How to get pension in your bank account and new pension systems for pensioners 2018
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Retired employees of the government of Pakistan are entitled to receive a pension from the government on a monthly basis. Previously the employees had to go directly to the bank with a pension book in order to get their monthly pension. This whole process was troublesome for elderly people who often had to stand for hours in line just to get their pension.
In order to facilitate the pensioners and end their agony of standing in long queues for pension, the government of Pakistan has introduced a Direct Credit System (DCS) for pensioners. Through this new system, the pensioners will be able to receive their pension directly into their bank account and there will be no need of keeping up with pension books.
All the pensioners will need is to fill an online pension form in Pakistan. The option form for direct credit of pension through a bank account is needed in order to get verification of your bank account details. If you want to have more information about the direct credit system then you can visit the Pensioners Facility Counters that are set up in all branches of National Bank of Pakistan.
Features of New Pension System
The new pension system introduced is making life easier for the pensioners as there is ease of pension collection and withdrawal facility that is available to them. Some of the salient features of the new pension system include:
- Pension account can be opened in any bank all over Pakistan
- The pension will be credited into the bank account just like employees get their monthly salaries
- Pensioners will have an option to withdraw the pension through cheque or ATM, the same mode that is available to all other bank account holders
- Validation of bank account details through online pension form
Procedure for Federal Pensioners to get Pension in Bank Accounts
In order to get pension payments right into their accounts, the pensioners need to follow a certain procedure in order to get pension right in their bank accounts. For that, the pensioners need to open a pension account in any bank of Pakistan. Once the account is opened then the pensioners need to get the Direct Credit System pension forms attested by their banks.
The main purpose of attestation from the banks is to verify the banking details of the pensioners so that no hassle is created at the later stages. After the attestation process, the form should be submitted to the Accountant General Pakistan Revenues (AGPR) along with the required documents. The documents that the pensioner needs to provide to the AGPR include the following:
- Option form duly attested by the bank in which you have opened up your bank account
- Bond paper attested by a notary public and given to your bank
- Original pension book should be given to the bank from where you are withdrawing your pension from.
How will the New Pension System Work
Once you have given the option form, submitted indemnity bond paper, and original pension book, then your government pension will be directly credited into your account. All these are one time formalities after which the pensioner only will have to submit a life certificate on 1st March and 1st September for internal control of the bank.
The government of Pakistan has also established the Pension Facilitation Center so that pension transfer problems can be solved and people can get to know more about pension rules. Apart from this, if you have any pension-related query, you can contact the concerned department through