SPECIMEN CACULATION SHEET FOR LIC/GIC NEW PENSION OPTEES

SPECIMEN  CALCULATION  SHEET FOR PROVISIONAL CALCULATION OF AMOUNT TO BE DEPOSITED 

NAME OF OPTEE  ------  XXXXXXXX

SR NO-------                 99999

AMOUNT OF NON REFUNDABLE WITHDRAWAL FROM CCPF ( IF ANY) ON  14/05/2014 =200000

DATE OF RETIREMENT/SETTLEMENT—17/04/2019

DURATION FOR WHICH INTEREST TO BE CALCULATED=4 Yr 11 Mts

BALANCE CCPF  PAID  ON  RETIREMENT =1100000

AVERAGE OF LAST 10 MONTHS BASIC PAY DRAWN + FPA = 60000

50% ABOVE LPD     FOR 33 YEARS SREVICE = 30000

ELIGIBLE BASIC PENSION    = 30000 

M F FOR AGE 29/09/1954) NEXT BIRTH DAY 61 = 9.81

COMMUTABLE PORTION OF BASIC PENSION = 1/3 OF 30000 = 10000

 COMMUTATION AMOUNT = 10000 X 9.81 X12 = 1177200

COMMUTATION AMOUNT RECEVABLE= 11177200

RESUDUAL BASIC PENSION    = 30000- 10000 = 20000

54.40 % DA ON ELIGIBLE BASIC PENSION (30000)   =16320

                                        

TOTAL PENSION (RESUDUAL BASIC 20000 + DA 16320) = 36320

NRW  IF ANY  FOR 4 YEARS  & 11 MONTHS = 200000 X 1.41 =  282000  X 1.082 = 305124

CCPF  AMOUNT RECEIVED + NRW  ALONG WITH  INTEREST  = 1100000  + 305124  =1405124

 LOADING ON THE ABOVE =1405124 X 1.3 =1826661

COMMUTATIO RECEIVABLE =1177200

BALANCE AMOUNT TO BE RETURNED = 1826661 – 1177200 = 649461

CMD is governed by CCS Pension rules is a wrong statement given by LIC & GIC A Mith to be revealed

One of the CMD of New India Assurance co who have not opted for our pension scheme 1995 has now opted for pension when OMOP notified recently,I am having his name & employee number.if he was governed by CCS pension rule, he should have bee granted pension under CCS pension rules & no need of any option.This point may be included in you ongoing case in HSC.
Para 55B of LIC Pension rules 1995 is ditto of para 54B of GIC Pension rule 1995.CMD post is contractual appointment & persons other than from our industry also can be appointed as CMD or MD.If such person is an employee of our company before being appointed as CMD/MD he ceases to be an employee of the company on his above appointment.Inorder to count his service during his above tenure,he has again brought to the status of an employee through this 55B.Any amendment to CCS Pension rules which is made applicable to our scheme as provided in para 56 of LIC pension rule 1995(para55of GIC) is also made applicable to him.It is to be noted that para 55B was not there in original scheme, it is added later by a notification.
This Mith stands  Challenged this in the High court of Kerala in WP(C) 4357/2019 & case admitted,waiting for UOI to file the counter.