Pension Master Circular uploaded by Bank

Bank has made available the latest Master Circular dated 1st July 19 on Pension.
We have split the circular in two parts- one containing the detailed instructions and the other part contains forms for official use.

Members may view (Part I) here. Some relevant extracts are reproduced below.
RBI Pension Regulations, 1990 do not cover the officers / employees appointed in the Bank’s service on or after January 1, 2012. These officers / employees are covered by Defined Contribution “National Pension System” as regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

The calculation of basic pension amount will be made as under:
(i) Employees retired prior to January 12, 2013:
Pension at 50% of Number of years of qualifying
Average Emoluments X service subject to maximum of 33 Years
__________________________________________________________
                                               33
(ii) Employees who have retired on or after January 12, 2013
Pension at 50% of Number of years of qualifying
Average Emoluments X service subject to maximum of 20 Years
_____________________________________________________________
                                              20
(iii) Employees who have retired on or after October 6, 2017
Pension at 50% of Number of years of qualifying
Average Emoluments X service subject to maximum of 20 Years  (A)
____________________________________________________________
                                                    20 

Last Pay Drawn X Number of years of qualifying
service subject to maximum of 20 Years                                             (B)
______________________________________________
                                                   20
The amount of basic pension will be (A) or (B), whichever is more beneficial to
the employee

Regulation 29 – Dearness Relief on Pension
 In terms of this Regulation, dearness relief on pension will be admissible on full basic pension even after commutation, i.e. in the case of a pensioner who commutes a part of his/her pension, subject to a maximum of 1/3rd of the pension in terms of Regulation 30 and receives 2/3rd monthly pension, the dearness relief will be payable on the full basic pension, ignoring the commutation.
 In case of Family Pension, Invalid Pension and Compassionate Allowance also, dearness relief will be payable on the basis of the above formula.
Rates of dearness relief will be reviewed at half-yearly intervals, viz. February and August every year, and are advised to all offices.