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On One-Time Lumpsum Pension Payouts, A Clarification From Government
Government clarifies on lumpsum payout of a portion of pension The Department of Pension and Pensioners' Welfare (DoPPW) has clarified that Central government employees who have already opted to withdraw a percentage of their basic pension as a lumpsum payout are not permitted to do that on a second or subsequent occasion. In an office memorandum dated October 31, the DoPPW highlighted that as per the provisions of the Central Civil Services (Commutation of Pension) Rules, 1981, the lumpsum payout of pension on more than one occasion is not allowed. According to Rule 5 of the CCS (Commutation of Pension) Rules 1981, a government employee can commute, or withdraw, up to 40 per cent of the basic pension as a lump-sum payment. The DoPPW clarification comes after it received references and representations regarding the lumpsum withdrawal of a portion of pension for a second time. The difference is the amount between the value already authorised and the value determined after taking into consideration the increase in pension. In addition, the memorandum underlined that an applicant is not required to file a new application to pay any differential amount. Source - NDTV #pension
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