HIGHLIGHTS OF LIC PENSION FUND AS AT 31/3/2020
I have pleasure in sharing with Pensioner friends, the LIC Employees’ Pension Fund data as at 31/3/2020 obtained by me under RTI as follows:
Amount in Rs Cr
Pension Fund as at 31/3/2020: 70608.14
Assets as at 31/3/2020
1. Advance for purchase price for Annuities( Amount kept invested by The Pension Trust): 62076.32
2. Receivable from LIC: 7565.60
3. Contribution receivable from LIC due to Wage Revision due from 1/8/2017: 922.27
4. Amount due from PF: 43.95
5. Cash at Bank : 0.0005
Total. : 70608.14
INCOME IN 2019-20
1. Normal Contribution(Existing & New Pension optees) : 524.83
2. Additional Contribution
(a) For existing Pension optees : 5240.31
(b) For New Pension optees. : 2224.93
3.Amount wrongly paid in PF: 0.41
4.Contribution by New Pension optees from PF: 1847.00
3.Contribution by New pension optees paid at the counter: 421.00
4.Contribution for wage revision: 420.15
5.Contribution receivable from PF : 43.95
6.Interest earned on Pension Fund: 4582.21
Total. 15304.79
EXPENDITURE IN 2019-20
1. Purchase Price( for existing pension optees) : 3062.11
2. Purchase Price( for new pension optees) : 2211.03
3. Interest on purchase price: 110.37
4. Commuted Value Paid : 424.47
5. Excess of income over expenditure: 9496.82
Total. 15304.79
The additional contribution for new pension optees pertains to those in service as well as those who retired.
The purchase price for existing pension optees would relate to those who retired in 2019-20 and the family pensioners who would have resulted from death of existing pension optees in 2019-20.
The purchase price for new pension optees would have arisen in 2019-20,for retirees and family pensioners who opted for pension under OMOP.
The additional liability on account of OMOP is to the extent of 72.2% as reflected by the figures of additional contribution.While the additional contribution for existing pension optees may pertain to about 85000 serving employees & retirees,the additional contribution for new pension optees may relate to 12260 serving employees and 2224 new pensioners who resulted from OMOP.
The latest statistics of pensioners as at 31/3/2020 are as follows:
Regular Pensioners : 39702( including 1889 added by OMOP)
Family Pensioners. : 19902( including 335 added by OMOP)
Total no of pensioners: 59604( including 2224 added by OMOP)
C H Mahadevan
I have pleasure in sharing with Pensioner friends, the LIC Employees’ Pension Fund data as at 31/3/2020 obtained by me under RTI as follows:
Amount in Rs Cr
Pension Fund as at 31/3/2020: 70608.14
Assets as at 31/3/2020
1. Advance for purchase price for Annuities( Amount kept invested by The Pension Trust): 62076.32
2. Receivable from LIC: 7565.60
3. Contribution receivable from LIC due to Wage Revision due from 1/8/2017: 922.27
4. Amount due from PF: 43.95
5. Cash at Bank : 0.0005
Total. : 70608.14
INCOME IN 2019-20
1. Normal Contribution(Existing & New Pension optees) : 524.83
2. Additional Contribution
(a) For existing Pension optees : 5240.31
(b) For New Pension optees. : 2224.93
3.Amount wrongly paid in PF: 0.41
4.Contribution by New Pension optees from PF: 1847.00
3.Contribution by New pension optees paid at the counter: 421.00
4.Contribution for wage revision: 420.15
5.Contribution receivable from PF : 43.95
6.Interest earned on Pension Fund: 4582.21
Total. 15304.79
EXPENDITURE IN 2019-20
1. Purchase Price( for existing pension optees) : 3062.11
2. Purchase Price( for new pension optees) : 2211.03
3. Interest on purchase price: 110.37
4. Commuted Value Paid : 424.47
5. Excess of income over expenditure: 9496.82
Total. 15304.79
The additional contribution for new pension optees pertains to those in service as well as those who retired.
The purchase price for existing pension optees would relate to those who retired in 2019-20 and the family pensioners who would have resulted from death of existing pension optees in 2019-20.
The purchase price for new pension optees would have arisen in 2019-20,for retirees and family pensioners who opted for pension under OMOP.
The additional liability on account of OMOP is to the extent of 72.2% as reflected by the figures of additional contribution.While the additional contribution for existing pension optees may pertain to about 85000 serving employees & retirees,the additional contribution for new pension optees may relate to 12260 serving employees and 2224 new pensioners who resulted from OMOP.
The latest statistics of pensioners as at 31/3/2020 are as follows:
Regular Pensioners : 39702( including 1889 added by OMOP)
Family Pensioners. : 19902( including 335 added by OMOP)
Total no of pensioners: 59604( including 2224 added by OMOP)
C H Mahadevan
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