Pension option Circular by Dena Bank

Dena Bank has issued Pension Option Circular - Extending another option to join the Pension Scheme to those who did not opt earlier - Settlement / Joint Note dated 27.04.2010 signed with Workmen Unions / Officers Organisations
Dena Bank has allowed adjustment of commutation amount and pension arrears upto  Nov. 2010, against payment of 1.56 times banks contribution of PF to the bank by an employee wishing to opt for pension under second pension option. In case of some banks such adjustment is not allowed , though in  IBA circular it is clearly mentioned that banks may consider setting off the commutation amount payable to an employee , against the gap amount of 1.56 times of bank's contribution to PF payable to the bank at the time of availing the option.

Click Here to Download the Circular

(It may take some time to download the file - file size approx. 2MB)

Another Pension option for Officers retired under VRS scheme of individual banks

AIBOC has addressed a letter to the Chairman, Indian Banks’ Association on the above  issue, urging upon him to accord an option to those officers who retired under Voluntary Retirement Scheme of individual Banks to join the Pension Scheme now settled as per the Joint Note  dated 27.04.2010. 
Click here to view AIBOC circular

Second Pension option to Normal VRS optees

IBA has clarified that second option of pension will not be available to normal VRS optees  i.e. VRS optees who have taken VRS under Bank's Service Regulation ( the option is available for  VRS optees under SVRS scheme) .  AIBOA is contemplating to take the matter in the court of law.
Click here  to view  AIBOA Circular.

Pesion Option - Medical examination for commutation

As per available information following banks have issued circulars for 2nd Pension option.
1.United Bank of India
2. Punjab National Bank
3. Indian Bank
4. Corporation Bank 
5. Oriental Bank of Commerce 
6. Bank of India

According to annexure  to the circular issued by Indian Bank , those retirees who want to commute the pension , are required to submit medical certificate after examination by a medical practitioner. For Bank of India also medical examination is compulsory in case of  commutation. In other banks' circulars there is no mention of medical examination.

IBA guiedelines on Pension Option

Immediately after lifting the stay by Madras High Court on certain pension provisions in 9th BPS , IBA has issued the guidelines to the banks for implementation of second option of pension. Click on the link below to view the IBA circular.
IBA guidelines for second option of pension 

Annexure to  IBA Circular - Pension Option Formats