Pension-a contractual obligation?

I wish to modify the probable reply by LIC Management Representative as follows: 

"Well whether we take that view or a different view needs to be examined. We have to consult our legal dept and then obtain clearance from the Govt before we commit. We will revert.  Anyway thank you for taking the trouble of coming and meeting us. We hold our ex senior colleagues in high regard. It is because of you people that the Corporation grew to this size, thank you again".      

On Fri, Jun 19, 2015 at 7:38 PM, Colinjivadi Mahadevan <chmahadevan@gmail.com> wrote:

An imaginary conversation( in a non-mandatory meeting)  Pensioners’ Association Leader:   Sir, the IBA has taken the position that bankers’  pension is not a     contractual liability but only a welfare measure. Is it also the LIC’s  view?                                                                                                                             LIC Management Representative:  Rest assured; we will not take that stand, we have no     welfare measures. But what if it is a contractual obligation?  With greetings, C H Mahadevan

Thanks and regards,

Sreenivasa Murty Mulukutla

106, Hill County
Nizampet Road, Bachupally

HYDERABAD 500090

+919177737356