These regulations shall apply to employees who, -
(1) (a) were in the service of the Bank on or after the 1st day of January, 1986 but had retired before the 1st day of November, 1993; and
(b) exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and
(c) refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (b) the entire amount of the Bank's contribution to the Provident Fund including interest accrued thereon together with a further simple interest at the rate of six per cent per annum on the said amount from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank or till the 1st day of April, 1995 whichever is earlier7; or
(2) (a) have retired on or after the 1st day of November, 1993 but before the notified date; and
(b) exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and
(c) refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause
(b) the entire amount of the Bank's contribution to the Provident Fund and interest accrued thereon together with a further simple interest at the rate of six per cent per annum on the said amount from the date of 7 Amended w.e.f. 30.11.2002 ref Circular No.265/2002 dated 24.12.2002 10 settlement of the Provident Fund account till the date of the refund of the aforesaid amount to the Bank; or
(3) (a) are in the service of the Bank before the notified date and continue to be in the service of the Bank on or after the notified date; and
(b) exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and
(c) authorise the trust of the Provident Fund of the Bank to transfer the entire contribution of the Bank along with the interest accrued thereon to the credit of the Fund constituted for the purpose under Regulation 5; or
(4) join the service of the Bank on or after the notified date; or
(5) were in the service of the Bank during any time on or after the 1st day of November, 1993 and had died after retirement but before the notified date, their family shall be entitled for the amount of pension payable to them from the date on which they would have been entitled to pension under these regulations, had they been alive till the date on which they died, if the family of the deceased –
(a) exercise an option in writing one hundred and twenty days from the notified date to become member of the Fund; and
(b) refund within sixty days after the expiry of the said period of one hundred and twenty days specified in clause (a) above the entire amount of the Bank's contribution to the Provident Fund and interest accrued thereon together with a further simple interest at the rate of six per cent per annum from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank; or
(6) joined the service of the Bank on or after the 1st day of November, 1993 but who have died while in the service of the Bank before the notified date, their family shall be entitled to the family pension under these regulations:
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Provided that the family of such a deceased employee refunds within one hundred and eighty days from the notified date the entire amount of the Bank's contribution to the Provident Fund, if any, and interest accrued thereon together with further simple interest at the rate of six per cent per annum from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank;
Provided further that the family of such a deceased employee shall apply in writing for grant of family pension; or
(7) Were in the service of the Bank during any time on or after the 1st day of January, 1986 and had died while in service on or before the 31st day of October, 1993 or had retired on or before the 31st day of October, 1993 but died before the notified date in which case their family shall be entitled to the pension or the family pension as the case may be under these regulations, if the family of the deceased,
(a) exercise an option in writing within one hundred and twenty days from the notified date to become member of the Fund; and
(b) refund within sixty days of the expiry of the said period of one hundred and twenty days specified in clause (a) above the entire amount of the Bank’s contribution to the Provident Fund and interest accrued thereon together with a further simple interest at the rate of six per cent.
per annum from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank or till the 1st day of April, 1995, whichever is earlier; or 8
(8) joined the service of the Bank on or before the 31st day of October, 1993 and who died while in service on or after the 1st day of November, 1993, but before the notified date in which 8 Amended w.e.f 30.11.2002 ref Circular No.265/2002 dated 24.12.2002 12 case their families shall be entitled to family pension under these regulations if the family of the deceased employee,-
(a) exercise an option in writing within one hundred and twenty days from the notified date to become a member of the Fund; and
(b) refund within sixty days of the expiry of the said period of one hundred and twenty days specified in clause (a) above the entire amount of the Bank's contribution to the Provident Fund, including interest accrued thereon together with a further simple interest at the rate of six per cent per annum from the date of settlement of the Provident Fund account of the employee till the date of refund of the aforesaid amount to the Bank;
(9) Notwithstanding anything contained in sub-regulations (1), (2),
(3), (5) and (8) an option exercised before the notified date by an employee or the family of a deceased employee in pursuance of the settlement shall be deemed to be an option for the purpose of this Chapter if such an employee or the family of deceased employee refund within sixty days from the notified date, the amount of the Bank's contribution to the Provident Fund including interest accrued thereon together with a further simple interest in accordance with the provisions of this Chapter and in case employer's contribution of Provident Fund has not been received from Provident Fund Trust, has authorised or authorises within sixty days from the notified date the trustees of the Provident Fund of the Bank to transfer the entire contributions of the Bank to the Provident Fund including interest accrued thereon in accordance with the provisions of this Chapter to the credit of the fund constituted for this purpose under regulation 5.
(10) Notwithstanding anything contained in sub-regulation (2), (5),
(6) and (8), in cases where an employee had retired / died after retirement on or after the 1st day of November, 1993 but on or before the 1st day of April, 1995 or where an employee had died while in service of the Bank on or after the 1st day of November, 1993 but on or before the 1st day of April, 1995 13 such an employee or the family of the deceased employee, as the case may be, shall refund within the period specified in aforesaid sub-regulations the entire amount of the Bank's contribution to the Provident Fund including interest accrued thereon with a further simple interest at the rate of six per cent per annum on the said amount from the date of settlement of the Provident Fund account till the date of refund of the aforesaid amount to the Bank or till the 1st day of April, 1995, whichever is earlier9.
4. Option to subscribe to the Provident Fund-
(1) Notwithstanding anything contained in sub-regulation (4) of regulation 3, an employee who joins the service of the Bank on or after the notified date at the age of thirty five years or more, may, within a period of ninety days from the date of his appointment, elect, to forego his right to pension, whereupon these regulations shall not apply to him.
(2) The option referred to in sub regulation (1) and regulation 3, once exercised, shall be final.
9 Inserted w.e.f. 30.11.2002 ref Circular No.265/2002 dated 24.12.2002 14
CHAPTER III THE FUND
5. Constitution of the Fund-
(1) The Bank shall constitute a Fund to be called the Canara Bank (Employees') Pension Fund under an irrevocable trust within one hundred twenty days from the notified date.
(2) The Fund shall have for its sole purpose the provision of the payment of pension or family pension in accordance with these regulations to the employee or his family.
(3) The Bank shall be a contributor to the Fund and shall ensure that sufficient sums are placed in it to enable the trustees to make due payments to beneficiaries under these regulations.
6. Liability of the Provident Fund Trust - The Provident Fund trust shall, immediately after the constitution of the Fund, transfer to the Canara Bank (Employees') Pension Fund the accumulated balance of the contribution of the Bank to the Provident Fund and interest accrued thereon upto the date of such transfer in respect of every employee.
7. Composition of the Fund - The Fund shall consist of the following, namely-
(a) the contribution by the Bank at the rate of ten per cent. per month of the pay of the employee;
(b) the accumulated contributions of the Bank to the Provident Fund and interest accrued thereon upto the date of such transfer in respect of the employees;
(c) the amount consisting of contributions of the Bank along with interest refunded by the employees who had retired before the notified date but who opt for pension in accordance with the provisions contained in these Regulations;
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(d) the investment in annuities or securities purchased out of the moneys of the Fund and interest thereon;
(e) amount of any capital gains arising from the capital assets of the Fund;
(f) the additional annual contribution made by the Bank in accordance with the provisions contained in regulation 11 of these regulations;
(g) any income from investments of the amounts credited to the Fund;
(h) the amount consisting contribution of the Bank along with interest refunded by the family of the deceased employee.
8. Board of Trustees -
(1) The Board of trustees shall consist of such number of persons not less than three and not more than nine, as may be determined by the Board, to be appointed by the Bank.
(2) The power to appoint the trustees shall be vested with the Bank and all such appointments shall be made in writing.
(3) The Bank shall nominate one of the trustees to be the Chairman of the Board of trustees. The Bank shall also nominate a trustee to be an alternate Chairman who shall act as Chairman in the absence of the Chairman.
(4) The term of appointment of trustee shall be for a period of three years and the Bank may re-appoint a trustee who has already completed his term; provided that no trustee shall be appointed for more than two terms10.
10 Inserted w.e.f. 20.11.2010 ref Circular No. 13/2011 dated 11.01.2011 16