sub: commutation of Pension second time whether permissible?

[Srirama Murti]

Recently I received a phone call from one Bank Retiree Mr.Prabhakar .He told me his pension is restored (  1/3 of commutation}

after 15 years.he asked me to clarify whether he is eligible now to commute for second time.

I told him to the best of my knowledge, no such thing as our Unions and senior colleagues are silent on the subject.

Further I added " in the year 1995 or before that ,if my memory serves,in the national newspaper 'the Hindu' ,their

Reporter one Mr.Thomas, while discussing the subject Pension, he categorically stated Pensioners are eligible

for second time commutation". that's all I could tell Shri Prabhakar.

in which sectors, it is applicable not known.

--S.S.R.Murthy

ex-Canbank

mobile: +919391147762

[JSOMA SHEKARA]

I think Second Commutation is not permitted. However whenever  Basic Pension increases banks must allow difference of commutation if we had opted for full 1/3 pension at the time of retirement. But IBA/Banks  never followed any rules. When Basic Pension increased from 01.05.2005 due to restoration of 50% Basic Pension commutation was not allowed. But in 2009 commutation was permitted when Basic Pension was increased after SC allowed  5 years benefit for SVRS retirees because SC ordered recalculation of pension from Date of retirement. Now it is reported that SC had ordered recalculation of Pension due to sanction of arrears from 01.11.2002. Commutation also may be allowed. But how far it is useful now after 17 years of retirement.

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