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To have a proper background of the dispute, it is necessary to refer briefly to the pension scheme prevalent prior to the introduction of the Platinum Jubilee Pension Scheme. A settlement entered into on 27.6.1977 paved the way for the introduction of pension scheme for the first time. It applied to the permanent workmen on the rolls of the company who retired on or after 1.6.1977. Under that scheme, the pension was payable for a period of 10 years. By a subsequent settlement dated 22.4.1982, though the period of drawal of pension remained the same, the formula was revised and the maximum pension payable was enhanced to Rs.225/- per month. This benefit under the settlement dated 22.4.1982 governed the workmen who were on the Company's pay roll on the date of signing of the settlement. On the eve of commemoration of platinum jubilee of ITC Ltd., the Management decided to introduce a scheme known as Platinum Jubilee Pension Scheme. Under this scheme, eligible workmen will get the pensionary benefits till their life time and on their demise, part of the benefits go to their nominees or legal heirs. In order to implement the pension scheme, a fund named "Platinum Jubilee Pension Fund" was created under a trust deed dated 27.5.1987. As a follow up thereto, ITC Platinum Jubilee Pension Fund scheme Rules were framed in the year 1988. While so, pursuant to discussions and negotiations held in the course of conciliation proceedings, there was a settlement under Section 12(3) of Industrial Disputes Act on 10.4.1988. As it was agreed that the Platinum Jubilee Pension Scheme should be made part of the service conditions of employees, the following provisions were incorporated in the settlement dated 10.4.1988 :-