FEDERATION REPRESENTATION ON COMMUTATION Now we submit the following issues :- (a) Value or Commutation and (b) Restoration of commuted Value of Pension. It is worth mentioning that the pension scheme in State Bank of India is inherited from the related provisions of Bank of Calcutta, Bank of Bengal/Madras/Bombay and Imperial Bank of India chronologically. Hence, we have the oldest history of enjoying the benefit of a social security like pension after retirement but we are enjoying a lesser benefit than those of the bankers who got a Regulation only in 1995 although the scheme was introduced in 1993 with retrospective effect from 01.01.1988. As a result SBI pensioners are getting a much lesser amount of commuted value. The calculation as an example given below surely is an eye-opener. An employee retiring at 60 years of age with a value of basic pension of Rs. 300/-, his commuted value of pension @ 1/3rd = Rs. 100/- To read further download the file below