lump sum

Moore briefly retired before taking over as chief, earning a a lump sum retirement payment of $1.27 million from the city.

Anyone who dies before the age of 75 can usually pass on what is left of their pension savings tax-free as a lump sum, or an income.

As interest rates were very low between 2009 and 2021 the assumption was that investment returns would also be low meaning that the size of lump sum payouts needed to be higher.

Aslef is seeking a pay agreement with London Underground, which has offered a 3.8% pay rise and a variable lump sum.

Separately, anyone who dies before the age of 75 can usually pass on what is left of their pension savings tax-free as a lump sum, or an income.