR3iQqezwn7R/view?usp=sharing (IN FACT, ONE OF MY ABOVE COMPLAINTS WERE ALSO RECEIVED BY THE HON’BLE SUPREME COURT REGISTRY AS FORWARDED BY THE OFFICE OF THE HON’BLE  VICE PRESIDENT OF INDIA.) THOUGH MY ABOVE GRIEVANCES WERE NOT  ADMITTED FOR PIL ON TECHNICAL GROUNDS,  THE MATTER REACHED THE NOTICE OF ALL THE AUTHORITIES CONCERNED AS TO THE STRONG PRIMA-FACIE EVIDENCES AS EVIDENTLY AVAILABLE IN MY ABOVE COMPLAINT/S. MORE THAN MY ABOVE EFFORTS, THE COMMITTED LEGAL ACTION INITIATED BY OUR LEARNED SENIOR COMRADE - VIZ: SRI M S SIDHU OF OBC ARE INDEED COMMENDABLE.  MY HEARTY GREETINGS AND REGARDS TO SRI SIDHU GARU FOR HIS ENDEVOURS IN THIS REGARD - A TORCH-BEARER.  IN THE ABOVE BACK DROP,  IT 'S  NOW RELIABLY LEARNT THAT INVESTIGATIONS BY CBI HAS ALREADY BEEN INITIATED  IN ABOUT 8 TO 10 BANKS IN THIS REGARD. LET US HOPE THAT ALL THE CULPRITS WOULD BE BROUGHT TO BOOK SOON. IT’S A VERY GOOD DEVELOPMENT IN THE INTEREST OF THE FRATERNITY OF BANK RETIREES.  https://www.youtube.com/watch?v=6GFnTDb4Ew8&t=30s   https://www.youtube.com/watch?v=Cmdl9V7Yl98&t=21s   With Greetings on the eve of Makara Sankranthi and Pongal, మీ ఇంటిల్లిపాదికీ సంక్రాంతి శుభాకాంక్షలతో ....  I remain – Yours, “|| यतो धर्मस्ततो जयः ||” IS THE ULTIMATE......   I remain – Yours,  దేవులపల్లి శ్రీనివాస మూర్తి   DEVULAPALLI SRINIVASA MURTI devulapa...@gmail.com Ramavarappadu (PO) VIJAYAWADA 521108  JANUARY 14, 2020 0866-2953298 / 9989318300 --------------------------------------------------------------------------------------------------------------------------

 

ALL KERALA BANK RETIREES FORUM

(AKBRF)

TC 42/2009, Befi Centre, Mele Thampanoor, Thiruvananthapuram 695001

Camp: BEFI Office, C I T U Bhavan, Kollam 691013  email : ak...@gmail.com

President                                                       General Secretary                                                                 Treasurer

Suresh N                                                             Suresh M                                                                                John D

9447477984                                                   9447768157                                                                     9447021159

                                                                                                                                                        Kollam

The Chief Executive,                                                                                                                    29.08.2020

Indian Banks Association,

World Trade Centre Complex

Mumbai 400005

 

Dear Sir,

            Sub:- Revision of Pension and Family Pension in Banking Industry.

                      Our letter dated 18/11/2019

 

      Our Organisation had occasion to write to you here before, urging, inter alia,  updation of Pension, and enhancement of family pension of retired bank men,  which remains static ever  since  introduction of pension scheme in Banking Industry 27 years back,  except perhaps,  for  employees of RBI and NABARD. Four Bipartite Settlements on wage revision including service conditions passed by, and the 5^th namely, 11^th Bipartite Settlement is nearing finality for which MOU has been signed between Indian Banks Association and all organizations of employees and officers except one, on 22 July 2020. Worryingly, demands of ex-employees do not figure in any of the lines therein. 

      Our last representation on 18^th November 2019 carried  detailed  statistics  collected by us from member banks of IBA including State Bank of India and Reserve Bank of India for the years 2016-17 and 2017-18, relating to  Pension Fund,  such as number of pensioners including family pensioners, balance outstanding in pension corpus account, total pension disbursed, interest earned by the corpus fund, remittance to the pension fund including  10% of the Basic Pay of the remaining employees covered under pension regulation as also statutory provision by  banks after actuarial calculation of the account after auditing of balance sheets, each  year, as stipulated  under pension regulation and the number of employees as well as officers to be retired in the next 5 years.

      The speaking empirical data furnished to us by the member banks themselves and an objective analysis thereof  signifies in  unmistakable terms that the available pension corpus is sufficient and more  for revision of pension and family pension,  as evidenced from  RBI and NABARD. Notably, the pension regulations implemented in commercial banks in 1993 was identical to that of RBI, introduced in 1990. True, retired employees are laymen, but nothing prevents the custodians of data from undertaking an assessment, as offered on 25.05.2015 in the Record Note. 

      It is history that IBA had agreed on 25.05.2015 to have an actuarial study conducted soon, so as to ascertain the status and adequacy of pension corpus for implementing the demands raised by pensioners as well as UFBU. This is put in black and white in the Record Note annexed to Tenth Bipartite Settlement.  We hope and trust, you will keep up your promise without further loss of time, since most of prospective beneficiaries are in their late 70s and 80s, or more. 

The 2.4lakhs crores rupees of outstanding Pension Fund Balance as on 31/03/2018 will remain idle in the event of non revision of pension, as the industry is not having more covered employees to retire under this pension scheme.

This is evident from the figures afforded to us by the banks under the specific head, 'Future Retirement'. 

In this connection we may be permitted to point out the following also.

1. Section 7 (a) has not been implement by the following banks among 13 public sector banks, who have provided all the details during the 2 years, 2016-17 and 2017-18. They have not remitted any amount to the pension fund especially, 10% of the Basic pay of salary in respect of employees who have opted pension.  No Provision for the purpose is seen made in the Balance sheet.

1.       Andra Bank

2.       Bank of India

3.       Corporation Bank

4.       Uco Bank

5.       Union Bank of India

6.       Central Bank of India

 

2.                   The audit report in respect of U CO Bank Employees Pension Account for the years 2016-17 and 2017-18 reveals that the Employees Provident balance in respect of Pension Optees and such amount in respect of new optees during second option during 2010 are kept under Sundry Debtors Account and not even the interest transferred to Pension account, so far. 

We quote from the relevant paragraph of the Audit report for the year 2017-18, as under :-   

Quote 

 “(04) (b)   In terms of the present scheme of providing Retirement benefits the “UCO Bank employees Provident Fund” was required – to transfer the accumulated balance relatable to the Bank’s contribution and interest accrued thereon (up to the date of transfer) in respect of employees option for the Pension Regulations (at the first instance on introduction of Pension 

 

Regulation & thereafter again on being given a second opportunity to opt for the pension Regulations) – to the  UCO Bank (Employees) Pension Fund.

The amount pending transfer from UCO Bank Employees Provident Fund in favour of the UCO Bank (Employees) Pension Fund as on 31.03.2018 appears under Sundry Debtors. Pending recovery of such dues – interest @ 8.75% (For April 2017 to March 2018) has been calculated on the outstanding amount & credited as income in Revenue A/c” 

Unquote.

 

The Relevant para of the Audit report for  the year 2016-17:

Quote 

“……...The amount pending transfer from UCO Bank Employees Provident Fund in favour of the UCO Bank (Employees) Pension Fund as on 31.03.2017 appears under Sundry Debtors.  Pending recovery of such dues – interest @9.00% (for April 16 to Sept 16) & 8.75% (for Oct 16 to March 17) has been calculated on the outstanding account and credited as income in Revenue A/c."  

Unquote.

 

 

This is an alarming situation. We are not in a position to verify the situation of other banks. 

We request IBA to arrange to investigate the Pension Fund of member banks, immediately. 

 

3.                   In one of our earlier letters, we have pointed out that more than 1,01,000 employees and         officers from Public Sector Banks opted the Voluntary Retirement Scheme (VRS) during 2001.

One of the prime attractions to the scheme was that they would get pension from the very next month that is from 01/04/2001, without considering Superannuation age of 60.

Liability of pension to such retirees up to the superannuation age, should have met by respective banks as part of the VRS scheme. But it was met from out of the pension fund itself.

The pension fund was drained in two ways. 

a.                   Pension paid up to the age of Superannuation.

b.                   10% of Basic Pay as Per Pension Regulation 7 (a) up to the age of Superannuation of the VRS           optees.

As a matter of fact, this burden should have been shouldered by the respective bank itself as this was an incentive for getting more workers to accept the offer of the Bank /Government. 

That erosion of fund in this regard should have been made good to the pension fund.

      Further, we most humbly submit that pension revision is part and parcel of any wage revision. It is indispensable.  Our understanding is that such a clause is not specifically entered in Central/ State Civil Pension Rules too. Moreover, there is no restrictive clause in our Pension regulation to that effect. 

Nowhere is it on record that this pension regulation is for all times to come without any revision, till the end of the world. 

      Although there are many shortcomings noticed in handling Pension Fund by the member banks from the very inception of the pension scheme, as  explained elsewhere, the present Pension Fund is very, very robust and comfortable,  and as such, we,  the  senior citizens of our country make this fervent appeal to you to look in to the matter and arrange to revise Pension and Family pension of bank employees,  along with  11^th Bipartite Settlement, and oblige. 

Yours faithfully,

M.Suresh

General Secretary.

9447768157

 

UNQUOTE: 

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d s murti

[Prasad C N]

Dear Shri Srinivasa Murthy,

We have been repeatedly informing that the balances in Pension Fund account has no relevance to our Updation.  Errors in accounting does not amount to increase/decrease in liability of Banks.  If UCO Bank has not transferred monies from PF account, they need to make lesser provision for PF account and higher provision for Pension account.  I reiterate, Pension Fund is not ours and present balance in Pension Fund, in no way facilitate/affects pension updation.  Any additional payment, over and above what is provided in Pension Regulations, requires additional provision by the Bank to the debit of P&L Account.  

Wrong understanding and communication does not make a wrong a 'right'.  I again reiterate, if Banks are making provision and transferring amounts to Pension Fund,  if there is surplus amounts to understatement of profits or overstatements of expenditure/loss, which is a Criminal offence.  Most of the Banks are making provisions, year on year and if such claims of surplus is correct, why no one is prosecuted, so far for understatement of profits or overstatements of expenditure/loss.

We shall stop misguiding innocent pensioners, by raising hopes based on inaccurate understanding.  With these kind of presentations,  we may become laughing stock.  

To conclude, I have one simple question or doubt.  If there is surplus, as claimed by intellectuals, why Special Allowance is not reckoned for calculation of 'Pension'.   

Thanks, a Million. 

With regards,

Prasad C N

[JSOMA SHEKARA]

"Pension Fund is not ours and present balance in Pension Fund, in no way facilitate/affects pension updation.  Any additional payment, over and above what is provided in Pension Regulations, requires additional provision by the Bank to the debit of P&L Account."   This is absolutely correct and clarified many times by Sri.C.N.Prasad.

This rule applies to RBI and Nabard also where the type of Pension Fund is the same as ours. Then how did they get pension updation? How managements of RBI and Nabard recommended pension Updation? So they can afford Updation costs.

IBA says Updation cost is huge but do not want to disclose costs. Banks pension Cells can calculate Updationcost within a maximum of 2-3 days. Then why Unions are not demanding IBA to come out with actual updation cost so that discussions can move further?

Either our unions are reduced to such pathetic state that they cannot even obtain cost details from IBA as BEFI itself disclosed that in spite of repeated demand IBA did not share cost details.

Or Major friendly Unions  are intentionally colluding with IBA to hide updation cost to avoid discussions.

It is not the question of whether Pension funds are sufficient or misused. There is a total lack of willingness on the part of AIBOC and AIBEA to take up the updation issue. CHV has not even obtained a piece of paper from IBA regarding updation cost, but on youtube and other forums he will go on claiming that there are no funds for updation.

When DFS has given them power to negotiate retirees demands they have to insist IBA to produce cost details. Discuss how to find a source, recommend a proposal to DFS. AIBOC and AIBEA want to retain posts to have control over thousands of crores and live like emperors. Why will they sacrifice such luxury by defending retirees demnands. If any union raises updation demand seriously these two unions will kick them out of negotiations.

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[Ramarao Velagapudi]

I admired your bold and blunt write up, Murty garu

Rama Rao

SBI Pensioner

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[mamillapalli venkateswarlu]

Who said that DFS has given power to UFBU to represent retirees also in BPS/Joint Note? If that was so, IBA will not dare enough to say that they have No Mandate of Banks to talk to retirees or UFBU on retirees behalf.

RBI retirees got pension updation

because RBI working employees observed strike demanding pension updation. Here in banks, it is entirely a different picture with UFBU leaders

M.Venkateswarlu

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAM%3DeiW1205pWyq1xfVXY%2BH8pv7EkGG0%2BRaJVwk%3DShmTUYGu6oQ%40mail.gmail.com.

[Parvatam Veera Bhadra Swamy]

Yes, what Shri Somsekhara ji said is perfectly true and correct position of the retirees pension updation issue.

When majority unions are silent and despite DFS guidelines to discuss pension updation of Bank retirees, they are not even put a word so far whe 90 days time is fast approaching?

How our this long pending demand will be achieved?

If this is the attitude of AIBEA and AIBOC, no hopes of getting justice to retirees issues.

PVB Swamy

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAM%3DeiW1205pWyq1xfVXY%2BH8pv7EkGG0%2BRaJVwk%3DShmTUYGu6oQ%40mail.gmail.com.

[JSOMA SHEKARA]

Ensuring proper management of Pension funds or correcting irregularities in judiciary is beyond scope and capacity of Bank pensioners. Debating on it is just a waste of time. We have already plenty of problems pending to be resolved.

1. Pension Updation

2. SC verdict Dated13.02.2018 has not been implemented properly in many banks. Already this issue is forgotten by AIBRF and AIBPARC.

3. DA as per Reg.37

4. Pension on Special allowance.

We have to appreciate the fact that  because of judiciary only Bank pensioners have got many benefits. List is long. We lost 100% DA case not because of irregularities in Judiciary but because of wrong presentation of case and sabotage by vested interests and rivalry of Unions.

We should present  strong demand for Updation and it is for Banks to find  sources. We do not even know the cost of updation so we cannot debate whether Pension funds are sufficient or not.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAE2nyreQTjAmPrh6JJ9w5%3DFoczRdiT8qLEb4jr2ACxmV6fdz3Q%40mail.gmail.com.

[mamillapalli venkateswarlu]

Dear J Soma Sekhar garu,

I am enthusiastic to know of 100% DA case in Supreme Court,., what points we have wrongly presented Or core points which we have not presented. This is for knowledge purpose only.

M.Venkateswarlu

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAM%3DeiW0DW-JLNBK07oKre0yuh644CV6w%3Dvuzgs8ckJOF2sFsMw%40mail.gmail.com.

[Sadashiv Kamath]

What is the progress in respect of case of DA relief under regulation 37?

Sadashiv M S

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAM%3DeiW0DW-JLNBK07oKre0yuh644CV6w%3Dvuzgs8ckJOF2sFsMw%40mail.gmail.com.

[Srinivasa Murti Devulapalli]

My Dear Friends,

FIGURES SPEAK BY THEMSELVES

Details of calculations as compiled by All Kerala Bank Retirees Forum (AKBRF) vide their letter dated 18 11 2019  for revision of Pension and Family Pension (as referred in their  above communication ) is annexed in the following link :

https://drive.google.com/file/d/1Cu96Jq7asjmrjegwBf18EtJqz55rksQ_/view?usp=sharing

The contents are self-explicit.

With greetings and Regards,

I remain – Yours,
“|| यतो धर्मस्ततो जयः ||” IS THE ULTIMATE......  
I remain – Yours,
 దేవులపల్లి శ్రీనివాస మూర్తి  
DEVULAPALLI SRINIVASA MURTI
devulapa...@gmail.com Ramavarappadu (PO)

VIJAYAWADA 521108
 SEPT. 02, 2020
 9989318300

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAK_UXChstC0xx0yubGOr0khkHPUXqLkZPF-ts8LHjuyU3dQ0TQ%40mail.gmail.com.

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d s murti

[Srinivasa Murti Devulapalli]

My Dear Friends,

FIGURES SPEAK BY THEMSELVES

Details of calculations as compiled by All Kerala Bank Retirees Forum (AKBRF) vide their letter dated 18 11 2019  for revision of Pension and Family Pension (as referred in their  above communication ) is annexed in the following link :

https://drive.google.com/file/d/1Cu96Jq7asjmrjegwBf18EtJqz55rksQ_/view?usp=sharing

The contents are self-explicit.

With greetings and Regards,

I remain – Yours,
“|| यतो धर्मस्ततो जयः ||” IS THE ULTIMATE......  
I remain – Yours,
 దేవులపల్లి శ్రీనివాస మూర్తి  
DEVULAPALLI SRINIVASA MURTI
devulapa...@gmail.com Ramavarappadu (PO)

VIJAYAWADA 521108
 SEPT. 02, 2020
 9989318300

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAM%3DeiW0DW-JLNBK07oKre0yuh644CV6w%3Dvuzgs8ckJOF2sFsMw%40mail.gmail.com.

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d s murti

[Prasad C N]

Dear Shri Murtiji,

We have been observing your comments and participation.  We appreciate your efforts.  Having said that, I personally request you not to forward such information, which is incorrect or far away from truth.

I request you to kindly help me in finding answers to the questions, I have in this regard :

a. From out of funds, pension is being paid.  What about pension liabilities of employees who are still in service ?  Whether Pension Fund Balance include their monies, also ?

b. Why Banks are making provisions and transferring to Pension Fund, if there is surplus ?

c. This organisation is an organisation supported by BEFI.  If there is surplus, why BEFI kept quite last five years with regard to payment of pension of Special Allowance, if its own fraternal organisation claims that there is surplus ?

d.  Who is wrong ?  Is it BEFI or this Organisation ?  Either of them must be wrong.

e.  Authors of this letter does not even do not know how to read figures.  Please go through the article provided in the link and please go through what is stated.  I am also attaching relevant pages from Annual Report of SBI.  Please read both the articles together.  Then you will understand the understanding of Pension Funds by this organisation.

The link is : https://numericaconsulting.com/blog/actuarial-gain-or-loss-as-15-report/

I am also attaching another presentation regarding AS 15.  Please go through and enlighten us how far this information provided by this organisation is correct.   

It is unfortunate that many of us are indulging in misguiding Bank retirees/pensioners.  We are at fault, if we say that there is surplus and updation is possible, without any further contribution.  We raise hopes and compel them to blame everybody else.  Goebbel's theory at work.  All these organisations must be honest in informing what is the correct position.  We can only misguide them for a short period of time.  We should also remember, truth has zero maintenance and how long pregnancy could be hidden.  We shall all join together and help our friends to understand what is the correct position. 

Thanks, a Million. 

With regards,

Prasad C N

[Prasad C N]

Dear Sir,

Unfortunately, personal hearings are not taking place and full fledged functioning of Courts are also affected by COVID - 19.  Our only request, please wait and have patience 

Thanks, a Million. 

With regards,

Prasad C N

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/1771892086.1303576.1599061341557%40mail.yahoo.com.

[mohan p]

Dear Friends,

                         Sri.C.N.Prasadji, in his reply on explaining in detail on position on pension fund and it's statutory obligations to past pensioners as well as to serving employees opted under pension scheme, has attached a statement on pension fund prepared by  Sri.S.K.Mishra,of Allahabad Bank,

which is self explanatory.

                        The same chart on Pension Funds position in Banks as on 31.03.2018 and further explanations in a crystal clear manner establish the fact that bank's pension fund is not having any surplus to meet our Pension Updation. 

                      Claim on surplus  in  pension fund is made by AIBPARC in their letters to FM and IBA etc.

While posting their such letters under this blog, earlier,  I have pointed out that their claim is not correct and pension fund may not have surplus fund to meet pension updation. 

       

                           Now the chart reveals that there is a short fall of Rs.4179.14 crores as on date of statement , even for payment of pension and additional requirement of funds for future.

                              Any way it is ideal not to make any unnecessary  claim as  "surplus fund" 

theory in our eagerness to  see our major demands get resolved.Even the  leaders of our Apex Organisations  are making such claims which is not true.

          

                                   As we always, discuss here if there is a cost for updation of pension , an actuarial valuation has to be done and a way out to build up pension fund should be ascertained by IBA and  organisations in a time bound schedule.

                        

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/2094800591.1311909.1599065597713%40mail.yahoo.com.

[Sridhar Mandyam]

If I am correct when I retired as a pensioner, only banks contribution was withheld and was added to pension fund. MaY be it was about 6 lakhs which is my contribution to pension fund. Now I am getting over 20 thousand as pension. Can someone enlighten me how banks are paying? 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/1601996370.1436133.1599110819382%40mail.yahoo.com.

[Balasubramanian Sakthivelu]

We honestly salute for your efforts in threadbare and reported the malpractices & misutilisation of our pension funds . We have serviced in Banks most honestly and believed the managements as our GOD fathers without any scope of doubt in our mind . Such a trust have been slowly eradicated by the union & association people  colied with IBA & Govt. 

Your untiredly efforts will come to the light of the Almighty and the DAY of our success will come very soon. My humble and sincere wishes to you on behalf of our retired veterans & wish every one for success. 

We have been diprieved of our life dreams

and legitimate  comforts.. The cheaters have to face the situation and answer.

Lovingly yours

S.Balasubramanian

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[kgach...@gmail.com]

From 6 lakhs  bankalso paid commutation . .Now the remaining balance is only your  contribution.

[Prasad C N]

Dear friend,

Even without payment of Commutation, if pension paid is Rs.240000/-, how long an amount of Rs.6.00 lakh would servive monthly payment of Rs.20,000/- ?  

Thanks, a Million. 

With regards,

Prasad C N

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[Amar kumar De]

Dear Prasad CNJi,

I am regularly following your article on Bank Retirees Pension and obviously coming the question of Pension Updation. I hope you are not against Updating of Pension but while following your letter on pension and pension updation I feel the essence of not updating our pension. We have been deprived of--------!

1.100% Dearness Relief,

2. Pension from the date of retirement,

3. Forced to pay 156% of PF at the time of 2nd option.

Now, considering the above, I request your goodself to offer your considered view whether the above three loss is rectifiable or Updation is possible.

Thanks a million,

With regards,

Amar Kumar De

PNB vrs 2000

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[JSOMA SHEKARA]

If we calculate the total amount of pension and arrears received by us since 2001 it is many times more than what we would have earned as interest if Rs.6 Lakhs was deposited as FD. Still we are getting pension every month. So why should we worry about pension funds now.

Now our real concern should be updation and fate of pensioners of those banks that are going to be privatized shortly. In Immediate future 4 banks are going to be privatized.  Whether pension schemes will be improved by new owners of banks are further dilluted?

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[Sridhar Mandyam]

So what we are getting as pension is much more than what we would have got if same is invested in FD. then where is the question of mismanagement?

So there is no link between the funds available in bank's pension fund and our pension. If I am right, it is like my Bank has lakhs of crores of deposit. But I can withdraw only the balance in my account.

mandyam sridhar

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[mohan p]

Dear Sri Sridhar Mandyam,

                                                        Yes you are right. We are receiving pension as a statutory obligation as per Pension Regulations and not as a return on investment.It is also not a fixed defined benefit plan,where as it varies from time to time on increase in half yearly DA payable.

                                                         A simple example  will reveal and explain the fact that we are getting pension not based on theory of investment and return .If Bank contribute to the tune of Rs 6 lakhs or so towards Pension Fund,on behalf of an employee, naturally if the above theory is applied, pensioner may not draw pension @  Rs 25000 per month,or more,now. It is also going on increasing based on increased average CPI periodically.

                                                         There are various factors which determine the regular monthly pension payments,till one survive and later to spouse at lower rate under defined benefit pension scheme.When we buy annuity from LIC it is a long term term contract and we get a fixed sum at regular intervals.In case of Pension Fund, you may understand the structure,if you reverse the way LIC  products are structured. Actuaries are playing a role in this process to assess and advise trustees of pension fund on appropriate investment strategies on utility of fund.

                                                          Certainly,nothing is more beneficial than a defined benefit pension scheme.

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[Sridhar Mandyam]

So mismanagement of pension fund, whether true or not, is not related to our getting pension, updation or 100% DA. If we were to get pension based on balance in pension fund, it will be much less than what I am getting 

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[Prasad C N]

Dear Sri Sridharji,

Fully agree with your.  We are entitled to pension in terms of Pension Regulations, but not based on the balance.  In aggregate, interest earned is less than pension outgo, already.  Earlier, interest was more than the pension payment, because balance in pension fund includes accumulated amount towards pension (including commutation) of those who are still in service and are not in receipt of pension.  Now, only 25% of employees are covered by 1995 regulations and in two to three years, most of them are going to retiree.  Immediately thereafter, there would not be 10% contribution, but payment of pension commences.  Thereafter, balance in the pension fund gets reduced and becomes zero upon death of last pensioner/family pensioner.  It is just like EMI in Housing Loan.  Interest is more initially and balance becomes zero at the end of the term.   

Thanks, a Million. 

With regards,

Prasad C N

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[Satyanarayana Rao]

We should thank and remember the architect of pension scheme Comrade Tharakeshawar chakrabarti the then General secretary of Aibea a great visionary for achieving pension for all bank employees in 1993 

against severe opposition and misinformation campaigne of by several other unions. To day all pensioners are getting something though the waiting is there for updation of pension scheme of 1993.Thanks to Aibea leadership for their vision and forsighted thinking in taking care of it's members not only while in service and  but also after  retirement. 

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