Dear Sarita
Let me clear every thing to you.
1. One gets pension if one is a member for a pension fund. That means if your employer / organisation has a pension scheme (self or outsourced). many organisations do not have one and only beneifts are gratuity and PF.
2. The pension is regulated by the pension rules. generally minimum service for pension is 10 years. Further, if you do 33 years of service you get full pension as per the formula which will be based on you Pay. If you have 20 years plus service then some organisation give benefit of 5 years notional service. Thus if you have put 20 yrs service your pension will be calculated by adding 5 yrs in your service.
3. Pl note that whatever pension is fixed for you, (generally basic for this purpose) on your retirement, one third you can commute. This means if your basic is fixed at 9000/- you can commute one third i.e. 3000/- p.m. for say 15 years(15 yrs does not mean you will get exact 15 years but it is based on some factors depending on your age) . Let us say your facor is 13 than your commutation amount will be 3000X12(months)X13 (factor in your case)=Rs. 468000/-
4. Generally 2nd commutation is allowed after 15 yrs.
5. Pl remember your reduced basic every month after commutation will be 6000 and you will get DA on original basic of 9000/-
Hope now u undrstd.
Pension is after retirement, commutation is pre-empting some part your basic pension. This are social security measures.
thanks.
Prabhaker Verma