I am a retired officer of a Nationalised bank. Indian Banks Association (IBA) representing banks entered into agreement with Trade Union to introduce a Pension Scheme during 1995 in lieu of Contributory Provident fund scheme .An option was gien to employees to opt for Pension Scheme or continue in Proident fund Scheme. I opted for Pension Scheme and become member of Pension Fund. During 2001 Banks introduced Special VRS scheme and agreed to proide all benefits available under pension Scheme to those retired under SVRS Scheme. I offerred to take VRS and Banks accepted offer and relieved me during 2001. Since then Bank is paying pension everymonth to me.
The Question is
Is there any contractual relationship bewtween banker and Pensioner under contract Act
As soon as Bank releived us will legal relationship between employer and Pensioner end even though as per agreement Banks are paying Pension to us every month..
Please guide me.
