Pension Commutation for those born on 1st of the month
This is a general querry .
If a person is born on 1st of a month he retires on superannuation on the last day of earlier month. ( e.g. Person born on 1.4.48 retires on 31.3.2008 )
So he has not attained the age of 60 at the time of retirement.
He becomes 60 on the next day ( that is 1.4.2008 in the example ).
Then which commutation factor should be used for the pension commutation? ... 9.8( corresponding to 61 as is usually done for all ) or 10.3 ( Corresponding to 60 Years ) ??
..............
Thanks in advance
S S Salvi
This is a general querry .
If a person is born on 1st of a month he retires on superannuation on the last day of earlier month. ( e.g. Person born on 1.4.48 retires on 31.3.2008 )
So he has not attained the age of 60 at the time of retirement.
He becomes 60 on the next day ( that is 1.4.2008 in the example ).
Then which commutation factor should be used for the pension commutation? ... 9.8( corresponding to 61 as is usually done for all ) or 10.3 ( Corresponding to 60 Years ) ??
..............
Thanks in advance
S S Salvi