Lump Sum Conversion Factors
Pensions Effective from
October
2008 through January 2009.
Under
the Lump Sum Option, you may cash out or convert a portion of your monthly
pension into a one-time lump sum payment. The lump sum payment is issued at the
commencement date of your pension.
If
elected, your monthly pension is permanently reduced for your lifetime. In
exchange for this permanent reduction, you receive a fixed lump sum amount for
every one dollar that your monthly pension is reduced. This fixed lump sum
amount changes each year and varies with your age at retirement. Your monthly
pension may not be reduced by more than 10% and the amount of the lump sum
payment may not exceed $50,000. The Lump Sum Option is not available with either
a Disability or Statutory Pension.
The table below indicates the fixed dollar amount that is
payable for every one dollar that your monthly pension is reduced. It also
indicates how much your pension must be reduced in order to provide you with the
maximum lump sum payment. Since your pension may not be reduced by more than
10%, your actual lump sum payment may be less than the maximum amount shown in
column 4.
Pensions Effective
from October
2008 through January 2009.
Table 1
| Retirement Age |
Amount
For Each Dollar of Reduction |
Maximum
Reduction Amount of Monthly Benefit |
Maximum
Lump Sum Amount |
| 43 |
$203 |
$246 |
$49,938 |
| 44 |
$202 |
$247 |
$49,894 |
| 45 |
$200 |
$250 |
$50,000 |
| 46 |
$198 |
$252 |
$49,896 |
| 47 |
$196 |
$255 |
$49,980 |
| 48 |
$194 |
$257 |
$49,858 |
| 49 |
$191 |
$261 |
$49,851 |
| 50 |
$189 |
$264 |
$49,896 |
| 51 |
$187 |
$267 |
$49,929 |
| 52 |
$184 |
$271 |
$49,864 |
| 53 |
$182 |
$274 |
$49,868 |
| 54 |
$179 |
$279 |
$49,941 |
| 55 |
$176 |
$284 |
$49,984 |
| 56 |
$173 |
$289 |
$49,997 |
| 57 |
$170 |
$294 |
$49,980 |
| 58 |
$167 |
$299 |
$49,933 |
| 59 |
$164 |
$304 |
$49,856 |
| 60 |
$160 |
$312 |
$49,920 |
| 61 |
$157 |
$318 |
$49,926 |
| 62 |
$154 |
$324 |
$49,896 |
| 63 |
$150 |
$333 |
$49,950 |
| 64 |
$147 |
$340 |
$49,980 |
| 65 |
$143 |
$349 |
$49,907 |
| 66 |
$139 |
$359 |
$49,901 |
| 67 |
$136 |
$367 |
$49,912 |
| 68 |
$132 |
$378 |
$49,896 |
| 69 |
$128 |
$390 |
$49,920 |
| 70 |
$124 |
$403 |
$49,972 |
| 71 |
$120 |
$416 |
$49,920 |
Click here to see Fiscal 2007/2008
Lump Sum Tables
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England Teamsters & Trucking Industry Pension Fund
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