Frequently Asked Questions (FAQs) on RINL EPS

This is an attempt to clear the minds of the beneficiaries and the matter in the answers has been
taken from the Circulars on RINL Employees' Pension (Defined Contribution) Scheme (RINL EPS)
viz., HR Policy Circular No. 05/19 Dated 28.03.2019, HR Policy Circular No. 12/19 Dated
18.09.2019, HR Policy Circular No. 16/19 Dated 07.10.2019 and HR Policy Circular No.26/19
Dated 28.12.2019. In case of any discrepancies, the Policy Circulars are final.

Q 1) Does RINL has its own Pension Scheme?

A 1) Yes, RINL has commenced its Pension Scheme w.e.f. April’2019 which is basically a Social
Security Scheme and is known as RINL Employees' Pension (Defined Contribution) Scheme
in short “RINL EPS”.

Q 2) What is the objective of the Scheme?

A 2) The objective of the scheme is to provide monetary benefit to the employee/nominee of the
employee in the form of annuities upon Superannuation / Death / Permanent Disablement &
Incapacitation (including cases of permanent total disablement) leading to cessation of service. The
benefits under the scheme shall be payable only in the form of Annuities.

Q 3) Does the cases of resignation and removal come under the Scheme?
A 3) Yes.

Q 4) Who are eligible under RINL EPS?

A 4) Both Executives and Non-Executives are eligible under RINL EPS. Executives, including
Functional Directors and Management Trainees, who are on the rolls of the Company as on
01.01.2007 and recruited thereafter and Non-Executives (including Trainees recruited for eventual
employment) who are on the rolls of the Company as on 01.01.2012 and recruited thereafter shall
be eligible for Company contribution towards RINL EPS.

Q 5) What is Company Contribution?

A 5) Company Contribution means an amount credited by RINL as Employer's Contribution to the
Member’s Account.
· Executives: Company contribution shall be up to 9% of Basic Pay plus Dearness Allowance from
01.01.2007 to 31.03.2015 and 3% of Basic Pay plus Dearness Allowance from 01.04.2015 to
31.03.2018.
· Non-Executives: In respect of regular employees, Company contribution shall be up to 6% of Basic
Pay plus Dearness Allowance (stipend in case of Trainees) for the period 01.01.2012 to 31.03.2015
and 2% of Basic Pay plus Dearness Allowance (stipend in case of Trainees) for the period
01.04.2015 to 31.03.2018.
· From 01.04.2018 onwards, the quantum of Company Contribution would be decided by the
company after finalization of its accounts for the financial year. The contribution will be credited
to employees' individual member account under the scheme.

Q 6) Has any Company’s Contribution been deposited into the Member’s account till now?
A 6) Yes, Company’s contribution from April’2019 has been deposited into the Member’s account and
the same is being reflected in the ESBF statement on Employee Information System (EIS).

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Q 7) Which are the cases where there will be NO Company’s Contribution?
A 7) Cases of termination, dismissal, removal, loss of lien etc…

Q 8) What is Member’s Contribution?

A 8) Member’s Contribution: The existing RINL Superannuation Benefit Fund Trust(RINL ESBF) shall
function as the Trust for the RINL EPS. Consequently, Pension Contribution will be deposited in
the RINL Employee Superannuation Benefit Fund Trust. The employee contribution @2% of
salary being made under ESBF shall continue and shall be treated as Member’s Contribution under
the RINL EPS. In addition to the this, a member can make voluntary contribution.

Q 9) What is Voluntary Contribution?

A 9) Voluntary Contribution is the Contribution by the Member in addition to the rules of ESBF
Trust, voluntarily.
· During the Service - A Member will be at liberty to add / modify / stop the voluntary contribution
at any time. Voluntary contributions can be made only through Salary.
· At the time of separation, if the member so desires, the member may submit a Cheque for the
additional amount the member wants to deposit in the Annuity Scheme along with the amount in
the Member’s Account.

Q 10) What is the scheme for the employees who have separated from April’2019?
A 10) With respect to the employees separating after 31.3.2019, there shall be two settlements:
· Settlement for purchase of 1st annuity scheme shall be made from the amount standing to the
credit of the member up to the date of settlement.
· Settlement for purchase of 2nd annuity scheme shall be after receipt of arrears of the Company
Contributions from RINL for the period up to 31.03.2019.

Q 11) Is any interest being credited on the amount in Member’s Account in the cases from April’19,
from the date of separation to the date of settlement?
A 11) Yes.

Q 12) How about PLBS?

A 12) Consequent to the commencement of the pension contribution w.e.f. April 2019, the Performance
Linked Benefit Scheme (PLBS) for Executives and Non Executives (w.e.f. 09.08.2019 for Non
Executives) has been discontinued.

Q 13) What is the scheme for the employees who have separated prior to April’2019?
A 13) With respect to the employees who have separated prior to April’2019, settlement for Purchase of
Annuity scheme shall be made after receipt of arrears of the company contributions from RINL up
to the date of separation.

Q 14) Can employees separated/separating from April’2019, withdraw the amount in the Member’s
Account at the time of separation?
A 14) If at the time of separation, the amount of Corpus in the Member's Account is less be than
Rs.2,00,000, then the option to withdraw the amount in lump sum or option for Purchase of
Annuity will be given.

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 Commutation of Corpus: When the amount in the Member’s Account is more than Rs.2,00,000,
withdrawal of amount shall be allowed to a maximum of l/3rd of the balance standing to the credit
of the Member’s Account, subject to Income Tax provisions from time to time.

Q 15) Who are the Annuity Service Providers available now?

A 15) The following four Annuity Service Providers are empanelled as of now:
1) LIC of India,
2) SBI Life Insurance Co Ltd.
3) HDFC Life
4) ICICI Prudential Life Insurance
(Annuities offered are given separately)

Q 16) What are the main annuity options being offered by the Annuity Service Providers and what are
the annual incomes on these annuities being offered at the current rate?

A 16) The main annuity options being offered by the Annuity Service Providers along with the Annual
Income on the annuities offered may be arrived at with the help of annuity chart placed.

Q 17) What is Life option of Annuity?

A 17) In “Life” annuity option, the beneficiary will get monthly income till the time the beneficiary is
alive. NO Return of Corpus.

Q 18) What is Life with ROC option?

A 18) In “Life with ROC” annuity option, the beneficiary will get monthly income till the time the
beneficiary is alive and the total Corpus WILL be returned to the nominee thereafter.
Q 19) What is Joint Life option of Annuity?
A 19) In “Joint Life” annuity option, the beneficiary will get monthly income till the time the
beneficiary is alive and the spouse will get the same monthly income after the beneficiary, till the
time the spouse is alive. NO Return of Corpus.

Q 20) What is Joint Life with ROC Option of Annuity?

A 20) In “Joint Life with ROC” annuity option, the beneficiary will get monthly income till the time the
beneficiary is alive and the spouse will get the same monthly income after the beneficiary till the
time the spouse is alive AND the total Corpus WILL be returned to the nominee thereafter.

Q 21) Will the monthly income from the Annuity Scheme fluctuate according to the market conditions?
A 21) No, the monthly income from the Annuity Scheme will remain fixed which is based on the
Annuity Rate offered by the Annuity Service Provider at the time of Purchase of the Annuity.

Q 22) Which Annuity Provider is better and which annuity option is the best?
A 23) It is a matter of personal choice.

Q 23) Can the option of selection of the Annuity Provider or the Annuity Option once made, be
changed?

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A 23) No, the Annuity Provider and the Annuity Option once chosen cannot be changed and shall be
final and binding on the Beneficiary.

Q 24) Can the beneficiary change the Nominee after the Annuity Scheme starts.
A 24) Yes, the beneficiary should directly approach the Annuity Service Provider for any change of
Nominee after the Annuity purchase.

Q 25) When will the beneficiary start getting the monthly income from the Annuity Service Provider
after submission of the RINL ESBF Final Settlement Form.
A 25) The beneficiary will get the monthly income after 1 month of transfer of the Fund from RINL
ESBF Trust to the Annuity Service Provider.

Q 26) Is any Life Certificate required to be submitted to the Annuity Service Provider(ASP)?
A 26) Yes, after the beneficiary starts getting the monthly income, in the month of November every
year, the Life Certificate should be submitted directly to the Annuity Service Provider. If the Life
Certificate is not submitted by January of the next year, the monthly incomes will stop and
the beneficiary should immediately contact the ASP.

Q 27) Does RINL stand as a guarantee for any of the Annuity Providers or any of the Annuity Options?
A 27) No. After purchase of Annuity and disbursement of Pension, any query/complaint on the same
will have to be taken up by the beneficiary directly with the concerned Annuity Service
Provider.

Q 28) What are the enclosures to be attached to the RINL ESBF Final Settlement Application?
A 28) The following enclosures are to be attached to the RINL ESBF Final Settlement Form:
i) Copy of PAN Card of the Beneficiary
ii) Copy of Aadhar Card of the Beneficiary
iii) Copy of Aadhar Card of Spouse
iv) Copy of Aadhar Card of Nominee/s if other than Spouse
v) 02 Passport Size Photos of the Beneficiary
vi) Copy of the first 02 pages of the Bank Pass Book OR Cancelled Cheque.
vii) In case the Beneficiary is Nominee in the cases of Death, then a copy of the Death Certificate.
viii) In Death cases, each nominee should submit one RINL ESBF Application with requisite
enclosures.

It may be noted that all the copies should be legible and self-certified.

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