Section 50(6) in The Life Insurance Corporation of India (Employees) Pension Rules, 1995
(6)If any pensioner takes up any commercial employment at any time before the expiry of two years from the date of his retirement without the prior permission of the Corporation or commits a breach of any condition subject to such permission to take up any commercial employment has been granted to him under this rule, it shall be competent for the Corporation to declare by order in writing and for reasons to be recorded therein that he shall not be entitled to the whole or such part of the pension and for such periods as may be specified in the order:Provided that no such order shall be made without giving the pensioner concerned an opportunity of show cause against such declaration:Provided further that in making any order under this sub-rule, the Corporation shall have regard to the following factors, namely:(i)the financial circumstances of the pensioner concerned;(ii)the nature of, and the emoluments from, the commercial employment taken up by the pensioner concerned; and(iii)any other relevant factor.
