The money held in trust has been mismanaged by banks in the process of denying due pension with updation as provided in regulation 56 of Pension Regulations. The Pension Fund need not service employees who are recruited after 01.04.2010 who are governed by PFRDA Scheme and a rapidly growing Pension Fund is meaningless and illogical. By mere administrative orders (though not maintainable in law), IBA has been, on several instances deliberately over ruled/ by passed/violated the provisions/clauses of the settlements made under ID act depriving a meagre section of the retirees, like us, of their legitimate claims- Quite Obviously, with the “tacit approval” of the unions viz.UFBU, that goes without saying. * Are bank managements crediting their matching contributions towards the Pension corpus on monthly basis as is being deducted from the serving employees...? (while disbursing their monthly salaries? – ) * Whether Investments of pension corpus are in conformity with the terms of the pension settlement as originally signed under the ID Act? * Whether the interest loss to the Pension Funds for retirees due to the amortisation of Pension cost of banks over 5 years in the IXth BPS, is made good ? ..else, Is it not an act of -- misappropriation at the corporate level ?(embezzlement of funds) – THOUGH IT BEARS THE POST RATIFICATION BY THE RBI? Supposing, the same were to be indulged by any erring employee, for his/her Misconduct in a stray /isolated instance, he/she would have been sacked from the service mercilessly as per the service conditions !–Even for a paltry amount of involvement for that matter ! That being the case , Can the representatives of the unions on the respective pension trust boards plead for their “estoppels” from being guilty on par with the managements on the above logic? Only a thorough investigation by accredited institutions like CAG alone will be able to bring the truth to the surface in the interest of the innocent retirees like us Notwithstanding the above....... Even the available resources in the Pension corpus as it is, can easily pay three to four times the present pension to all retirees without any pinch on their profits and without warranting the Government to make any additional budgetary allocation for it . FIGURES SPEAK BY THEMSELVES.......... ------------------------------------------------------------------------------------------------------- Pension Fund details (Amount in Rs.Crores) All Public Sector Banks ( as on 31.03.2014) ------------------------------------------------------------------------------------------------------- Closing balance 1,58,782.61 Contributions received during the year 7,789.27 Income from investments 11,919.89 Actuarial gains 7,624.79 Total Accretions during the year 27,333.95 Pay out of benefits 9,998.06 Percentage of Pay out 36.57%* *(The Payout % has been on the steady decline in the successive years) ----------------------------------------------------------------------------------------------------------- The money thus held in trust therefore, is certainly mismanaged by banks in the process of denying due pension with updation as provided in regulation #56 of Pension Regulations. The Pension Fund need not service those employees who are recruited after 01.04.2010 who are governed by PFRDA Scheme and a rapidly growing Pension Fund is therefore, meaningless and illogical. FROM THE ABOVE, IT IS CLEARLY EVIDENT THAT........ IT’S ONLY THE EGOISTIC STANCE TAKEN BY BOTH IBA AND UFBU THAT ALONE IS COMING IN THE WAY OF OUR WELLBEING AS THE BENEFICIARIES OF THE PENSION TRUST– THIS EXACTLY IS THE ONLY CRUX OF THE PROBLEM SIR. We are indeed hard-hit by inflation as our monthly pension remaining static since the day we retired from the services very long ago.