Wednesday, 22 July 2015

Revised pension lump sum factors

The below info has come from David Devine : Pay & Pensions (David.Devine@durham.pnn.police.uk

To those who this concerns : Please can you email David with your email address & service details (Rank & collar number) as this will potentially speed up the process

“We have now received the instructions and factors from GAD for the changes to the commutation factors

GAD have also advise that they are to issue a calculator that is to be used to calculate the lump sums “in a few weeks”, no set date as yet. Obviously they don`t want anyone going off alone and perhaps ending up with different figures from the GAD advice. I understand the calculator will also have a checking process to ensure the correct commutation factor was used originally and that the correct commutation factor is used in the revised tables.

In preparation for this we are currently gathering the data that will be needed to complete the calculator once it arrives. There will also be interest payable alongside the lump sum and this will be determined by the date the arrears are paid

The guidance also requires that officers who are eligible will be required to sign a discharge paper in respect of the matter. The exact wording of this has yet to be sorted but the basic gist is that this will be a final payment in respect of the matter and that they agree to withdraw any claims they may have with e.g. the Pensions Ombudsman in respect of the matter

Obviously this will delay the process a bit as we will need to await the response before making payment. We will pull together the discharge wording and have them issued as soon as possible. I propose to issue the discharge via e-mail where we hold this on our system, any without an e-mail address will be contacted by letter. Anyone who now wishes to provide an e-mail address for the issue of the discharge papers will be welcomed and they would also have the benefit of receiving their payslip on a monthly basis by e-mail

I will let you know when we get a concrete date when payment will be made”

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