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Phone: 0172-5061426, 5049211 | Fax: 0172-2620746.

THE PUNJAB STATE COOPERATIVE BANK LTD.

 

News & Announcements

 

 

 

 





 

To provide credit to all the segments of the population , we have introduced the following new loan schemes also.

  1. Commercial Dairy Loan Scheme
  2. Loan against property
  3. Loan against earnest money
  4. Loan against rental income
  5. Credit for setting up of NET HOUSE
  6. Credit for setting up of AGRICULTURAL SERVICE CENTRE

 

 The Punjab Cooperative Bank Employees Pension Trust

The Punjab State Cooperative Bank Ltd., Chandigarh

 

NOTICE

       It is hereby informed to all the members of the Punjab Cooperative Bank Employees Pension Trust that the viability of the present pension scheme was reviewed by the Trust thoroughly in its various meetings.  The Trust decided to get the scheme evaluated. As per evaluation report, the present pension scheme is not viable and huge funds are required to run the scheme in its present form, whereas the funds of the Trust are much less than the required amount. If the scheme continued in its present form it shall fail in the near future.

       The Trust carefully reviewed the whole matter in detail and decided in the interest of the members to implement the Defined Contributory Pension Scheme of the LIC, so that the members may be able to get regular pension from LIC. 

        The whole matter was placed before the Board of Directors of the Bank. The Board of Directors considered the matter vide resolution No. 8 dated 27.08.2012 and resolved that as the present scheme is not viable therefore, Contributory Pension Scheme of LIC of India be adopted. The Board further resolved that before transferring the corpus fund to LIC of India, one time option be obtained from the members of the Trust either to withdraw their membership along with corpus or to adopt the Contributory Pension Scheme of LIC of India. It was also resolved that the pension trust should evolve a formula for distribution of surplus funds/reserves amongst the members of pension trust. However, it must be ensured before preparing the corpus of the retired employees that if the pensioner has received pension in excess of his share out of surplus funds then the contribution of that member shall be treated as his corpus and no share out of surplus fund be given to him.

         In pursuance of the resolution of the BOD, the trust evolved a formula for distribution of surplus funds/reserves amongst the members. According to it, 65% yield shall be given on the arrear for the deficit period deposited by the members and 30% yield on the monthly contribution received from the members. In case of retired members, if the disbursed pension exceeds the yield amount then the pensioner shall be eligible for the principal amount only.

       In view of the above, an opportunity is being provided through this notice to all the members of the Trust to submit their one time option either to opt the contributory pensi