Section 5 in Punjab Gramin Bank (Employees') Pension Regulations, 2018
5. Liability of the Bank.
(1)(a)The Bank, shall, after constitution of the Fund under regulation 4, cause to transfer to the Punjab Gramin Bank (Employees') Pension Fund, the accumulated balance of the contribution of the Bank towards pension under the Employees' Pension Scheme, 1995 and interest accrued thereon upto the date of such transfer in respect of the eligible serving employee opting to become a member of the Fund under regulation 3.(b)The Bank shall, after constitution of the Provident Fund under the Act, transfer to that Fund, the accumulated balance of the contribution of the employee towards provident fund under the Employees' Pension Scheme, 1995 and interest accrued thereon upto the date of such transfer in respect of eligible serving employee opting to become a member of the Fund under regulation 3.(2)The retired employee or the family of the deceased employee opting for Fund under sub-regulation (1) of regulation 3, shall continue to receive the amount of pension component under the Employees' Pension Scheme, 1995 and the balance of the pension payable under these regulations shall be paid out of the Fund.
