41yo with Defence Forces Pension: Is it possible to sell it or take a lumpsum

D

Duracell290

Guest
I have recently retired from the Defence Forces after 21 years service and as I am only 42 years old, I wish to emigrate and start up my own business. I am currently receiving a State pension of €1400 per month.

Could anyone please tell me,

1. If it is possible to get a once off lump sum for this type of pension, if so where?

2. Are there any financial Institutions that buy this type of pension from people, either over a short period or in its entirety?

3. Any other idea's or suggestions would be appreciated.
 
Re: Lump Sum D.F.Pension

I would be loathe to cash in a sure thing (1400 a month, index linked etc.). So I would keep the pension as is and have it paid to you overseas.

As you have secure income, it should be possible to get a loan against it to start up the business. It will also keep you solvent in the early loss-making days of the business (you will still eat!).
 
Re: Lump Sum Defence Forces Pension

Hi Dura and welcome to AAM.

Have you looked at the leaflet on the Department of Defence - Home Page

and have you spoken to PDfora?

General Points To Be Noted By The Department of Defence Pensioners - 1890 426 444 is the LoCall phone number for the Pensions Section of the Department of Defence. This means you can contact us for the cost of a local call. When contacting the Pensions Section, please quote your Payroll Number. This can be found at the centre of your payslip.
- Our Pensions Section is open to the public Monday to Friday from 9.15 am to 5.30 pm (5.15 pm on Friday). It is located in Áras an tSáile, Renmore, Galway.

- It is the policy of the Department of Defence to provide a courteous, prompt and efficient service. If we cannot provide an immediate response to your query we will call you back at a time that suits you.

- Pensions are normally increased in line with movements in the pay of serving personnel holding corresponding rank. We will make every effort to pass on the benefit of such increases as quickly as possible.

- Pensions for the full calendar month are paid on the 20th of the month.

- If you receive a Pension Declaration form, please complete and return it promptly. This is an important check on the continuing entitlement to a pension which the Department is obliged to conduct. Failure to complete the Declaration within a reasonable period of time may lead to suspension of payment of the pension.

- It is important that the Pensions Section is notified of the death of a person to whom it is paying a pension. The entitlement to that pension ceases on the death of the pensioner, but the pensioner's spouse/children may be entitled to a pension in their own right. We are aware of how difficult the period of bereavement can be and we will provide all the necessary information and will make the required arrangements with courtesy and sympathy.

- For recent developments concerning the Defence Forces and the Department of Defence, there are two websites which may be of interest to you.

The addresses are : www.defence.ie www.military.ie
Also, you can subscribe to An Cosantóir magazine which is available to all serving & retired personnel. Details can be obtained from:

An Cosantóir
Defence Forces HQ
Parkgate
Infirmary Road
Dublin 8
Tel. (01) 8042696
Click to expand...

I think it is highly unlikely that you can cash in you DF pension.

aj
 
Re: Lump Sum Defence Forces Pension

jaysus, mary and joseph keep that feckin pension. I have 21 years done also and not leaving for a few more years, but i do know this i know someone who has emigrated to Australia and he felt his pension was a big help to himself and his family getting themselves sorted out for the future.

If you got a lump sum that could be gone in no time at all so keep what you have, i mean that pension is for life and be grateful for it. I hope you and you're family do well in the country that you're going to so while you're looking for work maybe that pension will come in handy for you. All the best
 
Not alone do you get your pension, but if you should die your wife gets half of it until she dies. Not to be sneezed at.
 
why are you considering selling ........ doesn't make sense on first reading
 
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