Rules Nos. 55 and 55A of LIC Employees Pension Rules, 1995 reproduced below :
55. Power to issue instructions - The Chairman of the Corporation may from time to time issue instructions as may be considered necessary or expedient for the implementation of these rules.
55A. Power to Relax - Where the Central Government is satisfied that the operation of any of these rules causes undue hardship in respect of any class or categories of persons, it may, by order for reasons to be recorded in writing relax the requirement of the provision of that rule in a manner not inconsistent with these rules.
Bank Employees Pension Regulations, 1995 have also the similar Regulations : 54 and 55 : CMD substituted for Chairman. (SBI Pension Fund Scheme is quite old)
RBI instructions mandate all authorised banks to spread over disbursal of pension to governments' pensioners during the period of last four working days of the month, except for the month of March, which will continue to be credited on or after the first working day of April.
It is gathered that IOB pays pension to its pensioners on the last working day of the month. SBI to its pensioners during last few (4-5) working days.
It may be a matter of interpretation of Regulations 55 by the banks that it is not incumbent to amend Regulation 54 to pay pension to their pensioners a few days before or the banks' last working day of the month. It is in order not to cause undue hardship to the persons, not to inconvenience the pensioners.
LIC may replicate the banks in order to be advantageous to pensioners' fraternity.