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1 PUNJAB NATIONAL BANK PF & PENSION FUND DEPARTMENT HO: Rajendra Bhawan, Rajendra Place NEW DELHI PF & PENSION CIRCULAR NO. 1 / 2013 January 4, 2013 TEL : , , FAX : , Help Desk : ; id : pf@pnb.co.in, staffcare.pf@pnb.co.in TO ALL OFFICES PF & PENSION FUND DEPARTMENT CIRCULAR NO.1/2013 EXTENDING 'ANOTHER PENSION OPTION' TO RETIREES WHO TOOK VOLUNTARY RETIREMENT UNDER REGULATION 19(1) OF BANK OFFICERS' SERVICE REGULATION REG: JOINT NOTE DATED WITH OFFICERS' ORGANISATIONS FOR EXTENDING ANOTHER OPTION TO JOIN THE PENSION SCHEME TO THOSE WHO DID NOT OPT FOR PENSION EARLIER. Another Pension Option for joining the existing Pension Scheme was extended to the eligible category of Officers in terms of guidelines conveyed by IBA vide their Circular No. CIR/HR&IR/G2/665/90/ /999 dated addressed to Chief Executives of Member Banks. Detailed guidelines for exercising the pension option and refund of 2.8 times amount / bank's contribution to PF were conveyed vide PF & Pension Circular no. 8/2010 dated Another option for joining the existing Pension Scheme was extended to the following categories of officers who : a) were in the service of the bank prior to 29th September 1995 in case of Nationalized Banks / 26th March 1996 in case of Associate Banks of State Bank of India and continue in the service of the bank on the date of this Joint Note; b) were in the service of the bank prior to 29th September 1995 in case of Nationalized Banks / 26th March 1996 in case of Associate Banks of State Bank of India and retired after that date and prior to the date of this Joint Note; c) The family of those officers who were in the service of the bank prior to 29th September 1995 in case of Nationalized Banks / 26th March 1996 in case of Associate Banks of State Bank of India retired ater that date and had died will be eligible for family pension.

2 d) The family of those officers who were in the service of the bank prior to 29th September 1995 in case of Nationalized Banks / 26th March 1996 in case of Associate Banks of State Bank of India, but have died while in service of the bank after that date will be eligible for family pension. e) Officers who ceased to be in service on or after 29th September 1995 in case of Nationalized Banks / 26th March 1996 in case of Associate Banks of State Bank of India on account of voluntary retirement under special scheme after rendering service for a minimum period of 15 years, shall be eligible to exercise an option to join the Pension Scheme subject to the terms and conditions mentioned for retiring officers opting for joining the Scheme. The Joint Note dated for extending another option for pension to the non-optees indicates the categories of employees eligible for another option. In accordance with the provisions contained in the Joint Note dated , Banks had extended the benefit of exercising another option to join the Pension Scheme to the eligible category of employees within the prescribed time schedule. However, the Joint Note did not specifically include a provision for offering another option to join the pension scheme to those officers who took voluntary retirement. Consequently, a number of representations were made by such category of officers to banks/iba/ Government and many of them moved to court of law. Besides, representations have also been made by UFBU to resolve the issue. "The above matter has been engaging the attention of Government as well as IBA for quite some time. Accordingly, the Managing Committee of IBA at its meeting held on had decided that those officers who took Voluntary Retirement within the meaning and provision of Regulation 19(1) of Bank Officers' Service Regulations, 1979 may be extended the benefit of exercising another option to join the existing Pension Scheme strictly in accordance with the terms and conditions laid down in the Joint Note dated " IBA has further advised that the banks may, as decided by the Managing Committee of IBA extend the benefit of exercising another option to join the Pension Scheme to those officers who had taken Voluntary Retirement from the Bank's service on or after in case of Nationalised Banks / in case of Associate Banks of State Bank of India in terms of rules framed by each Bank's Board pursuant to the proviso to Regulation 19(1) of Bank Officers' Service Regulations, Besides, the family of those officers who were in the service of the bank prior to in case of Nationalised Banks/ in case of Associate Banks of State Bank of India, retired after that date and had died thereafter will be eligible for another option to join the existing Pension Scheme for family pension. These categories of officers/ family members are to be sanctioned the benefits in terms of Regulation-29 of Bank Employees' Pension Regulations, In extending the aforesaid benefits, all terms and conditions contained in Joint Note dated should be strictly adhered to. No other category of officers outside the purview of Regulation 19(1) of Bank Officers' Service Regulations, 1979 would be eligible to exercise another option to join the existing Pension Scheme.

3 The eligible VRS Retirees / family members are advised to submit their Option Letters in duplicate directly to Chief Manager, Punjab National Bank, PF & Pension Fund Deptt., 3rd Floor, Rajendra Bhawan, New Delhi by Registered Post latest by After receipt of the Option Letters, the eligible optees will be communicated the required amount to be refunded by them which they will have to refund latest by In terms of the guidelines conveyed vide our above referred circulars, those who retired prior to , were required to refund 156% amount of bank's contribution to PF received by them and those who retired on or after , were required to refund the bank's contribution (100%) plus 2.8 times amount of the revised pay for the month of November, Accordingly, eligible VRS retirees / family members are advised to submit their options as per annexure I - IV and refund the required amount in our A/c No as per schedule given hereunder : 1. Submission of Option letters by the eligible VRS employees / eligible family members. 2. Refund of amount by the eligible VRS employees / eligible family members. Within 60 days from the date of offer. ( to ) Within 30 days after expiry of the said period of 60 days. ( to ) All Offices are requested to display a copy of the Circular at the Notice Board in their Office. They are also requested to extend necessary assistance to the retired employees/family members in the matter. This Circular can also be accessed through Internet at or In case of any further clarification, the optees can contact Shri P.K. Nagpal, Manager at and Shri Sudhir Kumar, Chief Manager at They can also post their queries through e- mail / fax. (M.K. VERMA) ASSTT. GENERAL MANAGER

4 ANNEXURE- I OPTION FORM FOR OFFICERS WHO WERE IN SERVICE OF THE BANK ON BUT OPTED FOR VRS THEREAFTER To, I hereby declare that I have read and understood the terms of the Settlement/ Joint Note dated for extending another option to join Pension Scheme. I have understood that the terms of the Settlement /Joint Note have been arrived at on the basis of the Unions/Associations offering to contribute 30% of the initial funding gap assessed for extending another option for joining the pension scheme. I am agreeable to the said contribution of 30% towards the funding gap and hereby voluntarily opt to become a member of the Pension Scheme as per the provisions of the said Settlement/Joint Note and cease to be a member of Contributory Provident Fund Scheme. I undertake to refund the Bank s contribution to Provident Fund together with interest thereon paid to me and also irrevocably authorize the Bank to transfer an amount equal to 2.8 times of revised pay for the month of November 2007 representing 30% contribution mentioned above from the arrears paid on account of Wage Revision in terms of Bipartite Settlement/Joint Note dated to the Pension Fund. Signature Name in Full Designation PF Account No.

5 To, ANNEXURE- II OPTION FORM TO BE FILLED BY THE OFFICERS VOLUNTARILY RETIRED ON OR AFTER 29 TH SEPTEMBER 1995 BUT PRIOR TO I hereby declare that I have read and understood the terms of the Settlement/ Joint Note dated for extending another option to join Pension Scheme. I have understood that the terms of the Settlement /Joint Note have been arrived at on the basis of the Unions/Associations offering to contribute 30% of the initial funding gap assessed for extending another option for joining the pension scheme. I am agreeable to the said contribution of 30% towards the funding gap and hereby voluntarily opt for Bank s Pension Scheme as per the provisions of the said Settlement/Joint Note. I undertake to refund the Bank s contribution to Provident Fund together with interest thereon paid to me on my retirement plus an amount equal to 56% of the Bank s Contribution to Provident Fund with interest received at the time of retirement being 30% contribution towards the initial funding gap in terms of Clause 3(c) of Joint Note dated and Clause 2(IV)(b) of the Settlement dated Signature Name in Full Designation PF Account No.

6 ANNEXURE-III OPTION FORM FOR FAMILY PENSION (FOR OFFICERS WHO WERE IN SERVICE AS ON BUT HAD EXPIRED PRIOR TO ) To, Shri/Smt. (Full Name) was an employee of Punjab National Bank last working at Branch/Office. I, the spouse/son/unmarried daughter/legally divorced daughter/guardian of the minor son/daughter of the above named deceased employee, hereby declare that I have read and understood the terms of Settlement/ Joint Note dated for extending another option to join Pension Scheme. I have understood that the terms of the Settlement/ Joint Note have been arrived at on the basis of the Unions/Associations offering to contribute 30% of the initial funding gap assessed for extending another option for joining the pension scheme. I am agreeable to the said contribution of 30% towards the funding gap and hereby voluntarily opt for Bank s Pension Scheme as per the provisions of the said Settlement/Joint Note. I undertake to refund the Bank s contribution to Provident Fund together with interest thereon paid to Shri/Smt. on his/her retirement/ to the nominee or legal heirs on his/her death while in service plus an amount equal to 56% of the Bank s contribution to Provident Fund with interest received at the time of retirement being 30% contribution towards the initial funding gap in terms of Clause 3(c) of Joint Note dated and Clause 2(IV) (b) of the settlement dated Signature or Thumb Impression of Widow/ Widower/ Guardian/ Son/ Unmarried daughter/legally divorced daughter Name of the widow/ widower/ Guardian/ Son/ Unmarried daughter/legally divorced daughter Relationship with the deceased employee PF No. Last Designation Date of Retirement Date of Death

7 To, ANNEXURE-IV OPTION FORM FOR FAMILY PENSION (FOR OFFICERS WHO WERE IN SERVICE ON OR AFTER BUT HAVE EXPIRED) Shri/Smt. (Full Name) was an employee of Punjab National Bank last working at Branch/Office. I, the spouse/son/unmarried daughter/legally divorced daughter/guardian of the minor son/daughter of the above named deceased employee, hereby declare that I have read and understood the terms of Settlement/ Joint Note dated for extending another option to join Pension Scheme. I have understood that the terms of the Settlement/ Joint Note have been arrived at on the basis of the Unions/Associations offering to contribute 30% of the initial funding gap assessed for extending another option for joining the pension scheme. I am agreeable to the said contribution of 30% towards the funding gap and hereby voluntarily opt for Bank s Pension Scheme as per the provisions of the said Settlement/Joint Note. I undertake to refund the Bank s contribution to Provident Fund together with interest thereon paid to Shri/Smt. on his/her retirement/death to the nominee or legal heirs and also irrevocably authorize the Bank to transfer an amount equal to 2.8 times of revised pay for the month of November 2007 representing 30% contribution mentioned above from the arrears paid on account of Wage Revision in terms of Bipartite Settlement/Joint Note dated to the Pension Fund. Signature or Thumb Impression of Widow/ Widower/ Guardian/ Son/ Unmarried daughter/legally divorced daughter Name of the widow/ widower/ Guardian/ Son/ Unmarried daughter/legally divorced daughter Relationship with the deceased employee PF No. Last Designation Date of Retirement Date of Death