Law: Life Insurance (Nationalisation) Order, 1972

Section: 49

JUDGMENT SHEET ARBAB MUHAMMAD TAHIR, J. Through the instant writ petition, the petitioners are seeking declaration to the effect that Voluntary Retirement Separation Scheme (“V.R.S.S”) issued through Executive Order dated 15.11.2000 being enforced without prior approval of the Federal Government as required under Section 49 of Life Insurance Nationalization Order 1972 be declared illegal and without lawful authority.   Facts of the case are that the petitioners remained in service with the respondent (State Life Insurance Corporation), the respondent introduced V.R.S.S through Executive Order dated 15.11.2000 which the petitioner availed; that similarly the revised pension scheme executive order dated 12.02.2001 was withdrawn after the lapse of 12 years’ vide Circular dated 19.04.2012, owing to the consequence of the implementation of the law point; that Executive Order will not override statutory Pension Regulation Year 1986; that as per the normal retirement of the employee, un approved revised pension scheme Executive Order dated 12.02.2001 has been converted into retirement by adjusting the payments already made thereunder; that the respondent made admission statement regarding the unapproved V.R.S.S and unapproved revised pension Scheme; as per respondent’s stance, the V.R.S.S Scheme does not require approval of the Federal Government; that due to non-approval from the Federal Government, the V.R.S.S  adversely affected the employees; that the petitioners submitted representation to the respondent for same treatment, like afforded to petitioners in Writ Petition No. 9183/06, in terms of the law laid down by the Apex Court in Civil Appeal No. 528-L/2009, but without response, hence instant writ petition.    The learned counsel for the petitioners contended that the Executive Order dated 15.11.2000 is illegal and unlawful wherein the petitioners were forced to adopt V.R.S.S; that as per the unapproved Executive Order dated 15.11.2000 “option for voluntary Retirement/Separation Scheme once exercised, cannot be cancelled/revoked/withdrawn or changed by staff members” which is against the law and…