Section 3 in The Mumbai Port Trust (Pension Fund) Regulations, 2004
3. Constitution of the Fund.
- A fund to be called as 'Mumbai Port Trust Pension Fund' shall be formed after creating an irrevocable Pension Fund Trust Deed to which the following shall be credited.(a)Accumulated balance in Pension Fund not exceeding initial contributions specified in Rule 88 of Income Tax Rules, 1962.(b)Such annual contribution from the General Account as the Chairman may decide, but not exceeding ordinary annual contribution specified in Rule 87 of Income Tax Rules, 1962 for meeting the future liability of payments on account of payment of pension, commuted value of pension death-cum-retirement gratuity/gratuity payable under payment of Gratuity Act, 1972, family pension, arrears on account of consolidation and/or review of pension, special contribution to PF A/c. in respect of employees governed by the Contributory Provident Fund Scheme, ex-gratia pension and payment as enumerated in Regulation 5 below.(c)Interests and profit on investments belonging to the fund.(d)Accumulated Board's contribution in respect of employees governed by contributory Provident Fund Scheme whose cases are settled under Pension Scheme.(e)Refund of any excess payment of pension etc. as may be recovered or refunded(f)Any other amount made over to the fund by way of gift or donation.(g)Other receipts.
