REFUND 1.3 times the entire amount YOU RECEIVED TO GET THE BENEFIT OF PENSION !! Appears to be very Generous !!!!
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RETIRED
LIC CLASS I OFFICERS’
ASSOCIATION – CHENNAI
(Affiliated
to Federation of Retd. Class I Officers’ Associations)
Ecircular
24 04-2019
Friends,
Option
for Joining the pension Fund
The
Gazette Notification regarding the renewed offer being given,
to opt for Pension, has been issued by the Govt. The same
is being copied here for your information.
The
main thing as far as those Retired and not opted for Pension,
intending to now opt for it (Even those dead, where Family
Pension has to be opted for) , is that they must :
1.Exercise
option in writing within 120 days from the Notified Date
to become member of the Fund;
2.
Refund within 60 days , after the expiry of the said period of
120 days, 1.3 times the entire amount of the Corporation's
Contribution to the PF including interest accrued, paid to the
Retired employee at the time of Retirement/ family of the
Deceased employee at the time of settlement of PF account.
These
are clearly stated in the Notification which is being copied,
and the concerned persons who may choose now, to opt for
Pension, would do well to go through the Notification carefully
for full implications, before taking their decision to join in.
Here then is the English version of the Gazette Notification dt
23rd April 2019:
MINISTRY
OF FINANCE
(Department
of Financial Services)
NOTIFICATION
New
Delhi, the 23rd April, 2019
G.S.R.
324(E).—In exercise of the powers conferred by section 48 of
the Life Insurance Corporation Act, 1956 (31 of 1956), the
Central Government hereby makes the following rules further to
amend the Life Insurance Corporation of India (Employees)
Pension Rules, 1995, namely:-
1.
Short title and commencement.—
(1) These rules may be called the
Life Insurance Corporation of India (Employees) Pension
(Amendment) Rules, 2019.
(2)
They shall come into force on the date of their publication in
the Official Gazette.
2.
In the Life Insurance Corporation of India (Employees) Pension
Rules, 1995, hereinafter referred to as the said rules, in rule
3, after sub-rule (9), the following sub-rules shall be
inserted, namely:-
“(10)
were in the service of the Corporation during anytime on or
before the 28th day of June, 1995 and are in service on the
notified date —
(a)
exercise an option in writing within a period of ninety days
from the notified date to become member of the Fund; and
(b)
authorise the trustees of the Provident Fund in writing, within
a period of ninety days from the notified date, to transfer the
entire contribution of the Corporation to their Provident Fund
along with the interest accrued thereon to the credit of the
Fund constituted for the purpose under rule 5; and
(c)
contribute 3.7 times of pay as on 1st March, 2019 within ninety
days after the expiry of the said period of ninety days
specified in clause (b); or
Explanation: For
the purpose of this sub-rule, “notified date” shall mean
the date of publication of the Life Insurance Corporation of
India (Employees) Pension (Amendment) Rules, 2019;
(11)
were in the service of the Corporation during anytime on or
before the 28th day of June, 1995 and had retired on or before
the notified date —
(a)
exercise an option in writing within one hundred and twenty
days from the notified date to become a member of the Fund; and
(b)
refund within sixty days after the expiry of the said period of
one hundred and twenty days specified in clause (a), 1.3 times
of the entire amount of the Corporation’s contribution to the
Provident Fund including interest accrued thereon paid to them
at the time of retirement;
Explanation: For
the purpose of this sub-rule, “notified date” shall mean
the date of publication of the Life Insurance Corporation of
India (Employees) Pension (Amendment) Rules, 2019;
4
THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(12)
were in the service of the Corporation during anytime on or
before the 28th day of June, 1995 and had died while in service
on or before the notified date or had retired but died before
the notified date in which case their family shall be entitled
to the family pension under these rules, if the family of the
deceased,—
(a)
exercises an option in writing within one hundred and twenty
days from the notified date to become member of the Fund; and
(b)
refund within sixty days after the expiry of the said period of
one hundred and twenty days specified in clause (a) above, 1.3
times of the entire amount of the Corporation’s contribution
to the Provident Fund including interest accrued thereon paid
to the retired employee at the time of retirement / family of
the deceased employee at the time of settlement of Provident
Fund account.
Explanation: For
the purpose of this sub-rule, “notified date” shall mean
the date of publication of the Life Insurance Corporation of
India (Employees) Pension (Amendment) Rules, 2019.”.
3.
In the said rules, in rule 7, after clause (h), the following
clause shall be inserted, namely:—
“(i)
(a) additional contribution made by employees in accordance
with the provisions contained in clause(c) of sub-rule(10) of
rule 3 of these rules; and
(b)
contribution made by retired employees or family members of the
deceased or retired but deceased employees under the provision
of clause (b) of sub-rule (11) and clause (b) of sub-rule (12)
of rule 3 of these rules.”.
4.
In the said rules, in rule 34, after sub-rule (2), the
following sub-clause shall be inserted, namely:—
“(3)
Employees who were in the services of the Corporation on or
before 28th day of June, 1995 and had retired on or before the
notified date or the family of the deceased employee who was in
the services of the Corporation on or before 28th day of June,
1995 and had died while in service on or before the notified
date or had retired but died before the notified date and opts
to be governed by this amendment rule shall be eligible for
pension with effect from the notified date.”.
Explanation: For
the purpose of this sub-rule, “notified date” shall mean
the date of publication of the Life Insurance Corporation of
India (Employees) Pension (Amendment) Rules, 2019.
5.
In the notes of Rule 41, after sub-clause (g), the following
sub-clause shall be inserted, namely:-
(h)
in respect of an employee, under sub-rule (11) of rule 3, who
opts to be governed by the Life Insurance corporation of India
(Employees) Pension (Amendment) Rules, 2019, commutation shall
become absolute on the date on which the application for
commutation is received by the Competent Authority or the date
of the medical certificate given by a medical officer approved
by the Corporation, whichever is later.”.
[F.
No. S-11012/01/2019-Ins.I]
LALIT
KUMAR, Economic Advisor
Note:
The principal rules were published vide G.S.R. No 525(E) dated
the 28th June, 1995 and subsequently amended by the following
notifications:-
(i)
G.S.R. No. 265(E), dated 03.07.1996;
(ii)
G.S.R. No. 225(E), dated 22.04.1997;
(iii)
G.S.R. No. 349(E), dated 14.05.1999;
(iv)
G.S.R. No. 804(E), dated 06.12.1999;
(v)
G.S.R. No. 553(E), dated 22.06.2000;
(vi)
G.S.R. No. 590(E), dated 13.08.2001;
(vii)
G.S.R. No. 830(E), dated 08.10.2010, and
(viii)
G.S.R. No. 282(E), dated 26.03.2018.
With
Greetings
V.R Krishnan Secretary
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G.S.R.
324(E).—In exercise of the powers conferred by section 48 of
the Life Insurance Corporation Act, 1956 (31 of 1956), the
Central Government hereby makes the following rules further to
amend the Life Insurance Corporation of India (Employees)
Pension Rules, 1995, namely:-
1.
Short title and commencement.—
(1) These rules may be called the
Life Insurance Corporation of India (Employees) Pension
(Amendment) Rules, 2019.
(2)
They shall come into force on the date of their publication in
the Official Gazette.
2.
In the Life Insurance Corporation of India (Employees) Pension
Rules, 1995, hereinafter referred to as the said rules, in rule
3, after sub-rule (9), the following sub-rules shall be
inserted, namely:-
“(10)
were in the service of the Corporation during anytime on or
before the 28th day of June, 1995 and are in service on the
notified date —
(a)
exercise an option in writing within a period of ninety days
from the notified date to become member of the Fund; and
(b)
authorise the trustees of the Provident Fund in writing, within
a period of ninety days from the notified date, to transfer the
entire contribution of the Corporation to their Provident Fund
along with the interest accrued thereon to the credit of the
Fund constituted for the purpose under rule 5; and
(c)
contribute 3.7 times of pay as on 1st March, 2019 within ninety
days after the expiry of the said period of ninety days
specified in clause (b); or
Explanation: For
the purpose of this sub-rule, “notified date” shall mean
the date of publication of the Life Insurance Corporation of
India (Employees) Pension (Amendment) Rules, 2019;
(11)
were in the service of the Corporation during anytime on or
before the 28th day of June, 1995 and had retired on or before
the notified date —
(a)
exercise an option in writing within one hundred and twenty
days from the notified date to become a member of the Fund; and
(b)
refund within sixty days after the expiry of the said period of
one hundred and twenty days specified in clause (a), 1.3 times
of the entire amount of the Corporation’s contribution to the
Provident Fund including interest accrued thereon paid to them
at the time of retirement;
Explanation: For
the purpose of this sub-rule, “notified date” shall mean
the date of publication of the Life Insurance Corporation of
India (Employees) Pension (Amendment) Rules, 2019;
4
THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(12)
were in the service of the Corporation during anytime on or
before the 28th day of June, 1995 and had died while in service
on or before the notified date or had retired but died before
the notified date in which case their family shall be entitled
to the family pension under these rules, if the family of the
deceased,—
(a)
exercises an option in writing within one hundred and twenty
days from the notified date to become member of the Fund; and
(b)
refund within sixty days after the expiry of the said period of
one hundred and twenty days specified in clause (a) above, 1.3
times of the entire amount of the Corporation’s contribution
to the Provident Fund including interest accrued thereon paid
to the retired employee at the time of retirement / family of
the deceased employee at the time of settlement of Provident
Fund account.
Explanation: For
the purpose of this sub-rule, “notified date” shall mean
the date of publication of the Life Insurance Corporation of
India (Employees) Pension (Amendment) Rules, 2019.”.
3.
In the said rules, in rule 7, after clause (h), the following
clause shall be inserted, namely:—
“(i)
(a) additional contribution made by employees in accordance
with the provisions contained in clause(c) of sub-rule(10) of
rule 3 of these rules; and
(b)
contribution made by retired employees or family members of the
deceased or retired but deceased employees under the provision
of clause (b) of sub-rule (11) and clause (b) of sub-rule (12)
of rule 3 of these rules.”.
4.
In the said rules, in rule 34, after sub-rule (2), the
following sub-clause shall be inserted, namely:—
“(3)
Employees who were in the services of the Corporation on or
before 28th day of June, 1995 and had retired on or before the
notified date or the family of the deceased employee who was in
the services of the Corporation on or before 28th day of June,
1995 and had died while in service on or before the notified
date or had retired but died before the notified date and opts
to be governed by this amendment rule shall be eligible for
pension with effect from the notified date.”.
Explanation: For
the purpose of this sub-rule, “notified date” shall mean
the date of publication of the Life Insurance Corporation of
India (Employees) Pension (Amendment) Rules, 2019.
5.
In the notes of Rule 41, after sub-clause (g), the following
sub-clause shall be inserted, namely:-
(h)
in respect of an employee, under sub-rule (11) of rule 3, who
opts to be governed by the Life Insurance corporation of India
(Employees) Pension (Amendment) Rules, 2019, commutation shall
become absolute on the date on which the application for
commutation is received by the Competent Authority or the date
of the medical certificate given by a medical officer approved
by the Corporation, whichever is later.”.
[F.
No. S-11012/01/2019-Ins.I]
LALIT
KUMAR, Economic Advisor
Note:
The principal rules were published vide G.S.R. No 525(E) dated
the 28th June, 1995 and subsequently amended by the following
notifications:-
(i)
G.S.R. No. 265(E), dated 03.07.1996;
(ii)
G.S.R. No. 225(E), dated 22.04.1997;
(iii)
G.S.R. No. 349(E), dated 14.05.1999;
(iv)
G.S.R. No. 804(E), dated 06.12.1999;
(v)
G.S.R. No. 553(E), dated 22.06.2000;
(vi)
G.S.R. No. 590(E), dated 13.08.2001;
(vii)
G.S.R. No. 830(E), dated 08.10.2010, and
(viii)
G.S.R. No. 282(E), dated 26.03.2018.
With
Greetings
V.R Krishnan Secretary
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