Section 3 in United Bank of India (Employees') Pension Regulations, 1995
3. Application.
(1)These regulations shall apply to employees who, -(a)were in the service of the Bank on or after the 1st day of January,1986 but had retired before the 1st day of November, 1993; and(b)exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund' and(c)refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (b) the entire amount of the Bank's contribution to the Provident Fund including interest accrued thereon together with a further simple interest at the rate of six per cent per annum on the said amount from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the bank or till the 1st day of April, 1995 whichever is earlier; or(2)(a)have retired on or after the 1st day of November, 1993 but before the notified date; and(b)exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and(c)refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (b) the entire amount of the Bank's contribution to the Provident Fund and interest accrued thereon together with a further simple interest at the rate of six per cent per annum on the said amount from the date of settlement of the Provident Fund account till the date of the refund of the aforesaid amount to the Bank; or(3)(a)are in the service of the Bank before the notified date and continue to be in the service of the Bank on or after the notified date; and(b)exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and(c)authorise the trust of the Provident Fund of the Bank to transfer the entire contribution of the Bank along with the interest accrued thereon to the credit of the Fund constituted for the purpose under Regulation 5; or(4)(a)join the service of the bank on or after the notified date and up to 31.3.2010.(b)The provisions of Bank Employees' Pension Regulations, 1995 shall not be applicable to those who join the services of the bank on or after 1.4.2010.(c)Employees joining the service of the bank on or after 01.04.2010 shall be eligible for the Defined Contributory Pension Scheme, the bank will be formulating for them. The Scheme shall be regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA).(d)The officers joining the services of the Bank on or after 01.04.2010 shall contribute 10 per cent of Pay and Dearness Allowance towards the Defined Contributory Pension Scheme and the bank shall make a matching contribution in respect of these employees.(5)were in the service of the Bank during any time on or after the 1st day of November, 1993 and had died after retirement but before the notified date, their family shall be entitled for the amount of pension payable to them from the date on which they would have been entitled to pension under these regulations, had they been alive till the date on which they died, if the family of the deceased -(a)exercise an option in writing one hundred and twenty days from the notified date to become member of the Fund; and(b)refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (a) above the entire amount of the Bank's contribution to the Provident Fund and interest accrued thereon together with a further simple interest at the rate of six per cent per annum from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank; or(6)joined the service of the bank on or after the 1st day of November, 1993 but who have died while in the service of the Bank before the notified date, their family shall be entitled to the family pension under these regulations;Provided that the family of such a deceased employee refunds within one hundred and eight days from the notified date the entire amount of the Bank's contribution to the Provident Fund. If any, ad interest accrued thereon together with further simple interest at the rate of six per cent per annum from the date of settlement of the provident Fund account till the date of refund of the aforesaid amount to the Bank;Provided further that the family of such a deceased employee shall apply in writing for grant of family pension; or(7)were in the service of the bank during any time on or after the 1st day of January, 1986 and had died while in service on or before the 31st day of October, 1993 or had retired on or before the 31st day of October, 1993 but died before the notified date in which case their family shall be entitled to the pension or the family pension as the case may be under these regulations, if the family of the deceased,(a)exercise an option in writing within on hundred and twenty days from the notified date to become member of the Fund; and(b)refund within sixty days of the expiry of the said period of one hundred and twenty days specified in clause (a) above the entire amount of the Bank's contribution to theProvident Fund and interest accrued thereon together with further simple interest at the rate of six per cent per annum from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank or till the 1st day of April, 1995 whichever is earlier, or(8)joined the service of the bank on or before the 31st day of October, 1993 and who died while in service on or after the 1st day of November, 1993 but before the notified date in which case their families shall be entitled to family pension under these regulations if the family of the deceased employee,-(a)exercise an option in writing within one hundred and twenty days from the notified date to become a member of the Fund; and(b)refund within sixty days of the expiry of the said period of one hundred and twenty days specified in clause (a) above the entire amount of the Bank's contribution to the Provident Fund, including interest accrued thereon together with a further simple interest at the rate of six per cent per annum from the date of settlement of the Provident Fund account of the employee till the date of refund of the aforesaid amount to the Bank.(9)Notwithstanding anything contained in sub-regulations (1), (2), (3), (5) and (8) an option exercised before the notified date by an employee or the family of a deceased employee in pursuance of the settlement shall be deemed to be an option for the purpose of this chapter if such an employee or the family of the deceased employee refund within sixty days from the notified date, the amount of the Bank's contribution to the Provident Fund including interest accrued thereon together with a further simple interest in accordance with the provisions of this Chapter and in case employer's contribution of Provident Fund has not been received from Provident Fund Trust, has authorised or authorises within sixty days from the notified date, the trustees of the Provident Fund of the Bank to transfer the entire contributions of the Bank to the Provident Fund including interest accrued thereon in accordance with the provisions of this Chapter to the credit of the fund constituted for this purpose under Regulation 5.(10)Notwithstanding anything contained in sub-regulation (2), (5), (6) and (8), in cases where an employee had retired/died after retirement on or after the 1stday of November, 1993 but on or before the 1stday of April, 1995 or where an employee had died while in service of the Bank on or after the 1stday of November, 1993 but on or before the 1stday of April, 1995 such an employee or the family of the deceased employee, as the case may be, shall refund within the period specified in aforesaid sub-regulations the entire amount of the Bank's contribution to the Provident Fund including interest accrued thereon with a further simple interest at the rate of six percent per annum on the said amount from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank or till the 1stday of April,1995 whichever is earlier".(11)were in the service of the Bank prior to 29th September 1995 and continue in the service of the bank as on 27th April 2010 provided such employee:(a)exercise an option in writing within sixty days from the date of offer to become a member of the pension fund; and(b)authorise the Trust of the Provident Fund of the Bank to transfer the entire contribution of the Bank along with interest accrued thereon to the credit of the pension fund besides contributing an amount equal to 2.8 times of the pay for the month of November 2007.(12)were in the service of the Bank prior to 29th September 1995 and retired after that date and prior to 27th April 2010; provided such employee :(a)exercise an option in writing within sixty days from the date of offer to become a member of the Pension Fund; and(b)refund within thirty days after expiry of the said period of sixty days, the entire amount of bank's contribution to Provident Fund and interest accrued thereon received on retirement together with a further sum equivalent to fifty six per cent of the said amount of bank's contribution to the Provident Fund and interest thereon received on retirement.(13)The family of those employees who were in service of the bank, prior to 29th September 1995 and retired after that date and had died will be eligible for family pension provided:(a)the family of the deceased employee exercises an option in writing within sixty days of the offer to become a member of the Pension Fund; and(b)refund within thirty days after expiry of the said period of sixty days, the entire amount of bank's contribution to Provident Fund and interest accrued thereon received on retirement together with a further sum equivalent to fifty six per cent of the said amount of bank's contribution to the Provident Fund and interest thereon received on retirement.(14)The family of those employees who were in service of the bank prior to 29th September 1995 and died while in service of the bank after that date will be eligible for family pension, provided:(a)the family of the deceased employee exercises an option in writing within sixty days of the offer to become a member of Pension Fund and(b)refund within thirty days after expiry of the said period of sixty days, the entire amount of bank's contribution to Provident Fund and interest accrued thereon, received upon death of an employee, together with an amount equal to fifty six per cent of the said amount of bank's contribution to the Provident Fund and interest thereon received on death of employee.(15)Pension to those shall be who opt to join the Pension Fund stated under Clause-3(b) shall be payable w.e.f. 27.11.2009 and employees who retired/ family of employees who died after 27.11.2009, as stated under Clause-3(12)/3(13)/3(14) as the case may be, shall get pension/ family pension from the respective date of retirement/death.
