Section 28 in United Bank of India (Employees') Pension Regulations, 1995
28. Superannuation Pension.
- Superannuation pension shall be granted to an employee who has retired on his attaining the age of Superannuation specified in the Service Regulations or Settlements.Provided further that employees who ceased to be in service on or after 29th September 1995 on account of voluntary retirement before attaining the age of superannuation but after rendering service for a minimum period of 15 years in terms of any scheme framed for such purposes by the Board with the approval of the Government, shall be entitled to join the Pension Fund, subject to the terms and conditions mentioned for retiring officers opting for joining the scheme if they-(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 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 retirement together with a further sum equivalent to fifty six per cent of the said amount.Provided that, with effect from 1stday of November, 2000, pension shall also be granted to an employee who opts to retire before attaining the age of Superannuation, but after rendering service for a minimum period of 15 years in terms of any Scheme that may be framed for such purpose by the Board with the approval of the Government.
