Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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An AVC arrangement allows a member to make additional personal contributions up to 15 per cent of pensionable remuneration minus personal contributions routinely paid to the main scheme.
There are three kinds of AVC arrangements: Added years, ' Scheme' or 'in-house' AVCs and Free standing AVCs.
In India the Occupational Pension Schemes available for the origanised workforce are Provident Fund, Gratuity and Superannuation.
The Liability under Various Retirement Benefits are incremental in nature. The liability will goes on increasing with each year of service put in by member.
Under Superannuation scheme pay as you go method refers to charging pension current year liability to current year revenue.
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