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