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1) ON RETIREMENT :
On Retirement of a member, the corpus (contributions plus interest) is utilized to provide the following :

  • Commuted Value (Equivalent to 1/3rd of the corpus) which is tax free.
  • The corpus that remains after providing for the commuted value is taken as the purchased price to provide for pension.

2) ON DEATH :
The Pension is payable on the life of the beneficiary. Corpus is utilized towards the payment of pension of the type the beneficiary may opt and the benefit so received is tax free. A lump sum payable by way of death besides the pension, if the employer has taken Group Insurance Scheme in conjunction with the Group Superannuation Scheme.

3) ON WITHDRAWAL :

  • He can get the equitable interest transferred to the Superannuation Scheme of the new employer provide the rules of both the Schemes provide for the same.
  • He may opt for a pension from the normal retirement date as provided in the old employer's scheme.
  • He may opt for payment of commuted value and pension, immediately in which case the benefits would be taxable.

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