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There is No Proposal to Revise the Period of Restoration of Commuted Pension

July 28, 2021 admin Leave a Comment

“The Seventh Central Pay Commission also did not recommend any change in the said period for restoration of commuted pension”.

In Rajya Sabha, the DoPT Minister replied in written form on 22nd July 2021 that there is no proposal to revise the period of restoration of commuted pension. The detailed Questions and Answers are given below for your ready reference.

GOVERNMENT OF INDIA
MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS
(DEPARTMENT OF PENSION & PENSIONERS’ WELFARE)

RAJYA SABHA UNSTARRED QUESTION NO. 430
(TO BE ANSWERED ON 22.07.2021)

CALCULATION OF COMMUTED PENSION
430 SHRI NEERAJ DANGI:

Will the PRIME MINISTER be pleased to state:

(a) the formula for calculating the commuted pension for employees of Union Government while deciding the recovery period of commuted pension for employees;

(b) the rate of interest for FD, when 14 year was decided as the recovery period for commuted pension of employees;

(c) whether this recovery period is justified in the present scenario when the rate of interest for FD is 5-6 per cent only, if so, the details thereof; and

(d) whether Government is willing to revise this period of recovery of commuted pension, if so, by when and if not, the reasons therefor?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS AND MINISTER OF STATE IN THE PRIME MINISTER’S OFFICE (DR. JITENDRA SINGH)

(a) to (d): The lump sum commuted value of pension payable to a pensioner, who applies for such commutation, is calculated in accordance with the Table of the values appended to the Central Civil Services (Commutation of Pension) Rules, 1981. A copy of the Table, presently applicable for calculating the commuted value of pension, is at Annexure. The commuted amount of pension is restored on completion of 15 years from the date the reduction of pension becomes operative.

The existing Table of the values for calculation of lump sum commuted value of pension was incorporated in the Central Civil Services (Commutation of Pension) Rules, 1981 in implementation of the recommendations of the Sixth Central Pay Commission vide Department of Pension & Pensioners’ Welfare O.M. No. 38/37/08-P&PW(A) dated 2nd September, 2008 . This Table is based on LIC (94-96) Ultimate Tables and rate of interest of 8%. While recommending the aforesaid Table, the Sixth Central Pay Commission did not recommend any change in the period of 15 years for restoration of commuted pension. The Seventh Central Pay Commission also did not recommend any change in the said period for restoration of commuted pension.

Hon’ble High Court of Delhi, vide order dated 17.01.2019, dismissed a Writ Petition No. 1222/2015 seeking reduction in the period for restoration of commuted pension. An SLP(C) No. 8852/2019 filed against the said order of Hon’ble High Court of Delhi was also dismissed by Hon’ble Supreme Court on 15th April 2019.

At present, in view of the above, there is no proposal to revise the period of restoration of commuted pension.


ANNEXURE REFERED TO IN PARA 1 OF ANSWER TO RAJYA SABHA UNSTARRED QUESTION NO 430 DATED 22.07.2021

COMMUTATION VALUE FOR A PENSION OF Re.1 PER ANNUM

Age next Birth day Commutation value expressed as number of year’s purchase Age next Birth day Commutation value expressed as number of year’s purchase Age next Birth day Commutation value expressed as number of year’s purchase
20 9.188 41 9.075 62 8.093
21 9.187 42 9.059 63 7.982
22 9.186 43 9.040 64 7.862
23 9.185 44 9.019 65 7.731
24 9.184 45 8.996 66 7.591
25 9.183 46 8.971 67 7.431
26 9.182 47 8.943 68 7.262
27 9.180 48 8.913 69 7.083
28 9.178 49 8.881 70 6.897
29 9.176 50 8.846 71 6.703
30 9.173 51 8.808 72 6.502
31 9.169 52 8.768 73 6.296
32 9.164 53 8.724 74 6.085
33 9.159 54 8.678 75 5.872
34 9.152 55 8.627 76 5.657
35 9.145 56 8.572 77 5.443
36 9.136 57 8.512 78 5.229
37 9.126 58 8.446 79 5.018
38 9.116 59 8.371 80 4.812
39 9.103 60 8.287 81 4.611
40 9.090 61 8.194

 [Basis: LIC (94-96) Ultimate Tables and 8.00% interest]

Click to view the Q&A in PDF Format

Related updates:

    Guidelines for Pensioners: Restoration of Commuted Pension
    Reduction in the time period for Restoration of Basic Pension
    Restoration of 1/3rd commuted portion of pension in respect of Government servants who had drawn lumpsum payment – DPPW orders
    Guidelines for Pensioners – Commutation of Pension
    Stepping up of notional full pension to Armed Forces absorbees – Revision of 43% and 45% commuted portion of pension of pre 2006
    Restoration of Full Pension of Absorbee Pensioners – Pensioners Portal Orders on 23.6.2017
    Restoration of pension to Defence Service Personnel – DESW Orders dt.20.6.2018

Filed Under: Commutation Calculator, Pensioners Issue

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