Pension Fund

Dear all,
I want to know some information on pension fund.
some were I have read that there are 3 types of pension.
1) superannuation pension
2) retirement pension
3) short service pension.

Can anybody tell me that
1) what are the basic difference in all these 3 types of pension
2) when and in which industry all these are applicable.
3) how are these calculated

Thanks in advance to all of you.

__________________
Warm Regards,
Nipuna

hi,


jeet
9910427029

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J E E T

Dear friends ,
Please do reply. I m waiting

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Warm Regards,
Nipuna

19 views and no reply...................

nobody is there to help me out

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Warm Regards,
Nipuna

43 views and no replies. plz frnds, do help me.

__________________
Warm Regards,
Nipuna

Superannuation Fund..........
It is a Fund which is kept with the LIC by the Organisation......and it is transferable just like provident Fund Account. The pension is provided to an employee after separation with the co. after 5 years or after retirement or to the nominees after the death of the employee.


Retirement Pension.............
Any pension which is received by the employee after the retirement is Retirment Pension...like from the Provident Fund Department....in case of the private limited cos.
Whereas in case of Government Employee they do get the Pension from the department which has no connection with the PF Department.


Short Service Pension..........
This termonolgy was used by the PF department, when they started the new current pension scheme, they started giving the pension to the members even when they were in the service and that pension was called Short Service Pension. But now that scheme is closed.

Also this is a Pension scheme which is already is in scheme by the Armed Forces. When the armed people are commissioned for short term duration, minimum is 5 years and it is extendable in the multiple of 5 year of service, say 10 year, 15 years etc. and after the separation of the person from the armed forces after a service of say 5,10 years he used to get pension for the whole life, which may you terned as Shart service commisssion pension.

This is what I feel the various types of pensions are, if any body has different opinion then he/she is most welcome to put his/her veiws on the above topic.

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Everyone thinks of changing the world, but no one thinks of changing himself.....

Thank you Rajeev for your reply. Can you tell me that how it is calculated. and are there any other type of pensions also?

__________________
Warm Regards,
Nipuna

Hi Nipuna,
As far as calculations are concerned, the methods are different for different pensions.

As myself working with a private Industry, so I can give the method of calculating the pension by the PF department.

Just go through the Employee Pension Scheme,1995 implemented on 16th November,1995.

Attached Files

Employee Pension Scheme, 1995.doc (610.0 KB, 886 views)

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Everyone thinks of changing the world, but no one thinks of changing himself.....

thanks Rajeev.
I want to know that are there any other type of pensions as well

__________________
Warm Regards,
Nipuna

I haven't heard any other pension scheme..............

Rest which I have heard is linked with the Insurance Company, which is taken care by the Individual himself, that has nothing to do with the Company, PF etc. and that has different terms and conditions.

__________________
Everyone thinks of changing the world, but no one thinks of changing himself.....