Issues With Lump Sum Payment

Discussion in 'Armed Forces Pension Scheme' started by Berlin_104s, Dec 22, 2011.

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  1. 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
     
  2. I may be at the end of Feb if SPVA carry on messing everything up, thanks for the warning!
     
  3. 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has been a bit of an outcry about people being paid too little in pension because the factors (GAD figures) used were out of date and we have heard of a few who have been undercharged for commutation recovery.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.
     
  4. 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
     
  5. I will see what I can find out when they return from the Christmas break. Watch this space.
     
  6. I have sent you a PM.
     
  7. 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.
     
  8. 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 ********* at JPAC.
     
  9. 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?
     
  10. 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!
     
  11. Many thanks FPS. During my CTW I wrote down that it would be paid before the END date.

    Oh dear, time to change some of my plans......
     
  12. Hi,
    I reached 60 today i applied for my preserved pension I served from may 69 til mar 79, i have tried to get in touch JPAC by the way filled out the claim form at the end of November 2011.
    after getting through to their help desk in Glasgow and a lady taking my details she said very sorry i cannot help you, you need to write to them, I have written on several occaisions they have not replied what a complete lot of morons.
    the question is how long can i expect to wait for my lump sum all i am met with from JPAC is stoney silence
     
  13. Write to your M.P. about it.

    Ask them for their E-mail address, and ask for the name of their head of section, and tell them that you have asked your MP (Member of Parliament) to ask a Parliamentary Question about their efficiency and compliance with the law.
     
  14. Send me a PM with you name, address and Service details. I will get the issue raised at the right level.
     
  15. Thanks for the help and prompt answer