Restoration of Commuted Pension - Thereafter second commutation permissible.

[Ramesh Inamdar]

Dear All Group Members,

I need some clarifications on above issues. Details as follows:

I was in Nationlized Bank. I took VRS under pension regulation and was
relieved on 04-051996. I commuted 1/3 rd pension on 26-12-1996.
Commuted pension will be due for restoration on 26-12-2011.

Question /Clarification:

i. Once commuted pension is restored, can I again commute the
restored pension . (i.e second time commutation)

ii. If yes, what formalities.

Group members are requested to enlighten.

Thanks

R Y Inamdar

[lajpat rai]

Sir., The answer to your queries is as under: 1. Yes. it is due w.e.f. 26/12/2011 2. Commutation is allowed subject to your medical examination by Banks approved doctors rest all other formalities for firstt time commutation and age facxtor as on the date of 2nd commucation. LAJPAT RAI THAKRAL --- On Fri, 9/9/11, Ramesh Inamdar <ryin...@gmail.com> wrote:

-- You received this message because you are subscribed to the Google Groups "bankpensioner" group. To post to this group, send an email to bankpe...@googlegroups.com. To unsubscribe from this group, send email to bankpensioner+unsub...@googlegroups.com. For more options, visit this group at http://groups.google.com/group/bankpensioner?hl=en-GB.

[Srirama Murti]

Dear Rameshji,

        the point raised by you , though it is important, has paled into insignificance nowadays. I remember having read in those hot days of bank pension agreement

accepted, an article in the Hindu, wherein its reporter Mr.Thomas has highlighted bank pensioners are lucky enough to get pension, commutation benefit. he has also stated,if my memory serves, they are eligible for secon time commutation after restoration from 15 years of original date of commutation.

   But to my dismay, no bank pensioner nor bank union leader has spoken for or against second time commutation.

 Let us hear from our senior colleagues on the matter. thank you for raising the point now.

thanks a lot,

yours sincerely,

s.s.r.murthy

canarabank svrs 2001 pension optee

cell 09391147762

---

From: Ramesh Inamdar <ryin...@gmail.com>
To: bankpe...@googlegroups.com
Sent: Fri, 9 September, 2011 11:27:04 AM

Subject: bankpensioner Restoration of Commuted Pension - Thereafter second commutation permissible.

[bass]

Dear Sir,

If you are at 75 yrs age, the 2nd commutation factor is 5.17 (taking
age as 76 as per next following birthday) Accordingly, for every 100
rupees of 2nd commutation, you will get Rs.6204/-only. (100 X 5.17 X
12)

With regards
S.M.BASHA

On Sep 9, 12:15 pm, lajpat rai <thukrallajpat2...@yahoo.co.in> wrote:
> Sir.,
> The answer to your queries is as under:
>
> 1. Yes. it is due w.e.f. 26/12/2011
> 2. Commutation is allowed subject to your medical examination by Banks approved doctors rest all other formalities for firstt time commutation and age facxtor as on the date of 2nd commucation.
> LAJPAT RAI THAKRAL
>

> --- On Fri, 9/9/11, Ramesh Inamdar <ryinam...@gmail.com> wrote:

>
> From: Ramesh Inamdar <ryinam...@gmail.com>
> Subject: bankpensioner Restoration of Commuted Pension - Thereafter second commutation permissible.
> To: bankpe...@googlegroups.com
> Date: Friday, 9 September, 2011, 11:27 AM
>
> Dear All Group Members,
>
> I need some clarifications on above issues. Details as follows:
>
> I was in Nationlized Bank. I took VRS under pension regulation and was
> relieved on 04-051996. I commuted 1/3 rd pension on 26-12-1996.
> Commuted pension will be due for restoration on 26-12-2011.
>
> Question /Clarification:
>
> i.  Once commuted pension is restored, can I again commute the
> restored pension . (i.e second time commutation)
>
> ii. If yes, what formalities.
>
> Group members are requested to enlighten.
>
> Thanks
>
> R Y Inamdar
>
> --
> You received this message because you are subscribed to the Google Groups "bankpensioner" group.
> To post to this group, send an email to bankpe...@googlegroups.com.

> To unsubscribe from this group, send email to bankpensione...@googlegroups.com.

[sureshbhat M]

Dear Sirs

     PLEASE write in this column if ANY ONE has already availed second commutation after 15 years (after first commutation). 

 

    let us get the practical knowledge from such person in the matter.

With regards

Suresh Bhat M

Canara Bank SVRS

................................................................

To unsubscribe from this group, send email to bankpensione...@googlegroups.com.

[Venkata S.Akella CFE]

Dear Mr.Basha,

My computation is due to expire during March, 2011 and my age is 61.

I took VRS as a scale-III officer on 31.1.1997.

Could you please advise me 

1) Whether I am eligible for another commutation; If so 

2)  How much I am likely to get as second commutation.

With best regards.

Murthy AVSN 

[lajpat rai]

Sir., You are entitled for second commutation w.e.f. March 2011 The commutation amount will depend upon your basic pension and age factor. L R Thakral --- On Fri, 9/9/11, Venkata S.Akella CFE <akella....@gmail.com> wrote:

[MOHANDAS RAO]

"................COMMUTATION

41. Commutation:-

(1) An employee shall be entitled to commute for a lump sum

payment of a fraction not exceeding one-third of his pension:

Provided that in respect of an employee who is governed by subregulation

(5) of regulation 3 of these regulations, the family of such

employee shall also be entitled to commute for a lump sum payment

a fraction not exceeding one-third of the pension admissible to the

employee.

 

(2) An employee shall indicate the fraction of pension which he

desires to commute and may either indicate the maximum limit of

one-third pension or such lower limit as he may desire to commute.

(3) If fraction of pension to be commuted results in fraction of rupee,

such fraction of a rupee shall be ignored for the purpose of

commutation.

(4) The lump sum payable to an applicant shall be calculated in

accordance with the Table given below:-

COMMUTATION TABLE

Commutation Value for a pension of Rs. one per annum expressed as

number of years purchase:

Age Next

Birthday

Commutation

Value

Age

Next

Birthday

Commutation

Value

17 19.28 51 12.95

18 19.20 52 12.66

19 19.11 53 12.35

20 19.01 54 12.05

21 18.91 55 11.73

22 18.81 56 11.42

23 18.70 57 11.10

24 18.59 58 10.78

25 18.47 59 10.46

26 18.34 60 10.13

27 18.21 61 09.81

28 18.07 62 09.48

29 17.93 63 09.15

30 17.78 64 08.82

31 17.62 65 08.50

32 17.46 66 08.17

33 17.29 67 07.85

34 17.11 68 07.53

39

35 16.92 69 07.22

36 16.72 70 06.91

37 16.52 71 06.60

38 16.31 72 06.30

39 16.09 73 06.01

40 15.87 74 05.72

41 15.64 75 05.44

42 15.40 76 05.17

43 15.15 77 04.90

44 14.90 78 04.65

45 14.64 79 04.40

46 14.37 80 04.17

47 14.10 81 03.94

48 13.82 82 03.72

49 13.54 83 03.52

50 13.25 84 03.32

85 03.13

Note:

(1) The Table above indicates the commuted value of pension

expressed as number of year’s purchase with reference to the age of

the pensioner as on his next birthday. The commuted value in the

case of an employee retiring at the age of fifty eight years is 10.46

years’ purchase and, therefore, if he commutes rupees one hundred

from his pension within one year of retirement, the lump sum

amount payable to him works out to Rs. 100 x 10.46 x 12 = Rs. 12,552.

(2) An employee who had commuted the admissible portion of

pension is entitled to have the commuted portion of the pension

restored after the expiry of a period of fifteen years from the date of

commutation.

(3) An applicant who is authorised a superannuation pension,

voluntary retirement pension, premature retirement pension,

compulsory retirement pension, invalid pension or compassionate

allowance shall be eligible to commute a fraction of his pension

under these regulations.

(4) In the case of a pensioner eligible for superannuation pension or

pension on voluntary retirement or premature retirement pension, no

medical examination shall be necessary, if the application for

commutation is made within one year from the date of retirement.

However, if such a pensioner applies for commutation of pension

after one year from the date of his retirement, the same will be

permitted subject to medical examination.

Explanation :- An applicant who -

(i) retires on invalid pension under regulation 30 of these regulations,

or

(ii) is in receipt of compassionate allowance under regulation 31 of

these regulations; or

(iii) is compulsorily retired by the Bank and is eligible for compulsory

retirement pension under regulation 33.

shall be eligible to commute a fraction of his pension subject to the

limit specified in sub-regulation (1) after he has been declared fit by

a medical officer approved by the Bank.

(5) The commutation of pension shall become absolute in the case of

an employee -

(a) retiring on superannuation or voluntary retirement who submits

an application for commutation of pension before the date of

retirement, on the date following the date of retirement; Provided

that the employee governed by sub-regulation (3) of regulation 29

shall not apply for commutation of a part of his pension before the

expiry of the notice of three months and the commutation of pension

shall become absolute only on the expiry of the period of notice

referred to in sub-regulation (1) of regulation 29;

(Extracts from the Pension Regulations - Copied and forwarded by K. MOHANDAS RAO, SBM-SVRS 2001)

[Veeraswamiv]

Sir
Long back when I enquired from Ucobank retirees association, iwas told bank retirees dontnhave this facility. I am aware there is general rule in government of pensioners. 

Veeraswami. V

Sent from my iPad

[bass]

Dear Sir,

1) U are eligible for 2nd time commutation subject to medical fitness.
2) U have retired on 31.1.1997. As such, U are eligible for
commutation, 2nd time, after 15 years from the date of retirement i.e.
31.1.2012. After this date, what is your next birthday and by that
time what will your age ?

Let us assume, by that time your age may be 62. The commutation
factor for 62 yrs age is 9.48. And the commutation for each hundred
will be Rs.
11376/- (100 x 9.48 x 12)

If you are from SBI, the commutation factor may be different

With regards
S.M.BASHA
On Sep 9, 3:19 pm, "Venkata S.Akella CFE" <akella.venk...@gmail.com>
wrote:

> Dear Mr.Basha,
>
> My computation is due to expire during March, 2011 and my age is 61.
> I took VRS as a scale-III officer on 31.1.1997.
>
> C
ould you please advise me
>
> 1) Whether I am eligible for another commutation; If so
> 2)  How much I am likely to get as second commutation.
>
> With best regards.
>
> Murthy AVSN
>

[MOHANDAS RAO]

Dear Friends,

I reproduce hereunder a posting available elsewhere regarding second
time commutation for Defence Pensioners, which may be of interest for
discussion in this forum:

Thursday, 2 September 2010
COMMUTATION OF PENSION FOR SECOND TIME AFTER RESTORATION OF EARLIER COMMUTATION
ALL THE VETERAN BROTHERS ARE REQUESTED GO THROUGH THE HAND BOOK ON
PENSIONS WHERE IT IS CLEARLY STATED THAT THE PENSION CAN BE COMMUTED
MORE THAN ONCE PROVIDED THE TOTAL COMMUTATION PORTION DOES NOT EXCEED
50% OF THE PENSION.

THE EXTRACT OF THE SAID HAND BOOK IS REPRODUCED BELOW

COMMUTATION OF PENSION (PAGE 13 OF HAND BOOK)
14. Following are the salient aspects of the Commutation of pension: -
(a) Personnel can commute a portion of their service pension not
exceeding 50% of their
pension. Relief with pension is not commutable.
(b) Pension may be commuted at any time after retirement/ release/
Invalidment. It can
also be commuted more than once provided the overall commuted pension
is within the
maximum limits of 50%.
(c) Individuals who apply for commutation of pension within one year
of date of discharge
are exempted from civil medical examination and the medical
certificate issued at the time of
release medical examination is accepted by the Pension Sanctioning Authority.
(d) Age of pensioner for commutation purpose is taken as the age he
will attain on the next
birthday following the date on which the commutation becomes absulute.
Commutation
table is attached as Appendix-‘B’.
Note 1: The individual is paid residual pension after the commutation.
However, he is
entitled for DR on full Basic Pension (including the commuted amount).
Note 2: Commuted portion of pension will be restored by Pension
Disbursing Office (PDO) on
completion of 15 years from the date of actual commuted value of
pension paid/deduction of commuted
portion of pension. PDOs are to restore the commuted portion of
pension automatically in terms of
PCDA(P) circular No 28/GI/C/4/Vol-IX/Tech dated 13 Jun 2002. However,
it is prudent on the part of
the pensioner to remind his PDO in writing to restore the commuted
value of pension. A format of
application for restoration of commuted portion of pension after 15
years is attached as Appendix-‘C’.

The required application is attached at right side of this page.

SUGGESTION: IT IS REQUESTED THAT ONLY THOSE EX-SERVICEMEN WHO ARE
REALLY IN NEED OF MONEY MAY APPLY FOR THIS SECOND COMMUTATION AS 50%
OF YOUR PENSION IS REDUCED FOR ANOTHER 15 YEARS AFTER YOU GET THIS
LUMP-SUM AMOUNT.THE LATEST COMMUTATION TABLE DRASTICALLY REDUCED THE
PURCHASE VALUE OF COMMUTATION.THE EARLIER COMMUTATION TABLE WHICH WAS
BASED ON 4.75% IN 1971 INTEREST RATE IS NOW REVISED TO AROUND 8%.
Posted by Ex-Sgt.P.Vigneshwar Raju at 9/02/2010 01:50:00 PM

K. MOHANDAS RAO, SBM-SVRS 2001

[Prasad C N]

Dear friends,

Please read the regulation again.  One can commute maximum of 1/3rd of Basic Pension.  It does not say how many times you can commute.  Which means, you can commute in parts and there is no limitation on such parts.  One need not wait for completion of 15 years from the commutation of first part.  But, if you commute 1/3rd of Basic pension, pensioner is not entitled to commute again.

I have gone through the Pension Regulation again and there is no clause which allows commutation, again after 15 years.  If any of you can get me the clause which allows commutation, I am very much thankful to you.  

 

Thanks, a Million.

With regards,
Prasad C N

---

From: Srirama Murti <ssrm...@yahoo.com>
To: bankpe...@googlegroups.com; bankvrs google <ban...@googlegroups.com>
Sent: Friday, 9 September 2011 3:13 PM
Subject: Re: bankpensioner Restoration of Commuted Pension - Thereafter second commutation permissible.

To unsubscribe from this group, send email to bankpensione...@googlegroups.com.

[bass]

Dear Sir,

Pl verify the extract of pension posted by you. In the last one
suggestion was given, wherein the word second commutation was
mentioned. Means there is a 2nd commutation.

More than that if you verify the commutation table, you will get the
answer. The table was given upto 85 years age, taking the maximum life
of an individual as 100 years (85+15). So one can commute upto the
age of 85, as per my understanding.

With regards
S.M.BASHA


On Sep 9, 7:15 pm, MOHANDAS RAO <mohandasr...@gmail.com> wrote:
> Dear Friends,
>
> I reprodouce hereunder a posting available elsewhere regarding second

[bass]

Dear Sir,

Commutation Table provides factors upto the age of 85. It means
retirees can commute the eligible pension upto the age of 85. Only
thing is, one can commute subject to his maximum eligibility i.e.33%
or 50%, any number of times, till the age of 85. Pension regulations
are self explanatory.

With regards
S.M.BASHA

On Sep 9, 7:22 pm, Prasad C N <cn_prasa...@yahoo.com> wrote:
> Dear friends,
>
> Please read the regulation again.  One can commute maximum of 1/3rd of Basic Pension.  It does not say how many times you can commute.  Which means, you can commute in parts and there is no limitation on such parts.  One need not wait for completion of 15 years from the commutation of first part.  But, if you commute 1/3rd of Basic pension, pensioner is not entitled to commute again.
>
> I have gone through the Pension Regulation again and there is no clause which allows commutation, again after 15 years.  If any of you can get me the clause which allows commutation, I am very much thankful to you.  
>  
> Thanks, a Million.
>
> With regards,
> Prasad C N
>
> ________________________________

> From: Srirama Murti <ssrmu...@yahoo.com>

> To: bankpe...@googlegroups.com; bankvrs google <ban...@googlegroups.com>
> Sent: Friday, 9 September 2011 3:13 PM
> Subject: Re: bankpensioner Restoration of Commuted Pension - Thereafter second commutation permissible.
>
> Dear Rameshji,
>         the point raised by you , though it is important, has paled into insignificance nowadays. I remember having read in those hot days of bank pension agreement
> accepted, an article in the Hindu, wherein its reporter Mr.Thomas has highlighted bank pensioners are lucky enough to get pension, commutation benefit. he has also stated,if my memory serves, they are eligible for secon time commutation after restoration from 15 years of original date of commutation.
>    But to my dismay, no bank pensioner nor bank union leader has spoken for or against second time commutation.
>  Let us hear from our senior colleagues on the matter. thank you for raising the point now.
> thanks a lot,
> yours sincerely,
> s.s.r.murthy
> canarabank svrs 2001 pension optee
> cell 09391147762
>
> ________________________________

>  From: Ramesh Inamdar <ryinam...@gmail.com>

> To: bankpe...@googlegroups.com
> Sent: Fri, 9 September, 2011 11:27:04 AM
> Subject: bankpensioner Restoration of Commuted Pension - Thereafter second commutation permissible.
>
> Dear All Group Members,
>
> I need some clarifications on above issues. Details as follows:
>
> I was in Nationlized Bank. I took VRS under pension regulation and was
> relieved on 04-051996. I commuted 1/3 rd pension on 26-12-1996.
> Commuted pension will be due for restoration on 26-12-2011.
>
> Question /Clarification:
>
> i.  Once commuted pension is restored, can I again commute the
> restored pension . (i.e second time commutation)
>
> ii. If yes, what formalities.
>
> Group members are requested to
>  enlighten.
>
> Thanks
>
> R Y Inamdar
>
> --
> You received this message because you are subscribed to the Google Groups "bankpensioner" group.
> To post to this group, send an email to bankpe...@googlegroups.com.

> To unsubscribe from this group, send email to bankpensione...@googlegroups.com.

> For more options, visit this group athttp://groups.google.com/group/bankpensioner?hl=en-GB.

[MOHANDAS RAO]

Dear Friends,

 

The lifespan of an individual was less earlier. People retiring on attaining the age of superannuation seldom lived up to the age of restoration of commutation (say 73 to 75). During my service in SBM, I came across many senior pensioners boasting themselves that they have already restored commutation and are still strong and healthy. It is not a surprise now.

 

For bankers pension is a new thing. For young pensioners of SVRS group, a thought for a provision in 'renewal' of commutation is natural as their date of restoration of commutation is fast approaching ( somewhere during March 2016).

 

But the fact is, as per the banks' pension regulations, one can commute maximum 30% of pension. No provision is there for a 'renewal' of the facility for a second time.

 

If commutation is taken within one year of  retirement, medical examination is not needed. But the facility of commutation may be obtained anytime during the life-span; one can take balance of commutation (subject to maximum of 30%) for the second time, but the commutation factor (and thereby the commutation amount, as well as its 'purchase value' due to inflation) will go on diminishing as age advances. The chances of second commutation for the balance is common for SVRS people having a favourable court order regarding addition of notional service of 5 years, with specific mention about arrears by means of commutation. If updation happen or percentage of commutation take an upward revision by an amendment to the regulation takes place, then a second commutation for the 'balance' (and not as a 'renewal') will arise.

 

K. MOHANDAS RAO, SBM-SVRS 2001

 

 

[MOHANDAS RAO]

Dear Friends,

 

The maximum amount one can commute is 1/3rd of basic pension or 33.33% for the time being in banks.  Sorry for the mistake.

 

K. MOHANDAS RAO

[ABROA Unit: SBT]

Dear Sirs

This question has not come up so far for anyone's consideration although there are several pensioners whose commuted portion of pension has  been restored after completion of 15 years since commutation. The Pension Regulations does not stipulate the number of times commutation is possible. A pensioner can commute pension more than once provided he has not crossed 85 years of age.

Viswanathan P A 

Associate Banks' Retired Officers' Association Unit: State Bank of Travancore

[ravi jain]

sir,

in addition to it  i may add  commutatation can be done within time limit after retirement. so far i feel it is 1 year perhaps.

be happy

ravi jain

[bass]

Dear Sir,

Commutation can be done within one year from the date of retirement,
without medical examination. With medical examination, can be commuted
till the age of 85 years.

With regards.
S.M.BASHA

On Sep 10, 9:12 am, ravi jain <ravijain...@gmail.com> wrote:
> sir,
> in addition to it  i may add  commutatation can be done within time limit
> after retirement. so far i feel it is 1 year perhaps.
> be happy
> ravi jain
>

[bass]

Dear Sir,

1) The issue of periodical updation of Basic pay for pensioners, with
every wage revision, is pending with SC. 2) The earlier demand for
increase of the percentage of commutation from 33% to 50% was not
considered in 9th bipartite. The demand has been placed for the next
settlement due on 1.11.2012. 3) Since inception of pension facility
from 1995-96, there are pensioners whose commutation is going to
expire shortly, and SVRS 2001 batch in bulk, during 2016, are all
eligible for restoration of commuted portion of their basic pay.

So, chances are likely in the coming days with the above 3 options, to
go for commutation (for the difference) once again subject to medical
examination and before reaching the age of 85 yrs.

With regards
S.M.BASHA

On Sep 10, 5:52 am, MOHANDAS RAO <mohandasr...@gmail.com> wrote:
> Dear Friends,
>

> The lifespan of an individual was less earlier. People retiring on attaining
> the age of superannuation seldom lived up to the age of restoration of
> commutation (say 73 to 75). During my service in SBM, I came across many
> senior pensioners boasting themselves that they have already restored
> commutation and are still strong and healthy. It is not a surprise now.
>
> For bankers pension is a new thing. For young pensioners of SVRS group, a
> thought for a provision in 'renewal' of commutation is natural as their date
> of restoration of commutation is fast approaching ( somewhere during March
> 2016).
>

> *But the fact is, as per the banks' pension regulations, one can commute

> maximum 30% of pension. No provision is there for a 'renewal' of the

> facility for a second time.*

>
> If commutation is taken within one year of  retirement, medical examination
> is not needed. But the facility of commutation may be obtained anytime
> during the life-span; one can take balance of commutation (subject to
> maximum of 30%) for the second time, but the commutation factor (and thereby
> the commutation amount, as well as its 'purchase value' due to inflation)
> will go on diminishing as age advances. The chances of second commutation
> for the balance is common for SVRS people having a favourable court order
> regarding addition of notional service of 5 years, with specific mention
> about arrears by means of commutation. If updation happen or percentage of
> commutation take an upward revision by an amendment to the regulation takes
> place, then a second commutation for the 'balance' (and not as a 'renewal')
> will arise.
>
> K. MOHANDAS RAO, SBM-SVRS 2001
>

> ...
>
> read more »

[Venkata S.Akella CFE]

Thanks a lot, Mr.Mohan.

Regards.

Murthy 

[Venkata S.Akella CFE]

Dear Mr.Basha,

Tons of thanks for your very prompt and kind information as well as guidance.

With very best regards.

Murthy AVSN

On Fri, Sep 9, 2011 at 7:08 PM, bass <basha...@rediffmail.com> wrote:

[lakshmanan shankarnaraynan]

Dear Friends,

 

The maximum amt one can commute is 1/3 of pension and the pension so commuted is restored after 15 years. I don't think that a second commutation is allowed. I have also not come across the central/state Govts allowing commutation for the second time.

 

S.Lakshmanan (IB-VRS2001)

From: Prasad C N <cn_pr...@yahoo.com>
To: "bankpe...@googlegroups.com" <bankpe...@googlegroups.com>; bankvrs google <ban...@googlegroups.com>
Sent: Friday, September 9, 2011 7:52 PM
Subject: bankpensioner Bankpensioner Restoration of Commuted Pension - Thereafter second commutation permissible.

Dear friends,

Please read the regulation again.  One can commute maximum of 1/3rd of Basic Pension.  It does not say how many times you can commute.  Which means, you can commute in parts and there is no limitation on such parts.  One need not wait for completion of 15 years from the commutation of first part.  But, if you commute 1/3rd of Basic pension, pensioner is not entitled to commute again.

I have gone through the Pension Regulation again and there is no clause which allows commutation, again after 15 years.  If any of you can get me the clause which allows commutation, I am very much thankful to you.  

 

Thanks, a Million.

With regards,
Prasad C N

From: Srirama Murti <ssrm...@yahoo.com>
To: bankpe...@googlegroups.com; bankvrs google <ban...@googlegroups.com>
Sent: Friday, 9 September 2011 3:13 PM
Subject: Re: bankpensioner Restoration of Commuted Pension - Thereafter second commutation permissible.

Dear Rameshji,

        the point raised by you , though it is important, has paled into insignificance nowadays. I remember having read in those hot days of bank pension agreement

accepted, an article in the Hindu, wherein its reporter Mr.Thomas has highlighted bank pensioners are lucky enough to get pension, commutation benefit. he has also stated,if my memory serves, they are eligible for secon time commutation after restoration from 15 years of original date of commutation.

   But to my dismay, no bank pensioner nor bank union leader has spoken for or against second time commutation.

 Let us hear from our senior colleagues on the matter. thank you for raising the point now.

thanks a lot,

yours sincerely,

s.s.r.murthy

canarabank svrs 2001 pension optee

cell 09391147762

[bhaskara sarma]

Dear sir,
As per the system prevailing in A.P,one can commute again after 15
years the pension is restored .---p bhaskara sarma

[Heramba Dongre]

Dear Sir,

 

 

Very shortly I will also join the elite retiree club.  In this connection

I would like to know what will be my eligible pension  entitlement

My present Basic is Rs 23300/ and another stagnation increament is

due in the month of November.  Any body from the group please let me know

what will be the pension and  apporximate commutation amount

My age is I have entered 60 years

 

Regards and Thanks

 

Heramb Dongre   

---

From: bass <basha...@rediffmail.com>
To: bankpensioner <bankpe...@googlegroups.com>
Sent: Sat, 10 September, 2011 1:09:20 AM
Subject: bankpensioner Re: Bankpensioner Restoration of Commuted Pension - Thereafter second commutation permissible.

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[hiri kl]

I had raised the issue of second commutation longback and somebody replied that it is a dream. Now people are throwing light on the eligibility which is a good sign, I retired on 1.12.96 under pension scheme and opted for commutation which is being restored on 2.12.2011. I retired as chief manager from  State Bank of   Mysore
 It is really helpful if second commutation is permitted albeit with medical report.  Thanks to all   by K.L.HIriyannaiah

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[MOHANDAS RAO]

Dear Sri Dongre,

 

Please also provide your date of joining, due date for retirement, date of birth. Your basic Rs.23,300, O.K. But what about other allowances like PQA, FPA etc and the amount ranking for PF? We have to take the average of  basic plus allowances ranking for PF for 10 months immediately before retirement to arrive at your basic pension. Then only commutation amount can be calculated.

 

K. MOHANDAS RAO, SBM SVRS 2001.

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[bass]

Dear Mr.Dongre,

Let us assume that your 10 months average basic (with the stagnation
increment) prior to your retirement date is 24000. Then you will be
eligible for a basic pension of 12000 (50% of 24000). Out of this you
can commute 1/3rd means 4000.

For 4000 commutation at the age of 60, you will get lumpsum
commutation of 470880 as follows. (the factor being taken at your next
birthday age i.e.61 yrs)
4000 x 9.81 x 12 = 470880

Monthly pension:
Basic = 12000 - 4000 = 8000. DA @ 0.15%on 12000 = 18 per slab. Present
DA slabs are 360, but after 1 year i.e.by the time of your retirement
most probably 450 slabs. So the likely DA will be 450 x 18 = 8100.
Total pension = 8000 + 8100 = 16100 (after commutation)

With advance welcome.

With regards
S.M.BASHA

On Sep 10, 3:45 am, Heramba Dongre <d.hera...@yahoo.com> wrote:
> Dear Sir,
>
> Very shortly I will also join the elite retiree club.  In this connection
> I would like to know what will be my eligible pension  entitlement
> My present Basic is Rs 23300/ and another stagnation increament is

> due in the month of November.  Any body from the group please let me knowti

> what will be the pension and  apporximate commutation amount
> My age is I have entered 60 years
>
> Regards and Thanks
>
> Heramb Dongre   
>
> ________________________________

> From: bass <basha_4...@rediffmail.com>

> >bankpensione...@googlegroups.com.

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[Heramba Dongre]

Dear  Basha  Thanks for the information and thanks for welcome

 

 

Regards

Dongre

---

From: bass <basha...@rediffmail.com>
To: bankpensioner <bankpe...@googlegroups.com>
Sent: Sat, 10 September, 2011 3:09:32 PM
Subject: Re: bankpensioner Re: Bankpensioner Restoration of Commuted Pension - Thereafter second commutation permissible.

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[Jayakrishnan]

1) The issue of periodical updation of Basic pay for pensioners, with every wage revision, is pending with SC.

Dear Mr. Basha, By writing the above, do you mean Mr. Pradeep Kumar's case? -Jayakrishnan SBM SVRS 2001 ========== A diamond is just another piece of coal that did well under pressure!!! --- On Sat, 9/10/11, bass <basha...@rediffmail.com> wrote:

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> > For more > > ... > > read more »

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[bass]

Dear sir,

Yes Sir. You are correct.

With regards
S.M.BASHA

On Sep 10, 4:26 pm, Jayakrishnan <jayakrish2...@yahoo.com> wrote:
> 1) The issue of periodical updation of Basic pay for pensioners, with
> every wage revision, is pending with SC.
>

>s Dear Mr. Basha,

>
> By writing the above, do you mean Mr. Pradeep Kumar's case?
>
> -Jayakrishnan
> SBM SVRS 2001
> ==========
> A diamond is just another piece of coal that did well under pressure!!!
>

> --- On Sat, 9/10/11, bass <basha_4...@rediffmail.com> wrote:

> ...
>
> read more »

[ashok goel]

no, second time commutation is not in rules.

thanks

ashok goel

On Fri, Sep 9, 2011 at 11:27 AM, Ramesh Inamdar <ryin...@gmail.com> wrote:

Dear All Group Members,

I need some clarifications on above issues. Details as follows:

I was in Nationlized Bank. I took VRS under pension regulation and was
relieved on 04-051996. I commuted 1/3 rd pension on 26-12-1996.
Commuted pension will be due for restoration on 26-12-2011.

Question /Clarification:

i.  Once commuted pension is restored, can I again commute the
restored pension . (i.e second time commutation)

ii. If yes, what formalities.

Group members are requested to enlighten.

Thanks

R Y Inamdar

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[lajpatrai jain]

thank you for information   L.R.JAIN 9818627411 UCO BANK VRS --- On Fri, 9/9/11, MOHANDAS RAO <mohand...@gmail.com> wrote: