IOC Superannuation Benefit Fund scheme By Badrinath Vasandi

IOC Superannuation Benefit Fund scheme
By Badrinath Vasandi

Indian Oil Corporation Limited

Superannuation Benefit Fund scheme

I N D E X

1. Introduction

2. Applicability

3. Eligibility

4. Contributions

a. Corporation’s Contribution

b. Contributions by the employees.

c. Other Contributions

d. Deputed employees retaining lien

5. Contributions during period of leave/suspension

6. Transfer of Rehabilitation Grant

7. Refund of Contribution

8. Benefits

9. Annuity Option offered by LIC

10. Reckonable & Past Service

a. Transfer cases

b. Period included for the purpose of reckonable

service

11. Review of the Scheme

12. Administration of the Scheme

13. Description of forms for claiming benefit

Forms to be filled / Annexure A to H

14. Scheme for rehabilitation of the family of the

employee dying or suffering permanent total

disablement while in service.

15. Hypothetical illustration for calculation of

reckonable service and recurring benefit under

SBF Scheme

IOCL EMPLOYEES’ SUPERANNUATION BENEFIT FUND SCHEME

1.0 Introduction

1.1 A voluntary and contributory Superannuation Benefit Fund Scheme

has been introduced in the Corporation as a welfare measure for

providing social security. Specified benefits under the scheme accrue

to members on fulfillment of laid-down conditions, in the following

events:

i. Retirement on attaining the age of superannuation.

ii. Death/permanent total disablement.

iii. Separation, after rendering a prescribed minimum service.

(The benefit in such a case is payable after the notional age

of superannuation)

1.2 The scheme is being operated through a Trust. The Trustees

manage the funds and, upon a member’s qualifying under the

scheme, purchase annuity from the LIC to secure entitled recurring

benefit.

1.3 Corporation’s Contribution

The Contributory Scheme envisages only a token contribution of

Rs.100/- per annum by IOC. The scheme is based on voluntary

contributions by the employees with no monetary cost to the

Corporation except the above token yearly contribution. (However,

the Corporation has agreed to provide administrative support, such

as deductions from salary, etc., and also to provide advice and

guidance in operating the Fund)

1.4 The scheme was introduced with effect from November 1987 in

respect of officers of the Corporation, (including such officers of AOD

who had joined AOD on or after 14.10.1981 and such non-officer

promoted to the officers’ cadre on or after 14.10.1981). The scheme

for non-officers was introduced with effect from the under-mentioned

dates in accordance with the agreements signed with the recognised

Workers’ Union of respective Units/ Region/Offices:

Sl.No Unit/Office Date of

signing of

agreement

Effective

Date

REFINERIES DIVISION

1 Guwahati Refinery 16.12.87 01.12.87

2 Gujarat Refinery 26.12.87 01.12.87

3 Refineries HQ/Corporate

Office/R&D Centre

28.12.87 01.12.87

4 Calcutta Office 08.01.88 01.01.88

5 Mumbai Office 28.01.88* 01.01.88

6 Barauni Refinery 31.12.88 01.12.88

7 Haldia Refinery 29.09.89 01.09.89

8 Mathura Refinery 30.04.91 01.04.91

9 AOD 22.04.96 01.11.95

* Extended through an administrative order.

S.No. Unit/Office Date of

signing of

agreement

Effective

Date

PIPELINES DIVISION

1 GSPL/KAPL 16.12.87 01.12.87

2 Pipelines Hqrs 24.12.87 01.12.87

3 BKPL/MJPL 29.12.87 01.12.87

4 SMPL 05.07.89 01.07.89

5 HMRBPL 26.08.89 01.08.89

MARKETING DIVISION

1 Northern Region 23.11.87 01.11.87

2 Southern Region 23.11.87 01.11.87

3 Western Region & Marketing

Hqrs

12.04.90 01.04.90

4 Eastern Region 15.07.92 01.07.92

IOBL

1 Eastern Region - 01.04.89

2 Western Region - 01.05.90

2.0 Applicability

2.1 The Scheme applies prospectively to all officers and non-officers of

the Corporation (as mentioned at 1.4 above) in the regular scales of

pay in the Corporation, including the new entrants from the date of

the introduction of the scheme or from the date of joining, whichever

is later. However, the scheme is not applicable to the following :

Contract Appointees

Employees on deputation from other organisations to IOC.

Trainees and Apprentices (excepting those departmentally

selected from amongst employees on regular pay-roll.)

3.0 Eligibility

3.1 Minimum qualifying service for a member to become entitled for the

benefit under the scheme in the following events/contingencies is as

respectively mentioned against each:

Retirement on attaining

the age of

Members retiring with less than 5

years’ actual service after introduction

superannuation of the scheme are required to

contribute minimum for a period of 5

years, as detailed vide 4.2.1.2 below.

Death/Permanent total

Disablement

Benefit is admissible irrespective of

length of service.

Separation from service

(other than

superannuation)

15 years’ service which shall include

minimum of 5 years’ contribution.

Notes :

1. For the purposes of minimum qualifying service (but not for

calculating benefit), service either with Government or a PSU

immediately prior to service in IOC is taken into consideration.

2. In case of death/permanent total disablement, benefit is payable in

accordance with the Scheme of Rehabilitation given at Annexure

I.

3. In case of resignation, where laid down qualifying service has

been rendered, the benefit is payable after the notional age of

superannuation (Please also refer to 5.3.3.)

4.0 Contributions

4.1 Employer’s contribution from the Indian Oil Corporation to the

contributory Superannuation Benefit Fund is a token amount of

Rs.100/- per annum.

4.2 Contributions by the employees.

4.2.1 Direct contribution as percentage of salary

Contribution of the employees is to be calculated on the salary at the

rate (as given in 4.2.1.1. below) depending upon the age at the time

of an individual’s entry into the scheme. Rate fixed at the time of

entry will remain constant unless refixed by the Trustees.

4.2.1.1 Following rates of contribution calculated on Basic Pay + Dearness

Allowance+ Non-Practising Allowance (wherever applicable) are

payable in respect of the various age groups depending upon an

individual’s age at the time of the entry into the scheme:

Age Groups Rate of Contribution

38 years or less 2%

Above 38 years but less than 48 years 3%

48 years but less than 53 years 4%

53 years and above 5%

4.2.1.2 Employees having service of less than 5 years for superannuation

are required to contribute minimum for a period of 5 years. For this

purpose, contribution is to be made on a monthly basis during the

service period and balance calculated on last salary to be paid in

lumpsum at the time of superannuation (which at employee’s request

can be adjusted against terminal amounts otherwise payable to the

employee).

4.2.2 Other Contributions

Apart from the direct contribution depending upon the age at the time

of entry into the scheme as a percentage of the employee’s salary,

additional contributions are to be made by the member employees,

as may be determined based upon the advice of actuaries from time

to time. Such contributions shall be effected as deductions from the

salary of the employee every month or by such other mode as the

Trustees may decide upon in consultation with the Corporation.

At present, amounts equal to the entitlements in respect of the

following items are to be paid into the Superannuation Fund :

• Tea/coffee allowance, at the rates fixed from time to time.

• Washing Allowance, at the rates fixed from time to time.

• Uniforms (other than protective clothing).

• Benevolent Fund for Education and other welfare benefits

payable by the employee and Corporation respectively.

• Rehabilitation grant as previously admissible, vide 4.3 below.

4.2.3 Deputed employees retaining lien

Employees of the Corporation deputed to other organisations and

retaining their lien on posts of IOC may also be permitted to continue

as members of the Superannuation Benefit Fund, provided the

employee contributes the laid down percentage of his salary to the

Fund and the employer (or alternatively the employee himself) also

makes the specified lumpsum contribution.

4.2.4 Contributions during period of leave/suspension

Employees are required to make full contribution to the Fund for

periods of leave with or without pay or leave on half average pay or

sick-leave on half pay. For details please see on 6.5.(ii). Full

contribution is also to be recovered from subsistence allowance

payable to a suspended employee. However, no contribution is to be

made for a period of study leave without pay or special leave without

pay granted to a female employee for joining her husband, but such

period shall also not be taken into account for calculating reckonable

service.

4.3 Transfer of Rehabilitation Grant

With the introduction of SBF Scheme, the previous scheme of

offering employment to dependent of deceased employee or of

paying rehabilitation grant to spouse on death of an employee while

in service ceased to operate from the date of implementation of the

scheme. Depending upon the eligibility conditions for employment,

the rehabilitation grant w.e.f. 1997-98 onwards on the basis of last

pay drawn by the employee without any ceiling of minimum and

maximum is transferred to SBF account. Accordingly, the following

amount of rehabilitation grant as previously admissible is

surrendered by the Corporation to the Trust in case the female

spouse or dependent male spouse, as the case may be, exercises

Option R-1 or Option R-2 of the Rehabilitation scheme:

FOR OFFICERS :

Eligibility Condition Rehabilitation Grant to be

transferred to SBF Account

For female spouse of 35 years or

less who was eligible for

employment under the previous

scheme

30 months’ BP last drawn.

For female spouse of more than

35 years of age who would have

been ineligible for employment

25 months BP last drawn.

FOR NON-OFFICERS

Eligibility Condition Rehabilitation Grant to be

transferred to SBF Account

For female spouse who would

have been eligible for employment

30 months BP last drawn.

The above amount of rehabilitation grant will be transferred only

under Option R-1 and R-2 of the Rehabilitation Scheme.

Note :

1. No such surrender of rehabilitation grant is envisaged where

employment has been provided by the Corporation under Option

R-3.

2. Please also refer Annexure – 6.

4.4 Refund of Contribution

4.4.1 An employee resigning from the service of the Corporation without

completing 15 years of qualifying service shall be refunded his direct

contribution by way of percentage of salary with interest thereon. The

rate of interest will be reviewed on yearly basis. The rate would be

linked with the average yield on 10 year Govt. Securities (GSEC).

4.4.2 An employee who is dismissed/removed from service or who

abandons his job or loses lien on his appointment will be refunded

only his direct contribution as percentage of salary without interest.

5.0 Benefits

5.1 The maximum benefit payable under the scheme to the

superannuating employee is @40% of the last salary (as respectively

defined for individual’s contribution as percentage of salary) for the

guaranteed period of 15 years or upto death of the member,

whichever is later.

5.2.1 32 (full) years’ reckonable service should be completed by an

employee for drawing full benefit as in 5.1 above. For reckonable

service of less than 32 years, the benefit would be proportionately

less. A service of 9 months will be deemed as full year’s service; a

service of 3 months or more but less than 9 months will be deemed

as ½ year’s service; a service of less than 3 months will not be taken

into reckoning.

5.2.2 Salary freezing as on 1.1.2003 for service upto 31.12.2002:

Amount of Pension Benefit for the reckonable service upto

31.12.2002 will be calculated on the salary as on 1.1.2003, and

pension benefit for the reckonable service after 1.1.2003 will be

calculated on Actual salary as on the date of superannuation or by

escalating salary of 1.1.2003 @7% p.a. whichever is lower.

5.3.1 In case of death or permanent total disablement of an employee

while in service, it will be construed that the employee had rendered

full 32 years’ service for drawing full benefit.

5.3.2 In case of an employee in service, where the spouse predeceases or

dies subsequently before opting for any option under Rehabilitation

Scheme (annexed to this scheme), the son/daughter of the family is

entitled to the maximum pensionary benefit only i.e. 40% of the last

salary. The son/daughter cannot exercise any of the other two

options under Rehabilitation Scheme.

5.3.3 In case of resignation, after rendering minimum 15 years of service,

employee will be entitled to pro-rata benefit provided he makes

contribution for at least 5 years. The rate of annuity shall be 1/80th of

the salary on the date of resignation for every completed year of

reckonable service. The benefit shall be payable from the date on

which the resigning employee would have superannuated if the

employee is alive or from the date of death or permanent total

disablement if such a contingency takes place prior to the notional

date of superannuation.

5.4 Annuity Option offered by LIC

5.4.1 The superannuation/disabled employee or eligible dependent of

deceased employee, as the case may be, has the option to elect

anyone of the following recurring benefits offered by LIC within the

purchase price of standard annuity option (i.e. life-time with

guarantee for 15 years). Option once exercised shall be final and

binding.

Option Period for which benefit is payable

1. Life time of the member. After death of the member, no benefit

shall accrue to his beneficiaries.

2. Life-time of the member with guaranteed benefit for 5 years.

3. Life-time of the member with guaranteed benefit for 10 years.

4. Life-time of the member with guaranteed benefit for 15 years.

(Standard option)

5. Life-time of the member with refund of the principal annuity

amount to beneficiary at the time of death of the member.

6. Joint life-time of the member as well as his/her spouse.

7. Life-time of the member with guaranteed benefit for 20 years.

8. Joint life and last survivor pension with return of capital.

5.5 The member employee/eligible dependent has the option to

commute 1/3rd purchase price of annuity, which 1/3rd is payable by

the Trust outright and out of the balance purchase price, a reduced

recurring benefit shall be made available depending upon the option

exercised. 1/3rd Commutation amount of pension to be calculated at

the LIC current rates limited to the rates prevailing as on 31.10.2003

and the 2/3rd amount of will be calculated at the rates prevailing on

the date of purchasing annuity from LIC.

5.6 The recurring payment of superannuation benefit can be made on

monthly, quarterly, half-yearly or yearly basis depending upon the

member’s choice.

6.0 Reckonable & Past Service

6.1 Past service is not fully reckonable for pensionary benefit; it is

discounted. No member is required to contribute towards an eligible

past service rendered in the Corporation before the applicability of

the Scheme in his case. For calculating reckonable discounted

service, the following formula applies :

(1-d/100) x d = credit for past service. ‘d’ denotes past service before

introduction of Scheme.

Note :

(a) Discounted past service worked out as per the discounting

formula will be fully eligible in respect of officers in position in

November, 1987. Similar will be the case for non officers, where

the Unit/Office/Region concerned had joined the Scheme

effective Nov., 1987. Discounted eligible past service for nonofficers

of a Unit/Office/ Region joining the scheme after

November 1987 would be calculated by taking

Unit/Region/Office’s joining the Scheme minus the intervening

period (calculated to days) after 30th November, 1987 to the first

of the month in which the scheme became applicable to nonofficers

of the Unit/Region/Office.

(b) The training period of all departmentally selected

GETs/Management Trainees who were on regular rolls either

prior to November, 1987 or thereafter shall be counted for the

purpose of reckonable service under the scheme.

6.2 Reckonable service is worked out on the basis of the discounted

eligible past service (as explained vide 6.1) plus the actual service

the employee puts in after his entry into the scheme. (For illustration,

refer to Annexure 2)

6.3 For the purpose of reckonable service, past service of non-officer

employees promoted as officers after introduction of SBF Scheme

shall be calculated as under:

i) Where the scheme for non-officer employees was introduced in

November, 1987 itself:

The entire past service in IOC as non-officer employee will be

taken towards reckonable service, after applying the discounting

formula, for benefits under the scheme.

ii) Where the scheme for non-officer employees was introduced

after November, 1987:

The entire past service as non-officer employee minus the

intervening period (calculated to days after 30th November,1987

to the date of promotion as officer or first of the month in which

the scheme became applicable to non-officer employees of the

Unit, whichever is earlier) will be taken towards reckonable

service after applying the discounting formula, for benefits under

the scheme. ‘’

Note :

The above provision at (b)(ii) will also apply in respect of nonofficers

continuing to be non-officers where for non-officers the

scheme was introduced after Nov., 1987.

6.4 Transfer cases

6.4.1 Cases of non-officer employees transferred between

Units/Offices/Regions covered under SBF scheme and those not

covered under the same will be regulated as under:

i) Transfer from a non-covered Unit/Office/Region to

Unit/Office/Region covered under SBF Scheme :

Membership of the scheme will commence from the date of joining.

The service rendered in the non-covered Unit/Region/Office shall not

count towards reckonable service for calculating superannuation

benefit but would count for minimum qualifying period.

6.5 The following period are included for the purpose of reckonable

service:

I) Service rendered on deputation to other organisations. Provided

the employee remits individual contribution and the borrowing

organisation, the employer’s contribution as per laid-down scale;

alternatively, the employee may himself remit the employer’s

contribution also. Delay in remittance of such contribution is liable

to interest being charged from the member at 1% higher than the

borrowing rate for IOC apart from the Trustees taking further

action as deemed appropriate in a case.

ii) Period of leave as EL, SL, CL, Maternity Leave and Leave

Without Pay on medical grounds not exceeding 90 days.

iii) Period of suspension pending enquiry or as a measure of

punishment.

iv) Intervening period on reinstatement of dismissed employees with

full back wages, he shall be extended the benefit towards

discounted past service excluding the intervening period during

which he had remained out of employment.

v) Training period as Officer Trainee in respect of departmental

employees who were actually contributing to the scheme before

selection as Officer Trainees.

7.0 Review of the Scheme

Trustees may review the availability of funds annually or at such

other intervals as may be fixed by the Trustees to decide whether

any revision in the maximum entitlement and/or rate of the member’s

contribution under the scheme is warranted.

8. Administration of the Scheme

8.1 Finance Department, Refineries, Hqrs administers the Scheme, with

regard to purchase of annuities, investment of funds and

maintenance of accounts etc. Policy changes/interpretations are

issued by Corporate Office.

8.2 Applications in prescribed forms for grant of (I) recurring

superannuation benefit or (ii) for exercise of option R-1 under the

Rehabilitation Scheme vide Annexure 1 are to be addressed to

ED/GM of the Unit/Region/Office, who after due verification will

forward the same to Finance Department, Refineries, HQ for

purchase of annuity from the LIC. Application for other options under

the Rehabilitation Scheme will be forwarded with comments from the

Unit/Region to the Division’s HQ for decision.

9. Prescribed forms for claiming benefit

9.1 The following forms are currently prescribed for claiming

superannuation benefits:

1. Nomination

Form

(Annexure-3)

For nominating the person(s) in the event of

death while in service, for receiving the

superannuation benefit.

2. Claim Forms*

Forms ‘A’to‘D’

Forms ‘E’ to ‘I’

i) For availing the superannuation benefit upon

reaching the age of superannuation

.

ii) For availing the superannuation benefit upon

death/permanent total disablement of the

employee. Form ‘I’ pertains to the issue of

death/permanent total disablement certificate

to be used by Human Resource Department.

In case Option R-2 under the Rehabilitation

Scheme is exercised, these forms would be

required to be filled up two months before the

notional date of superannuation of deceased

employee.

(*Forms ‘A D’ and ‘E’ to ‘I’ are also available in

H.R./Finance Department at each

Unit/Region/Office)

3. Application

Forms for

employment of

dependent

son/daughter of

deceased

employee

(Annexure 4)

To be filled by eligible female spouse/dependent

male spouse seeking Option No. R-3 of the

Rehabilitation Scheme.

(The Unit/Region will send the proposal alongwith

the application form to Division’s HQ for

concerned Director’s approval.)

Note :

Upon death of a member when the eligible spouse elects Option R-1

or R-2 of the Rehabilitation Scheme, the following procedure for

transfer of rehabilitation grant to the SBF Trust has been laid down:

The detailed particulars of the deceased employee and the spouse in

the prescribed proforma may be sent to Division HQ on the basis of

which Division HQ would advise the amount towards the

rehabilitation grant, if any to be transferred to SBF Trust. The HR

Deptt. of Division HQ will intimate the Unit/Office/Region concerned

to send a credit note to SBF Trust for the Rehabilitation grant.

=+=+=+=+=+=+=+=

ANNEXURE -1

SCHEME FOR REHABILITATION OF THE FAMILY OF THE EMPLOYEE

DYING OR SUFFERING PERMANENT TOTAL DISABLEMENT WHILE IN

SERVICE

In case of death or permanent total disablement of an employee while in

service, the spouse may opt, within 6 months of the death of the employee,

for any one of the following three options (designated R-1, R-2 and R-3 or R-

3A) for the rehabilitation of the family. Option once exercised shall be final

and no change thereafter shall be permissible.

R-1 From the 1st of the month following the date of death of the employee, a

monthly recurring superannuation benefit calculated as of 32 years service,

irrespective of actual length of service at the time of the demise of the

employee, which is 40% of last salary shall be payable for guaranteed 15

years or life-time of the spouse, whichever is longer. If the spouse also

expires earlier than 15 years, then the benefit will be extended to the

nominee who will continue to get the same till the completion of total 15

years. For this purpose, the spouse will also give the name of the nominee

to the LIC.

R-2 I) From the 1st of the month following the death of the employee, full

salary (BP+DA) last drawn by the employee till the notional date on which

the employee would have retired on attaining the age of superannuation will

be paid by the Corporation to the eligible spouse (and in the event of

spouse’s death to dependent nominee(s), if any) provided the nominees

deposit:

a) The full PF accumulation (excluding VPF plus interest thereon).

b) The gratuity payment.

c) The amounts received towards:

-leave encashment

-by way of Group Insurance Scheme (under PF Scheme).

No interest shall be payable on the above deposits in addition to the

commitment towards payment of last salary. The above amounts held in

deposit shall revert to the nominees on the date on which the deceased

employee would have reached the age of superannuation.

ii) Thereafter, from the notional date of superannuation of the deceased

employee, the spouse would be entitled to superannuation benefit under the

SBF Scheme, which shall, if otherwise accruing under the SBF Scheme

based on the actual years of service, be payable for a guaranteed period of

15 years or life-time of the spouse, whichever is longer.

R-3 For employment of otherwise eligible, suitable, dependent and

unmarried son/daughter (which shall also include son/daughter legally

adopted prior to the death of the employee), the following provisions shall

apply:

a) A dependent son/daughter on possessing the prescribed qualification and

fulfilling the job specifications will be considered for employment provided

there is a regular induction level vacancy of a type, within three years of

the death/permanent disablement of the employee, for which a person of

his/her age, background, qualifications, attainments and physical fitness

would have been otherwise considered.

b) Employment of eligible son/daughter must be sought within 6 months of

the death or permanent disablement of the employee, and be sought in

the prescribed format (Annexure 4). Employment under the scheme will

be offered within a period of three years.

c) A son/daughter who is the candidate for employment must also meet the

prescribed medical fitness and other standards for employment. A

woman candidate shall be considered only against such a vacant post for

which she would have been ordinarily considered and/or for employment

against which there is no statutory prohibition.

d) After the expiry of three years, the claim for employment will lapse.

e) In case of employment of dependent child, the spouse in addition

(from the date of the death of the employee) shall be entitled to

the benefit, if any otherwise accruing, under the SBF Scheme

based on the actual years of service for a guaranteed period of 15

years or her life-time, whichever is longer.

Note:

1) The minimum qualification to be eligible under option R-3 shall be

Matric + ITI in the related trades or other higher induction level

qualification as per existing policy.

2) In case the dependent ward does not posses the induction level

qualification as stated above, he/she shall be provided an opportunity

to acquire such qualification by extending the existing normal waiting

period of three years to a maximum limit of seven years, based on

merit of each case to be approved by Divisional Headquarters.

3) During the waiting period and the while the dependent child is

studying to acquire the induction level qualification, the family of the

deceased employee may be allowed to retain a suitable corporation

quarter in the township, wherever provided, at normal rent, subject to

availability of quarter in township.

R- 3A (Alternate Option to Option R-3) – In the event the family of

deceased employee does not opt for employment of eligible dependent

son/daughter under option R-3 or do not acquire the requisite induction level

qualification within the permissible waiting period, the Corporation shall grant

an amount equivalent to 60 (Sixty) months Basic Pay plus DA as

rehabilitation grant in lieu of employment to mitigate the hardship of the

deceased employee family.

Note: 1. Option R-2 and R-3 shall not be admissible to the spouse

(female/male) who is already in employment in the Corporation.

2. The beneficiary will have the option to elect any one of the optional

recurring benefit offered by LIC within the purchase price of the standard

option.

3(a) Spouse opting for Option R-2 is required to deposit terminal benefits

with IOC, viz. PF, Gratuity, etc., upto the notional date of retirement.

b) The spouse under Option R-2 is required to deposit PF amount upon

its closure as is finally settled in favour of all nominees combined

together. (If the deceased employee had nominated more than one

beneficiary towards PF, Gratuity, etc., the nominees are required

either to give up their right and title to the said amounts in favour of

the spouse or the spouse would be required to deposit an amount

equal to the dues payable respectively towards PF, gratuity, etc. from

his/her sources.)

4. Outstanding HBA (including the amount, if any, adjusted from

gratuity) to the extent not covered by Mortgage Redemption Scheme

is to be cleared by the spouse. The spouse may be allowed, if a

request therefor is made, a period of 24 months to repay the

outstanding HBA (at the normal rate of interest). Other dues/loans

such a Conveyance Advance, Festival Advance, Furniture on hire,

etc., are also required to be cleared by the spouse. There is no

objection to adjustment of dues towards superannuation benefit fund

against the separation payments payable to an employee provided

he makes a specific request therefor in advance in writing.

5. The dependent spouse who has opted for Option R-3 of the scheme,

i.e., employment of son or daughter, cannot claim the benefit of Post-

Retirement Medical Attendance Facility. (Since the spouse is

expected to wait for employment of son/daughter for 3 years, the

facility of Post-Retirement Medical Attendance Facility may be

extended to the spouse for a maximum period of 3 years from the

date of death/permanent total disablement of the employee or till

employment of her son/daughter under Option R-3, whichever is

earlier, subject to the payment of lump sum contribution at the rates

prescribed by IOC from time to time. As soon as employment is

offered to the dependent child, the facility of PRMA shall cease to be

available to the spouse of the deceased employee.)

6. In case of an employee dying or suffering permanent total

disablement due to an injury arising out of and in the course of the

employment, besides the above provisions of the option of the

choice, Management may consider additional rehabilitation

measures on merit of each case and family circumstances.

7. No provision of this scheme will be deemed to constitute any claim,

right or entitlement on the part of anybody.

-----------------------

PENSION & ANNUITY CALCULATION SHEET

Indian Oil Corporation Limited Employees Superannuation Benefit Fund

Scope Complex, Core-2,7, Institutional Area, Lodhi Road, New Delhi-110 003. Fax; 011-24362751,Tel.No 24306223,24306389 Grams: 'OILREFIN'

1. Employee Number / Assessee No. 99999

2. Employee Name

3. Designation MGR

XXXXXXXXX

YYYYYYYYY

4. Beneficiary Name

5. Option Number / Mode of Payment 8

8. Age on Retirement/Death 60

12. Past Service 21.72

13. Discounted Past Service 17.00

16. Service after joining SABF 4.84

17. Total Reckonable Service 37.00

18. Entitlement of Benefit % 33.95

21. Annuity Amount 1826660.00

22. Amount Of Benefit per Month 2658.79

25. Total Price of Annuity 1217773.26

27. Purchase Price Annuity(25a+25b - 26) 1217772.89

30. Paid To LIC [25(a)+28(a)+29(a)]

20. Total Salary 43947.00

19. Last Pay Drawn - Basic 24970.00

- D A 18977.00

- Protected Pay 0.00

6. Date of Birth 11/10/1947

7. Date of Birth of Beneficiary 29/10/1949

9. Date of Joining IOCL 15/02/1966

14. Date of Retirement/Death 31/10/2007

15. Notional Date of Retirement 31/10/2007

11. Date of SABF Agreement 01/11/1987

28. Add Int. Paid to LIC for 0 - 3 1 days 0.00

29. Additional Annuity 0.00

1217773.00

15.18

6.05

11117.27

23290.00

0.00

9456.00

32746.00

26. Less 1/3 Commuted Pension 608887.00

(a)

/ Monthly

1 9691.00

2 9610.00

3 9438.00

4 9184.00

5 7449.00

6 8301.00

7 8880.00

8 7368.00

95.50

94.70

93.00

90.50

73.40

81.80

87.50

72.60

Amount of Pension under various options (30a-28a x Annuity Rate / 12000 )

(Years)

(Years)

(b)

(Years)

(Years)

(Max 40%)

(Rs.)

(Rs.)

(Rs.)

(Rs.)

(Rs.)

(Rs.)

(Rs.)

Pension

per month (Rs.)

Annuity

Rate/12000

(Rs.)

(Rs.)

(Rs.)

(Rs.)

(Rs.)

:

:

:

:

:

:

:

:

:

:

:

:

23. Total Amount Of Benefit per Month(Rs.) 13776.06

24. Opted for 1/3 Commutation- Yes (Rs.) 9184.04 4592.02

:

:

Option Description of options

Life time of the member. After death of the member, no benefit shall accrue to his beneficiaries.

Life time of the member with guaranted benefit for 5 years.

Life time of the member with guaranted benefit for 10 years.

Life time of the member with guaranted benefit for 15 years.(Standard Option)

Life time of the member with return of capital to the beneficiary on death of the member.

Joint life time of the member as well as his/her spouse.

Life time of the member with guaranted benefit for 20 years.

Joint life and last survivor pension with Return of Capital.

[2/3 * 23(a)] [1/3 * 23(a)]

Accounts Officer

(S.No 10 - S.No 9)

(1 - d/100)*d Where 'd' denotes
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