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News & Announcements

Notice of Pension Fund

Dairy Schemes by Central Cooperative Banks in Punjab state

 Punjab State Cooperative Bank along with 20 DCCBs has become first State cooperative bank in India to start ATM, PoS/ E-Commerce services



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



       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 pension scheme of LIC of India or intend to withdraw their membership/corpus fund within a period of 30 days positively from the date of publication of this notice. The members who intend to withdraw shall get a refund of their corpus fund and the corpus funds of the members interested to opt the scheme shall be transferred to LIC.

        The option Form1 and Form2 may be obtained from the branches of PSCB/concerned CCB and is also available on the website of the bank Different types of pensions are available under the contributory pension scheme of LIC, retired members may also fill their option to get a particular type of pension on the form. Serving employees shall have to exercise this option at the time of3 their retirement. The members should submit their option form at the concerned branch of PSCB/concerned CCB.

       It is informed that pension under the present scheme shall be disbursed up to the month of December, 2012 only and from January, 2013 onwards pension scheme of LIC shall be implemented.

        Further information/clarification may be obtained from the Office of the Trust at The Punjab State Cooperative Bank Ltd., Sector 34, Chandigarh or the concerned Central Cooperative Bank. Detail is also available on the website of the Bank.