Lump Sum payment

I have been asked a question by someone who does not wish at present to ask COC.

Approximately when is your lump sum paid out on finishing after 22 years?

TIA

 

There is a pension calculator somewhere on the intranet,all depends on rank on discharge IIRC,would look for it myself but out the mob now!

 

Got mine on my last day! unless things have changed, as it was Dec' 98

 

Google it,AFPS 75 or 05 and the pensions calculator is there,just done that myself,check me out!!!

 

Thanks for the quick replies - I'll pass it on.

Just to confirm - I don't need to know amounts, just the timing.

 

This response assumes that the individual is an AFPS 75 member.

The lump sum is normally three times the pension. I say normally as, if there is a pension sharing order or commutation, it is not necessarily so. To find out what the pension is look on the mod website and look at the pension code. The code is set out in lines and columns and you simply go to the line for 22 yrs and read across to the individual's rank - then multiply by three to get the lump sum.

This lump sum is paid by SPVA within 30 days of you leaving the Service - usually quicker than 30 days but the provisions give them 30 days to do it.

If your friend has other pension questions that he does not want to ask COC he could join the The Forces Pension Society and ask our help desk.

I hope this is helpful.

 

Vauxhall's right - up to 30 days after discharge. Though being a friend of the Pension Manager at APC, I know the payments are typically made 7-14 days after discharge. Just make sure that Pensions Form 1 is completed and sent to APC well before discharge - without it the pension can not be paid. The form is sent out with the leavers pack 9 months before discharge, but can be found at the Library link on the JPA Splash Screen.

Also note that any pay due as at discharge date take approx 7 days after discharge to be paid too.

 

Took 9 days from my last day of service before it all hit my bank account - and that was an account in Germany as well so I was more than happy with that.

 

so if it does not arrive 30 days after discharge what happens then? I ask as I know of some one who left more than 60 days ago and they still do not have theirs!

 

Ring Xafinity Paymaster on 0800 085 3600

These are the people that deal with the distribution of your pension. Mine went in 4 days after discharge date and this was last year.

 

will call them tomorrow, thanks

 

as stated should be within 30 days of discharge, usually sooner but, for anyone who is out on redundancy, bear in mind the fact that the system will be unusually busy and, as far as I am aware, no additional resource is in place to cope so assume worst case.