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12A. Option for commutation.- A member eligible to pension may, in lieu of pension normally admissible under paragraph 12, opt on completion of three years from the commencement of this Scheme, to commute up to a maximum of one-third of his pension so as to receive hundred times the monthly pension so commuted as commuted value of pension. Balance pension will be paid on monthly basis as per option exercised under paragraph 13. Explanation.— If, for example, the normal pension under paragraph 12 is Rs. 600, and the pensioner opts to commute one-third of this monthly pension, the commuted value will be equal to 1/3 × 600 × 100 = Rs. 20,000 and the same shall be paid at the time of exercise of option for commutation. The balance of pension payable on monthly basis is Rs. 400. | |||||
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