Topic:Exempt PF valuation - Revised GN 29 V2.0 under IND AS 19
Time: 4.00 PM to 6.00 PM
Opening remarks, Instructions, and Updates on GN29v2.0
Ms Chitra Jayasimha, Mr Hemanshu Jain and Dr K Sriram,

(Members of the Advisory Group will also support in facilitating breakout discussion)

PF task force for the last one year has been working to redraft the GN 29v2.0 to be compliant with the IND AS 19 which has been approved by the IAI in Feb 2022. The new GN 29 v2.0 focuses on 3 key aspects

1. Recognizing and reiterating that exempt PF is a Defined Benefit scheme
2. It has to be treated as a post retirement plan
3. Fair value of plan assets must be considered

In the session, the speakers will touch upon the New GN 29 v 2.0 areas that will impact the actuarial valuation of Exempt PF. Dr Sriram will take the participants through the Sample Disclosure under IND AS 19 and each group will quickly discuss their views/methodology / comments on the Disclosure.

Post the introductory remarks, the participants will be provided with sample PF data, assets, liabilities & balance sheet and are expected to prepare exempt PF disclosure under IND AS 19 in their respective break out groups. Participants will share their understanding and solutions during the interactive session.

Participants will benefit from hearing about the wider context, as well as different interpretations and approaches that may exist, thereby helping them to advise clients suitably.

Topic/s: Defined Benefit Post Retirement Pension
Session 1 -16th March 2022
Opening remarks and Instructions
Mr Kulin Patel, Chairman, Advisory Group on Pensions, Other Employee Benefits and Social Security, IAI
Speaker – Mr Kishore Singh , AGM , Personnel Management State Bank of India
Topic - Overview of Government /Public Sector Defined Benefit Pension

Payment of post retirement pension to retired government/public sector employees, including payment of basic pension, increased Dearness Relief (DR), and other benefits as and when announced by the governments/ public sector, is governed by the relevant schemes prepared by the concerned Ministries/ Departments of the Government of India, State Governments and the Public Sector. The calculation of these pensions is quite extensive as there are many layers to it making it one of the most complex employee benefit actuarial valuation.

Due to constantly changing guidelines of these pension rules, practitioners are often confused on the calculation methodology and it would benefit them greatly to hear from the first source on the actual calculation of the Employee pension - both active and retired, family pension, death pension, commutation, restoration, DA increases, DA merger etc.

Session 2 -16th March 2022

Speaker – Mr Jayesh Pandit, Partner, K A Pandit Actuaries and Consultants
Topic - Actuarial aspects and calculation of Government /Public Sector Defined Benefit Pension