lump sum


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lump sum

Medspeak-UK
A one-off payout that one receives upon retirement with the NHS, which is equivalent to 3 times one’s annual pension.

Medspeak-US
A one-time payment—e.g., from the 401(k) plan made to a worker’s beneficiary in the event of death.
References in periodicals archive ?
If Ms Rowe did not cash in her lump sum and claimed her full PS66,666 annual pension income on her old ACC salary, PS2she would have received around PS2.
Veterans tempted by lump sums would be giving up a lot of their benefit and would face the possibility of not being able to reopen their claim, should their disabilities worsen, Violante noted.
At retirement you have the option to elect for a full pension or a reduced pension with a tax-free lump sum.
However, where the traditional plan would accumulate percentages of age-65 retirement income (for example, 2 percent of final average pay times service, payable as an annuity at age 65), the Pension Equity Plan would accumulate percentages of current lump sums (for example, 8 percent of final average pay times service, payable as a lump sum at termination).
Colmenares said the lump sum payment would be based on the highest rate received by the employees but not to exceed 24 months.
And because of those concerns, the DAV has consistently opposed lump sum payments for nearly a decade.
What many people don't realize is that once the tax-free lump sum has been taken, the only options available to them are either drawing or deferring their pension.
3 per cent admitted considering other options, such as extending their overdraft, to cover the cost of a lump sum payment.
The move, announced on the last day of the Labour conference yesterday, will offer the lump sum in exchange for people delaying their retirement date by five years.
Comments Gwyn: ``You will see that this will provide a tax- free lump sum and a guaranteed pension.
But a lump sum payment where the nonparticipant spouse has preexisting rights may trigger nonrecognition under section 1041.
Minimum face amounts are $100,000 for the lump sum and $500 in monthly payments for issue ages 18 to 49 and $50,000 and $500, respectively, for issue ages 50 or higher.