Understanding My Pension: How to Calculate Reduced Pension Starting After 2018?

I resigned from PVT COMPANY on 22 Oct 2014. My date of birth is 8 Jan 1968, and the date of joining the service is 15 Nov 1990. At the time of resigning, the basic salary was Rs 28,000 per month, and DA was Rs 15,000 per month. I contributed to EPS based on the actual salary. The average salary for the last 10 months was Rs 41,000 per month.

What will be my reduced pension if I opt to start after January 2018? Kindly explain.

Thank you,

R V Kanse.

Pension is calculated using the formula Pensionable Salary multiplied by Pensionable Service divided by 70. Pensionable salary is the average of the actual salary of the last 60 months for which contributions are paid. As you are turning 50 in Jan '18, you become eligible thereafter.