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Lump Sum Pension Payments

#1
Hi, I took early redundancy on the 1st wave back in 92 after serving 15yrs 6mth.I received a lump sum on my last army pay day,and receive a mthy payment since. Next yr I reach 55 and Iam 90% certain I receive another lump sum payout at the age of 55.I cant remember the amount or find my paperwork to confirm this.
Anyone been there or in possession of any info??

Thanks in advance.
 
#2
I'm not familiar with the Options package, so you may be right. I reckon it's more likely your pension will increase to cover 21 years' worth of inflation.
 
#6
Hi, I took early redundancy on the 1st wave back in 92 after serving 15yrs 6mth.I received a lump sum on my last army pay day,and receive a mthy payment since. Next yr I reach 55 and Iam 90% certain I receive another lump sum payout at the age of 55.I cant remember the amount or find my paperwork to confirm this.
Anyone been there or in possession of any info??

Thanks in advance.
Sorry to be a bearer of sad news but I do not believe there is a subsequent lump sum payment, but would be delighted to be proven wrong, as I am in a similar position though I turn 55 this year.

As far as I am aware I will only get an uplift on my monthly pension payment, as BL mentions to catch up on the 20/1 years of increments, and not a further lump sum.

I asked for a pension forecast last year (I can't remember from whom I asked for the forecast, and anyway I believe the company/department has recently changed) and was pleasantly surprised that my payments increased by almost threefold, I had commutated the max allowed when leaving.

Best of luck keep us informed and I hope you are correct and not me.



So if there is any further payments due I would be delighted but am not holding my breath
 
#7
You are quite right I am afraid - when the pension was paid early on redundancy, that was it. There is an increase at age 55 which uplifts the pension in line with pension increases from the date you left to your 55th birthday. The pension will be adjusted every year going forward by what ever the pension increase measure is (currently) CPI.

Slape I have sent you a personal message.
 

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