Section 41(6) in United Bank of India (Employees') Pension Regulations, 1995
(6)An application who is authorised a superannuation pension or voluntary retirement pension or premature retirement pension or compulsory retirement pension or invalid pension or compassionate allowance shall be eligible to commute a fraction of his pension under these regulations;Provided that on and from 1.7.2003, in case of an applicant in whose case, the om-muted value of pension becomes payable on the day following the date of his retirement or from the date from which the commutation becomes absolute, the reduction in the amount of pension on account of commutation shall become operative from its inception. where, however, payment of commuted value of pension could not be made within the first month after the date of retirement or within the first month after the date which the commutation becomes absolute as the case may be, the difference between the monthly pension and the commuted pension shall be paid for the period between the date following the date of retirement or the date when the commutation becomes absolute, as the case may be, and the date preceding the date on which commuted value of pension is deemed to have been paid.
