Bank. in continuation of Administration Circular dated 14-9-2020, has issued detailed instructions for implementation of opening of option for pension in respect of CPF optees by their Circular dated 18.9.20.

1. Retired employees of the Bank who had earlier retained CPF option, shall have to refund amount of Bank’s contribution to Provident Fund with accrued interest paid to them at the time of their retirement, along with simple interest @3% per annum calculated from the date of receipt of the amount by the employee till the date of refund to the Bank . They shall exercise their option for joining the Pension Scheme in FORM – I (R) (download here) along with Form 4 on or before close of business hours on December 17, 2020.
Eligible Retired employees may apply for commutation value of pension.
They will have the option to set-off the refund of Provident Fund amount along with the interest thereon against the amount of commutation value of pension, if opted, and deposit the net amount with the Bank.

2. Eligible serving employees shall exercise their option in FORM – I (S) for joining the Pension Scheme along with details of family duly filled in Form 4 on or before close of business hours on December 17, 2020.

3. Failing to deposit amount of Bank’s contribution to Provident Fund and accrued interest thereon, along with simple interest @3% per annum within the stipulated time limit, by the eligible retirees/ family member of the deceased employee will render the option for pension exercised by him/her as invalid. Any request for extension of time limit for deposit of PF amount by family member shall be rejected forthwith.
After completion of all formalities, eligible retired employees will start drawing pension with effect from July 1, 2020. No arrears of pension will be paid for the period prior to July 1,2020

4. Eligible family members of deceased employees, shall exercise their option in FORM -I (D) for joining the Pension Scheme. The FORM – I (D) shall be submitted at the Regional Office/Central Office Department to which deceased employee was attached at the time of his / her retirement / death while in service.
Multiple claims received will not be processed unless accompanied by a succession certificate. In all such cases, payment of family pension will commence from the date of succession certificate or the date of refund of Provident Fund amount together with interest to the Bank, whichever is later, without any arrears of family pension for the past period.
Where the succession certificate is submitted within the prescribed period of 90 days, for such cases the family pension should commence from July 1, 2020.

5. . Family members are not eligible for commutation of pension.
6. The applicant family member has to satisfy the sanctioning authority about his/her identity as eligible family member of the deceased employee. with necessary supporting documents as required by the Normally, a written declaration from a serving employee or a pensioner of the Bank, may be regarded as proof of identity of the applicant as eligible family member of the deceased employee.
   However, in case of any doubt, the sanctioning authority may call for further proof .
7. After completion of all formalities, eligible family member will be entitled to draw family pension from July 1, 2020 or as decided by the sanctioning authority.
8. No arrears of pension/family pension will be paid for the period from the date of retirement or date of death, as the case may be, till July 1, 2020 or the start of family pension as decided by the sanctioning authority.
9. On receipt of option form retired employees/family members of deceased employees shall be advised of the amount of CPF with interest required to be refunded by them. along with the requirements of completing all formalities/submission of documents in one go within the prescribed time frame.
   After completion of all formalities, the office shall issue an Office Order giving the names of serving employees who have exercised their option to join the pension scheme.