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 ?
Sum Assured on Death/Terminal illness paid as Lump sum Benefit to the nominee and the policy terminates.
Additional regulation is seen as possible, especially in the area of lump-sum disclosures, after the Government Accountability Office released a report earlier this year that criticized the disclosures that companies provide to participants being offered lump sums.
AS announced by the Chancellor George Osborne last September, from April 6, 2015, individuals will have the freedom to pass on their unused defined contribution (DC) pension savings to any nominated beneficiary when they die, and the current 55% tax charge that applies to lump sums paid from drawdown funds (when death occurs both before and after age 75) and uncrystallised funds (when death occurs after age 75) will be abolished.
100,000 lump sum at age 65 = $500 per month for the rest of your life (assuming 3 percent interest rate).
These lump sums are at the discretion of the President," he stressed.
If Mr Burgess had commuted the full 25 per cent of his pension by the time he reaches the average male life expectancy age of 78 he would have netted an extra PS300,0000 annual pension, plus the extra PS74,829 lump sum bonus - taking his total promotion-linked payouts to PS374,829.
For many, the option to take a lump sum at the point of retirement is the most tax-efficient way to access some of their pension fund.
In a report for the thinktank CentreForum, he said people should be able to withdraw any lump sum they had built up - to a limit of pounds 10,000.
Yes, the situation in the third example could be addressed by a lump sum benefit as well.
Committing a lump sum to the stock market typically yields better returns over the long term than regular contributions, research has shown.