Pension "one-off" payment lump sum

Discussion in 'Finance, Property, Law' started by NickP, Apr 8, 2002.

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  1. Romour is that the Army are concidering a "one-off" lump sum payment the day you get out.

    Has anyone else heard the romour? if so any details or figures?

  2. But who wants a one off payment instead of a regular top-up to you income/pension for the rest of your life?
  3. It would be tricky for them to do this because of tax issues.  They would need special dispensation or to do this as part of much bigger changes to pensions legislation in general (neither of which are impossible).
  4. GunnersQuadrant

    GunnersQuadrant LE Moderator

    Nick i have heard it.  instead of giving you your pension it is being looked at to be a lump sum of up to £ 300000.  God knows if its going to happen
  5. this is been looked into for quite a while,by legal experts and all the other types of experts that need to and they reacon it will be more benefical for them to pay you a lump sum instead of the normal, sum plus a pension, as we live older and older it'll save them money in the end
    8) 8) 8) 8) 8) 8)
  6. I could really do with that one off payment.  It would be ideal if leavers could have a choice and take either the regular pension, or the one off lump sum.  I will be emigrating next year to Ozland,  8), and the lump sum would have been exactly what we needed to set up our new lives, but according to our blerks in the green hats, it won't be coming in for approx 5 yrs, if indeed it does happen.  Bummer!! :(
  7. Sorry for all you wishful people, but this is a massive rumour that is going around at the mo, and thats all it is... The actual changes in pensions likely to come in is that personnel will not be allowed to commute there pensions on the new scheme, as this is against tax laws, and that the pension itself will be worked out on your paid wage and not that of a baseline wage for your rank.....mores the pity, as I would like the lum sum too!!
  8. Guys - please see the other pensions thread.  We have some more info from the Forces Pension Soc - there will be no lump sum but changes are afoot once the MoD can get its act together.