lump sum

Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now
A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity).The United States Department of Housing and Urban Development distinguishes between "price analysis" and "cost analysis" by whether the decision maker compares lump sum amounts, or subjects contract prices to an itemized cost breakdown.In 1911, American union leaders including Samuel Gompers of the American Federation of Labor expressed opposition to lump sums being awarded to their members pursuant to a new workers compensation law, saying that when they received lump sums rather than periodic payments the risk of them squandering the money was greater.The Financial Times reported in July 2011 that research by Prudential had found that 79% of polled pensioners collecting a company or private pension that year took a lump sum at their retirement, as compared to 76% in 2008. Prudential was of the view that for many retirees, a lump sum at the time of retirement was the most tax efficient option. However, Prudential's head of business development, Vince Smith Hughes, said "some pensioners are beginning to regret the way they used the tax-free cash. The days of buying a shiny new car or going on a once-in-a-lifetime holiday may be gone."

View More On Wikipedia.org
  1. A

    QLD Lump sum payment

    I have a debt with credit corp for a personal loan I had back in 2015. The balance is at $8,185 currently and I am not occurring interest at the moment as I have been in financial hardship for some time and have made regular payments. Recently I applied to draw what little super I have out and...
  2. Paul Winnell

    VIC Executor of Will Not Responding - What to Do?

    Hello all, My ex-wife passed away on the 19th October 2017. At the time of her passing, our children had been in my full time care for 5 years (my ex was heavy drug user - hence the divorce and early passing). The executor of will was quite hostile towards me - even accusing me of killing her...
  3. T

    WA Discrepancy Relating to Overpayment - Employer Not Following Enterprise Agreement?

    Hi all, I have an odd and rather complex problem I need help with. Note: all figures are approximate for ease of explanation. Context/background 3 years ago, my employer gave me a increase in pay that I wasn’t entitled to, per Enterprise Agreement. This increase was also backdated. In effect...
  4. G

    VIC Can I Use Lump Sum to Clear My Credits?

    Can someone please tell me if am I allowed to use a lump sum to clear my debits or do I just declare bankruptcy?
  5. M

    NSW Returning to same employer after lump sum claim

    I was employed with a company for 16 years until I had a work place accident in 2010 and underwent major surgery. In 2011 whilst still recovering I had to resign so that I could care for my terminally ill mother. In 2012 after many appointments with specialist organised by the insurer and my...
  6. L

    QLD Paying Off Credit Corp Debt - Help?

    Yet another credit corp question. I believe I've had this debt since approx 2010 again another Commonwealth Bank credit card. I have paid approx $23500 to credit corp since 2010 and my debt was only approx $20000. I haven't made a payment since April 2018 so now they are chasing me for another...
  7. S

    NSW Is Beneficiary Entitled to the Lump Sum Accommodation Deposit?

    Hi, I would like to know - if a will states that all the monies lodged in the testator's name is to be deposited with any financial institution, does it mean the beneficiary of the will (who is gifted all monies) is entitled to the lump sum payment in deposit made to an aged care home? The...
  8. A

    VIC Support After Injuries During Car Accident?

    The situation: My daughter was involved in a car accident, in which she was a passenger, on December 26th 2017. She is a British Citizen residing in Melbourne while studying Business Management on a Student visa, allowing her 20 hours of paid employment per week as a Personal Training. She...
  9. W

    NSW Will Wage Insurance be Affected After Lump Sum Damages Payout?

    I have been paying for wage insurance for 27 years. It has been a dominant cost in my life. I have now been medically retired and have received a lump sum payout for 18 % WBI caused through employer neglect. Should what I receive from having wage insurance be affected by the lump sum damages...
  10. Kiwigirl

    VIC Bankruptcy - Ex Paying Out Unsecured Debt?

    Posted this before, but hoping someone can understand the motivation to pay out an unsecured debt during bankruptcy? - Ex sells house and secured home loan is paid out - After home loan is paid out, there's an unsecured debt of $40,000 remaining and repayments left unpaid - The next day he...