2nd Option of Pension for Compulsorily Retired Officers/Employees Indian Banks' Association HR & INDUSTRIAL RELATIONS No.HR&IR&HR/CIR/G2/BRK/4684 March 16, 2018 Chief Executives of Member Banks which are parties to the Bipartite Settlement Dear Sir/Madam, 2nd Option of Pension for Compulsorily Retired Officers/Employees The United Forum of Bank Unions (UFBU) representing workmen and officers in Banks were requesting to allow another option to those Who were in the service Of the Banks prior to 29th September, 1995 in case of Nationalized Banks / 26th March, 1996 in case of Associate Banks of State Bank of India and continued in service on or after that date and did not opt for pension when offered as per the scheme. 2. After holding various rounds of discussions in the matter, consensus was arrived at between the parties and a Bipartite Settlement/Joint Note was signed on 27.4.2010 to extend another option of pension to those Workmen / Officers who:- (a) were in the ser...