May be I am obsessed with GOI pension rules. May be because I had dealt with the pension cases of my late F-in-L (and M-in-L), who expired in 2006 at the age of 88+. Nearly for two years their heir got all that was due to them. (This may look like a prologue asking for an excuse to the following : Ignore)
When I saw Shri K. Vijayprasad's pension anomaly case, I concluded that Shri Vijayprasad's pension has to be fixed at the maximum of revised ADM's scales of pay, last basic or average of ten months whichever is beneficial to him, without realising the 'ground realities', the position in LIC or in banks or in RBI. Next day morning, I read Shri K M M Rao (Chat n Chat) and realised that I had erred. Shri Vijjayprasad must have read my letter posted in the PC on 10-11-2015. He hasn't given details. He may or may not.
Sorry, I do not have good news to give to Shri Vijayprasad. The revised pension as per 'ground reality' (stated above) is worse than what you said, what I said or what appeared to Shri Rao. Ten months average of basic pay plus FPA plus others reckoned for pension- drawn during last ten months - prior to retirement. Confirmed from a reliable source. Shri. Vijayprasad may also please confirm.
Shri C H Mahadevan Sir has given two examples of Family Pension. The percentage of family pension to regular pension (of ADM at the 1997 maximum) is 36.5%. The family pension in GOI is 30% of the last pay drawn .... with a minimum of Rs.3500/-( as per 6th CPC) for all. To put it in Shri CHM's expression, the percentage of family pension to regular pension in GOI is 60% !
RBI have inched forward to 30% of the last ten months average, basic pension refitted at 2836 merger point of 2007 revision. But, the RBI pensioners have not got updation of pension. Amendment to the RBI Pension Regulations of fixing pension as the last pay drawn or average of ten months pay, which is more beneficial (as in GOI) not yet approved. But, as approved by the government, the RBI employees get full pension after 20 years of service.
Need of the hour for us in LIC : Amendments to LIC Employees (Pension) Rules, 1995 must be carried out - may not be possible at one go, may one by one.
1. Family pension at uniform rate of 30% to all
2. 100% neutralisation in DA/DR for all.
3. Definition of Basic Pension as in GOI : last pay drawn (pay includes all eligible components) or ten months
average, whichever is beneficial to employee.
4. Full pension after 20 years of service
5. Updation of pension once in five years along with revision of pay scales in service employees and retrospectively.