Dear Rupesh,
Section 19(1) of the Industrial Disputes Act,1947, while dealing with the aspect of operations of settlements and awards, reads as follows:
" A settlement shall come into operation on such date as is agreed upon by the parties to the dispute and if no date is agreed upon, on the date on which the memorandum of settlement is signed by the parties to the dispute".
So, legally, any workman retiring from service on superannuation before the date of signing of the settlement can not stake any claim for its benefits when its operation is prospective.
One can argue that had the delay in between the date of expiry of the previous settlement and the date of signing of the fresh settlement been avoided, those workmen leaving their service in the intervening period by the operation of the clause of superannuation would have been benefitted. But it would be untenable in the face of the mention of a specific date of prospective operation in the fresh settlement.