TABLE SHOWING CHANGES IN PRESENT VALUE OF DEFINED BENEFIT OBLIGATIONS (LIC EMPLOYEES PENSION FUND)
(Amt in Rs Crores)
Please see attachment
C H Mahadevan
PENSION FUND SCHEDULE IN LIC ANNUAL REPORT OF 2025-26
Note:
Present value of obligations is the total amount in the Pension Fund.
Interest cost is the interest earned on the Pension Fund.
Current Service Cost is the Additional Contribution made to the Pension Fund.
Benefits paid are the total amount of Commutation Value and Purchase Price paid for immediate annuities to the P & GS dept of LIC for paying pension to retirees and family pensioners.
Actuarial (gain)/loss is the quantum of (financial gain)/financial loss depending on the actual experience compared to actuarial assumptions of mortality, interest and expenses.
The expected average remaining working lives of Employees(years)(weighted by basic salary) was 5.64 for the year ending 31/3/2026 compared to 6.07 in the previous year. This means that more than half of the 55695 pension optees in service would have retired by 31/3/2032.The result will be a corresponding reduction in the financial burden of contributions to the Pension Fund except for increased contributions arising out of wage revisions for pension optees continuing in service after the wage revision.
The total contributions to the Pension Fund (Regular + Additional Contribution) were Rs 6921.17 Cr
Thus, Regular Contributions constitute 14% while the Additional Contribution constitutes 86% to the Pension Fund.
eF No.9/9/5/2026-IR(आई.आऱ)
à¤ारत सरकार /Government of India वित्त मत्ाांलय /Ministry of Finance
वित्तीय सेिायेम विà¤ाग /Department of Financial Services
3rd Floor, Jeevan deep Building Sansad Marg, New Delhi 110001
20th May, 2026
To:
The Chief Executive, Indian Bank’s Association, World Trade Centre Complex, Centre -1, 6th Floor, Cuffe Parade, Mumbai -400 005
Sub: Restoration of Commutation – common Order dated 04.12 2024 passed by the Punjab & Haryana Court-reg.
Sir,
Please refer to your communication dated 07.04.2025 on the abovementioned matter. In this regard, I am directed to inform you that the aforesaid matter has been examined in this Department in consultation with Department of Pension & Pensioners’ Welfare (DoPPW) and Department of Expenditure (DoE). As per DoPPW, commutation of pension is included as part of the Terms of Reference (ToR) of the 8th Central Pay Commission and has already been taken note of by the DoE. Further, DoPPW has also stated that the period of restoration of commuted pension is to be decided by the Government.
2. It is also to be noted that the Banks’ (Employees) Pension Regulations, 1995 governing pension related matters of bank employees are broadly based on the Central Civil Service (Pension) Rules. The 8th Central Pay Commission will accordingly take care of a decision on the period for restoration of commutation.
3. This issues with the approval of competent authority.
Yours faithfully,
Sd/-
(Vijay Shankar Tiwari) Under Secretary to the Govt. of India
Jago Bharat Jago Jai Jai Shree Ram Thanks & Regards B R Mehta Sector 25 Panchkula 06.07.2026
Regn No.PN 4769 (Regd under The Trade Unions Act, 1926)
(Affiliated to Bharateeya Mazdoor Sangh)
BMS Office, Vishwakarma Bhavan, 185, Shaniwar Peth, Pune 411030
President: Prabir Kumar Mazumder Mob No: 9330337430 Prabir.majumdar@gmail.com Working President: Arvind Mittimani Mob No: 9868878667 arvindmittimani@gmail.com
General Secretary: Rajiv Kumar Sharma Mob No: 9811902770 rajivkumarsharma1558@gmail.com
Date: 03-07-2026
To all the members
On 3 July 2026, as scheduled, Mr. M.P. Chauhan, Chairman Charter Committee and Mr. Arun Gambhir, President, Delhi NOIP Unit, met Ms. Mandakini Balodhi, Director (Insurance), Department of Financial Services (DFS) New Delhi in her office at 12:00 noon.
On behalf of NOIP, Madam was presented with a bouquet of flowers and a memorandum containing our pending issues. The issues outlined in the memorandum, including pension updation and other longpending matters, were discussed one by one. Madam listened carefully to all the points and assured us that she would take up these issues with Dr. Debasish Prushty, Additional Secretary, DFS, and Mr. Sanjay Lohiya, Secretary, DFS.
The meeting commenced at 12:00 noon and concluded at 12:45 p.m. in a cordial, positive, and constructive atmosphere.
After the meeting, our present determined efforts to meet the Secretary, DFS are felt to be accelerated. Also, simultaneously effort to be made to meet the Addl Secretary, DFS who is looking after our issues in DFS. He also represents GOI in LIC’s Board meetings, it is learnt. At present, there is no Joint Secretary who is posted for Insurance Division, since Dr. Prashant Kumar Goyal, Joint Secretary is not looking after Insurance.
We are making continuous efforts to get an appointment with Secretary, DFS Shri. Lohiya ji. Will keep you posted with the developments.
With greetings,
Yours Brotherly,
General Secretary
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To, All RIEAs/LICPWAs affiliated to AIRIEF........
Pl be informed that the Supreme Court of India has organissed Samadhan Samaroh - an initiative by thee Supreme Court of India aimed at an amicicable, consent based settlement of pending Supreme Court cases through mediation annd Lok Adalats - which has commenced from 21st April 2026. Our cases are found fit for conciliation in the Special Lok Adalat and lissted for hearing between 21st to 23rd Auguust 2026. In this context, the Supreme Couurt of India has issued a notice to all Petitioners and Respondents to join.
This is to inform you all that we have directed our Adv. Mr RK Singgh to submit the formal consent to join on our behalf. An essential pre-condition is that all parties to the case must join. It is significantnt to note that we don't wish to let go of any opportunity that comes our way in the larger interest of the pensioners. We can opt out of the process if the offers do not match our expectations. In such an eventuality the casses will go back to the SCI. All the petitioners will try to deliberate and, if possible, build consensus on a common approach which will help us in the Conciliation process.
We shall update you as and when there is a significant development in this matter.
With regards,
(Ranjan Dey Sarkar)
General Secretary
2.7.2026
Respected Members/Readers,
The 12th International Day of Yoga was celebrated with immense enthusiasm on June 21, 2026, at the historic Red Road in Kolkata. Under the global theme "Yoga for Healthy Ageing," the national event was led by Prime Minister Narendra Modi, alongside more than forty thousand yoga practitioners, local leaders, and citizens from all walks of life.
The event highlighted yoga’s profound impact on enhancing not just our lifespan, but our "healthspan"—promoting active, independent, and holistic wellness across generations. The venue came alive as participants synchronized their movements to the Common Yoga Protocol, showcasing unity and discipline. Yoga Carnivals were also held at iconic locations across the city, along with two mega events at Princep Ghat and the Millennium Park, Eden Gardens. Yoga was also performed on more than 530 boats with more than two thousand participants at river Hooghly. Coupled with citywide cleanliness drives in the days leading up to the event, the celebration in Kolkata transformed the celebration into a vibrant community movement, beautifully blending cultural heritage with a collective vow toward dynamic health and mental resilience. It is reported that over three crore citizens participated in yoga events across West Bengal.
The 2026 FIFA World Cup is making history as the largest and most expansive edition of the tournament ever. Jointly hosted by three nations—the United States, Canada, and Mexico—the tournament runs from June 11 through July 19, 2026.
This iteration marks a massive structural shift, expanding the competitive field from 32 to 48 teams across 16 host cities. The new format divides the nations into 12 groups of four, introducing a brand-new Round of 32 knockout phase and increasing the total number of tournament matches to 104.
Please find attached the 153rd July 2026 issue of Eastern News. As our endevour is to cover divergent, contemporary topics, we would highly value your insight and feedback on our content and activities. Please forward your views to at e-mail licretiredofficers@gmail.com. Your feedback will be published in a subsequent issue.
In the spirit of ‘Yoga for healthy ageing’ , we sincerely hope our esteemed readers and their families enjoy a life of vibrant health and wellbeing.
With regards,
General Secretary LIC Retired Class-I Officers’ Association CLICK BELOW:- |
||
AICPI-IW FOR MAY 2026 is 150.8
April 2026 149.9
May 2026 150.8
June 2026 150.8 Expected
Qly Average 150.5
BASE 1960=100
QLY Average=150.5*2.88*4.63*4.93=9893.66
Last QLY Avg FOR February 2026 =9728.00
Difference =0165.66
No of Slabs wef01.08.2026 =165.66/4=41.41
=41 slabs of DR for Pensioners
R K SAHNI
Dear Comrades,
*Re: Our case in Supreme Court - CA No. 3465/2024.*
We are receiving queries from various quarters as to whether AIIPA decided to participate in the Special Lok Adalat excercise, scheduled from 21st to 23rd August, 2026 as a part of SAMADHAN SAMAROH, in response to the notice issued to all the parties - Petitioners and Respondents - by the Hon'ble Supreme Court.
We were approached by representatives of other petitioners requesting to take part in the Lok Adalat process. A few veteran leaders of sister Pensioners'/Retirees' Associations also contacted us urging upon to accede to the request of other petitioners.
In consultation with principal office bearers and senior leaders we decided to give our consent to attend pre-Lok Adalat conciliation sittings.
Our communication dt 20.06.2026 addressed to other petitioners is reproduced for information.
Regards,
Kkrish.
---------------------------------------
20.06.2026.
Dear friends,
As already informed, we attended a pre-adalat session on an earlier occasion, to be specific, on 26.06.2024 exploring the chances of resolution of the matter amicably. LIC was represented by an Official working in the Legal Dept of Northern Zonal Office. He made a submission that LIC is not prepared to negotiate and settle the matter since a lot of legal questions are to be decided and interests of thousands of Pensioners are involved in the case before SC. Hence, the matter was remanded to SC again for its legal scrutiny.
In view of this past experience we are convinced that nothing fruitful shall emerge once the matter is placed before Lok Adalat once again.
We tried to open a dialogue with LIC management for settling the issue out of court. They refused to discuss saying that they do not have mandate from Govt. When we raised it before DFS they dodged it advancing a lame excuse of 'sub judice'.
Despite our unsavoury experiences as mentioned above, in consideration of the views expressed by the representatives of other organisations and also in keeping in mind the imperative need of wider unity of the insurance pensioners we have also decided to join the exercise of Lok Adalat. Whatever is necessary for this will be done by us.
Thanks and regards,
M Kunhikrishnan,
General Secretary,
AIIPA.
