Dear Godzy,
When GODzy is asking definitely i should have to answer,
1. I would elaborate the matter in r/o EPS only.
2.For EPS i.e. employee's pension scheme member should have to render total service of 10 years and during this period contribution should be remitted then he will entitled or eligible for pension.
3.For getting superannuation pension in hand member should be 58 of age;
and for reduced pension he should be 50 or more of age.
4.One; who is eligible, can opt pension on completion of 50 years of age as per provision which is called 'REDUCED PENSION' In reduced pension the amount of pension shall be reduced @4% for every year the age falls short of 58 years.
5.Obviously, member who is going to opt reduced pension on 57 of age he shall get 100-4=96% pension and by this analogy he will loose 4% every year
as per his age. i.e. on 56, 96-4=92, on 55, 92-4=88, on 54, 88-4=84, on 53, 84-4=80, on 52, 80-4=76, on51, 76-4=72 and finally on the age of 50, 72-4%=68.By this way member going for reduced pension will get pension short according to his age on the date of application in form 10 D.
Hope this could help u to understand the matter in question.
Regards,
KIRAN KALE