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13. Options for return of capital.- (1) A member eligible to pension may, in lieu of pension normally admissible under paragraph 12 subject to commutation of pension, if any, under paragraph 12A, opt to draw for reduced pension and avail of return of capital under any one of the three alternatives given below :—
Explanation 1.— In alternative 2, if the spouse dies or remarries before the death of member, capital equal to 90 times the original monthly pension shall be paid to the nominee on the member’s death. Explanation 2.— In alternative 3, if the member dies before the end of 20 years period, the pension shall be paid to his nominee for the balance period. Explanation 3.— In the case of a member who is eligible for permanent total disablement pension, and where the payment of such pension is to commence before his attaining the age of 50 years, the options shall also be admissible but in such cases the actual pension payable shall be reduced by 1 per cent and the return of capital shall be further reduced by Rs. 1,000 for every year by which the age at the commencement of pension falls short of 50 years. Explanation 4.— In cases of exercise of option for commutation under paragraph 12A, balance monthly pension payable after commutation shall be deemed to be the original monthly pension for the purpose of this paragraph. (2) The option under sub-paragraph (1) shall be exercised by the member at the time of submission of the application form for pension in accordance with the provisions of this Scheme. The option once exercised shall be final. If no option is exercised, the member shall be deemed not to have exercised any option under this paragraph and his/her pension shall be determined under the provisions of paragraph 12. (3) Notwithstanding that the capital is returned under this paragraph the widow/children shall continue to be eligible for normal widow pension/children pension/orphan pension under paragraph 16 of this Scheme from the date immediately following the date of death of the member | |||||||||||||||||||||||||
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