Funded scheme - does it bar pension revision ?

Dear Sri Gangadharan, 

I wish to respond to what the chronicle published under the heading: Message from GNS...

Sky walking in the Alps

While LIC pensioners are indeed governed by a 'funded scheme' I want to know in what way it bars pension revision with each pay revision?  Is not the statutory provision included in the Pension Rules specifically to ensure that the liability for pension payments is duly covered with adequate provisions and subjected to regular periodic review? Or is it to be perceived (as being done by GNS and his likes) as a restrictive one to deny what is legitimately due to LIC pensioners?  Does not GNS know that it is not even the case of LIC that our pension cannot be upgraded 'because we are governed by a funded scheme'? 

We raised this point among others, in passing,  with Shri SK Roy, Chairman, when we met him on Dec 10th at Hyderabad. He did not contradict us when we mentioned that our Pension Fund as existing can easily absorb the revision being demanded by us and accepted by the higher Judiciary in the country. He did however refer to the 'ripple effect'  in the Banking Sector which provoked us to ask him 'why are you batting for the IBA' leaving your own ex-employees who are now the Pensioners?    

On the Federation's proposed comprehensive and realistic plan, after the decision is known  in the forthcoming hearing of our case in the SC on 14th Jan, in my view it all smacks of a chronic negativism on the part of the Federation and its General Secretary. 

Time is not far off to prove these prophets wrong.    

Thanks and regards,

Sreenivasa Murty M.
President, Retired LIC Class I Officers' Association, Hyderabad