Useful

**Berlin_104s** · 22-12-2011, 22:49

Evening All

I was discharged at the end of Oct this year and at the end of Nov received my lump sum - but only 90% of it. Apparently, Glasgow work out the lump sum payment based not only on Immediate Pension valuation but also figures from the Government Actuaries Department. These latter figures were revised on the day I was discharged but Glasgow have yet to be informed what they are. Until they do they are unable to calculate my final lump sum payment. Neither, can they tell me how long it will take. Is anyone else in the same boat?

Cheers

Berlin

**EScotia** · 23-12-2011, 15:19

I may be at the end of Feb if SPVA carry on messing everything up, thanks for the warning!

**Forces Pension Society** · 23-12-2011, 22:56

Originally Posted by Berlin_104s

Evening All

I was discharged at the end of Oct this year and at the end of Nov received my lump sum - but only 90% of it. Apparently, Glasgow work out the lump sum payment based not only on Immediate Pension valuation but also figures from the Government Actuaries Department. These latter figures were revised on the day I was discharged but Glasgow have yet to be informed what they are. Until they do they are unable to calculate my final lump sum payment. Neither, can they tell me how long it will take. Is anyone else in the same boat?

Cheers

Berlin

Normally the lump sum which relies on figures from GAD is the commutation lump sum. There has been a bit of an outcry about people being paid too little in pension because the factors (GAD figures) used were out of date and we have heard of a few who have been undercharged for commutation recovery. My guess is that, given the complaints received, they are being cautious.

The actual pension commencement lump sum (Terminal Grant) doesn't normally need GAD input.

**Berlin_104s** · 24-12-2011, 18:10

Many thanks FPS,

Yes, I did receive a commutation lump sum. Do you have any idea how long the process is going to take because Glasgow were very non-committal?

Berlin

**Forces Pension Society** · 26-12-2011, 11:22

Originally Posted by Berlin_104s

Many thanks FPS,

Yes, I did receive a commutation lump sum. Do you have any idea how long the process is going to take because Glasgow were very non-committal?

Berlin

I will see what I can find out when they return from the Christmas break. Watch this space.

**Forces Pension Society** · 29-12-2011, 16:27

Originally Posted by Berlin_104s

Many thanks FPS,

Yes, I did receive a commutation lump sum. Do you have any idea how long the process is going to take because Glasgow were very non-committal?

Berlin

I have sent you a PM.

**Forces Pension Society** · 18-01-2012, 12:14

Originally Posted by Forces Pension Society

Normally the lump sum which relies on figures from GAD is the commutation lump sum. There has been a bit of an outcry about people being paid too little in pension because the factors (GAD figures) used were out of date and we have heard of a few who have been undercharged for commutation recovery. My guess is that, given the complaints received, they are being cautious.

The actual pension commencement lump sum (Terminal Grant) doesn't normally need GAD input.

Just to close the loop on this issue or others who received an estimated lump sum.

The Treasury withdrew the factors needed for commutation and pension sharing in Oct 11. SPVA had the choice of paying a reduced lump sum (and running a checking exercise when the new factors were known) or not paying the lump sum until the new factors were issued.

They went with the former, the new factors have just been issued and the checking exercise is currently on-going. They expect to complete it by the end of this tax year. I appreciate that it is not ideal to have an estimated lump sum but I am sure that all of you in this position are pleased they did this rather than make you wait.

**deepsahoy** · 18-01-2012, 12:39

For info, my last day of service was 2 Jan. I got my lump sum today, so more than 10 working days but not too bad. Not sure when pension will come through. Xafinity much more helpful than the arseholes at JPAC.

**Original_Punk** · 18-01-2012, 14:13

Is it now the norm for the lump sum (terminal grant) plus the the commutation lump sum to be paid in after your final day? I had always read that payment should be before? Or is it another case of the MoD keeping hold of our money for a bit longer?

**Forces Pension Society** · 18-01-2012, 16:52

Originally Posted by Original_Punk

Is it now the norm for the lump sum (terminal grant) plus the the commutation lump sum to be paid in after your final day? I had always read that payment should be before? Or is it another case of the MoD keeping hold of our money for a bit longer?

The law underpinning the pension schemes says that the pension lump sum will be paid within 30 days after your retirement but SPVA very, very often do far better than that. The only time I have seen a lump sum being paid before the retirement date is where someone had planned to go at age 55 with his/her pension and the Service has asked them to stay on. Very rarely happens!