ISLAMABAD: The Finance Division has instructed that payment of pension will be made to the pensioners through a bank account either current or profit and loss sharing (PLS) maintained in his own name, and a joint account would not be valid.
A circular issued by the Finance Division Regulations Wing with respect to payment through direct credit system (DCS) stated that dedicated pension bank account would not be mandatory for drawl of pension and the requirement of indemnity bond from a pensioner, as laid down in para 3 (f) and 9 (xii) of the revised SOP 2014 issued vide Finance Division's letter No 12 (9) Reg.6/2012-568, dated 14-07-2014 is discontinued.
The circular also highlighted that the Finance Division vide letter dated 28-09-2020 has already decided that no separate bank account is required for drawl/disbursement of pension for all new retirees and that it may be ensured that the pensioner starts receiving pension payment on the date it falls due, in the same bank account, he or she was receiving the salary before retirement, if he or she desires so.
And after necessary amendments in the relevant rules, the federal government is going to launch a system which would cater for all the requirements/ documentations digitally to further facilitate the pensioners, the circular added.
Copyright Business Recorder, 2021
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