BSNL Pension Scheme Benefits on Normal Superannuation Age

BSNL Pension Scheme Benefits on Normal Superannuation Age

Para 9.1 of Section III of BSNL Superannuation Pension Rules prescribe the following benefits for Superannuation at the Normal Age ie not less than 15 Years of service

SECTION: III

9. BENEFITS

9.1. BENEFITS ON NORMAL SUPERANNUATION AGE

i. Upon superannuation of a Member on the Normal Superannuation Date, the pension shall become payable to him if he has completed not less than 15 years Service and his balance, which shall be utilized to provide him appropriate pension, would be equal to the following:

a) Total contributions to his account, comprising contributions by the Company and Employee including the additional contributions made by the Employee towards the Fund, if any, and interest earned thereon; and

b) Any other amount transferred from previous employers or CPSE and interest thereon.

ii. Upon superannuation of a Member on the Normal Superannuation Date and subject to the condition that the Member has put in a minimum 15 years of Service, pension shall be paid to the Member as per the frequency chosen (monthly, quarterly, half yearly or yearly) and as per the pension option selected by him from the various options as offered by the concerned Fund Manager. Pension benefits would depend upon the accumulated corpus available in his individual account (both Employer and Employee contributions along with accrued interest)

iii. The condition that a Member has to complete minimum 15 years Service in order to be entitled to superannuation benefits as contemplated in the Scheme shall not be applicable in the circumstances enumerated in Paras 9.2 & 9.3

Click to Read More at :  BSNL Employees Superannuation Pension Trust Rules