17. Payments on exercise of option.- (1) Beneficiaries of the deceased members of the Employees’ Family Pension Scheme, referred to in sub-para (i) of paragraph 7, shall receive higher of the benefits available under the Employees’ Family Pension Scheme, 1971, and under this Scheme. (2) Members, referred to in sub-paragraph (2) of paragraph 7, shall have the option to join this Scheme by returning the amount of withdrawal benefit received, if any, together with interest at the rate of 8.5 per cent per annum from the date of payment of such withdrawal benefit and date of exercise of the option, to receive monthly pension as per the provisions of this Scheme. (3) Members, referred to in sub-paragraph (3) of paragraph 7, shall be deemed to have joined the ceased Employees’ Family Pension Scheme, 1971, with effect from 1-3-1971 on remittance of past period contribution with interest thereon. |
