PENSION OPTION

1. PENSION OPTION
IBA has agreed that another option will be given to join the pension scheme for the following:

a) those who are existing employees now and in PF
b) those who were in PF and in service on the date of Pension Regulations 1995/96 and now
want to opt for pension scheme
c) those who were in PF and in service on the date of Pension Regulations 1995/96 and retired
during this period but died subsequently (family will be given an option now)
d) those who were in PF and in service on the date of Pension Regulations 1995/96 and died
while in service during this period (family will be given an option now)
e) those who were in PF and in service on the date of Pension Regulations 1995/96 and have
taken voluntary retirement from service

2. SHARING THE DEFICIT:
Formula is being worked out both for the contribution by the retired employees opting for
pension now as well for the existing employees to contribute for the gap of Rs.1800 crores

3. PENSION OPTION - EFFECTIVE DATE
IBA has stated that pension option will be given to all the retired employees as mentioned in
1.a,b,c,d,e and will be effective from the date of settlement i.e. pension will be payable to the
retirees from the date of the pension option settlement. UFBU is pursuing the matter for
retrospective date.

4. PENSION FOR THE EXISTING PENSION OPTEES WHO HAVE RETIRED FROM
BANKS AFTER 1.11.2007

For all those employees who are already under pension scheme and who have retired from
the Bank service after 1.11.2007 their pension amount and commutation will be revised based on the 9th BPS pay, Arrears of wage revision will be paid to them from 1.11.2007 till
their date of retirement and arrears on account of increase in commutation and monthly pension will be paid from their date of retirement.